What the 401k is for retirement savings, Onward's mobile savings and credit app is for emergency savings
13. Financial Sustainability – funding breakdown: please list a quick breakdown of your funding, indicating an estimated percentage that comes from each source.
foundation or NGO grants 70%
corporate contributions 10%
grants or contracts 15%
earned income (product or services sales, licensing, franchising, consulting, financing, etc.) 5%
15. Growth Strategy: What are your main strategies for scaling your impact?
We now offer a self-service employer portal that now gives employers the ability to offer Onward as their own custom program with little to no assistance. In order to make Onward as ubiquitous as the 401K, we are looking for the government to create a tax-advantaged status for emergency funds in the same way Health Savings Accounts and 529 education accounts operate. This would give employees and employers a greater incentive to participate.
16. Activating changemakers: How are you giving people the power to control their own destiny and support other people to become changemakers in their communities?
We are seeking to make every Employer the Hero of the Story. By offering Employers a gamified Portal to manage Onward like a financial wellness campaign and giving them a dashboard to monitor progress, we are putting every employer in the driver’s seat to take specific actions to increase enrollment, savings, and engagement. We hope to create employers championing responsibility for the overall financial health of their employee base within their own communities and among their peers.
17. Awards & Recognitions: What awards or recognitions, if any, has the project received so far?
MetLife Inclusion Plus USA Winner
2019 JP Morgan FinLab Winner
Chan Zuckerberg Initiative Communities Thrive Challenge Winner
2016 Stanford Social Innovation Fellowship Winner
Fast Company Most Innovative Company Finalist
18. Tell us about how collaborations and partnerships would enhance the scalability and impact of your project
We are currently planning to pilot personalized financial coaching through the non-profit Neighborhood Trust to help Onward users discuss everything from paying down debt to avoiding eviction. We believe this would help workers move beyond the crisis phase to building more competency and confidence in their financial lives. Additionally, we see an opportunity to directly connect workers who have saved over $1-2k in their accounts to begin contributing to their long-term retirement account.