UnidosUS Issues Recommendations for CalSavers Outreach to Latino Community
Case Study Reveals Effective Approaches for Reaching Crucial Demographic
WASHINGTON, DC–UnidosUS (formerly NCLR) today issued a new report on how California can successfully engage Latino workers as it rolls out the state retirement savings program known as CalSavers.
“Saving for retirement is important for economic security, and CalSavers addresses challenges and barriers that have kept many workers from accessing retirement savings,” said Dr. Patricia Foxen, Deputy Director of Research at UnidosUS. “Considering the number of eligible Latino workers in California, reaching this community with proven methods is absolutely critical to the program’s success. Today’s case study is offering promising practices in engaging Latino workers, who stand to gain greater economic security through access to the CalSavers program.”
CalSavers is a state program designed for workers who do not have access to an employer-sponsored retirement savings option, and it is expected to be especially beneficial to the state’s Latino workers. Nearly half, 47 percent, of California workers estimated to be eligible for the program are Latino; therefore, robust Latino participation is essential to the program. Additionally, Hispanic employees and immigrant workers are at the greatest risk of not having retirement savings. More broadly, only half of Americans have saved for retirement. State-based retirement savings programs are aiming to ensure more access to retirement security for workers who have not traditionally benefited from employer-sponsored retirement plans.
The report details successful strategies that California implemented for the Affordable Care Act and how those tactics could be deployed again as the state prepares to launch the new program. Specifically, the marketing, education and outreach tactics used for the Affordable Care Act are broadly applicable to CalSavers as it begins efforts to reach Latinos who are eligible for the program.
UnidosUS officials presented their findings to state officials in Sacramento today at a public event that included: Katie Selenski, CalSavers Executive Director; Fiona Ma, California State Treasurer, and Assemblywoman Lorena Gonzalez. UnidosUS officials thanked the California Treasurer’s Office for its leadership in helping more Californians work towards a stronger financial future. The California state government will begin a tiered roll out of the program in July.
To read the full report, please click here.