Creating solutions for today’s heightened
savings crisis
Our COVID-19 Response
BlackRock’s Emergency Savings Initiative is helping companies and organizations to immediately identify, shape and test solutions that will create short-term financial stability for vulnerable workers, customers and communities. As companies grapple with the long-term effects of the pandemic, the Initiative will focus on building resiliency so more people will have a safety net in place for future crises.
- 73% of Americans report that the pandemic has reduced their income
- 67% of employees trust their employer to keep them informed during the pandemic
- More than 80% of ESI employer survey respondents said that their company is likely to shift to reduced hours or experience a layoff because of COVID-19
Latest Thinking
Saving and planning for the future can be difficult—if not impossible—for millions of Americans who experience income volatility and lack a stable financial cushion.
To help address this savings crisis, BlackRock has announced a $50 million philanthropic commitment. Our aim is to fuel innovation that will allow millions of people living on low- to moderate-incomes to establish a stronger financial safety net.
About
A Path to Greater Financial Security
78% of Americans live paycheck-to-paycheck. ² The initiative will scale proven strategies and develop innovative tools that help people create savings.
Catalyzing Innovation
Led by their Social Impact team, BlackRock is supporting three mission-driven industry experts focused on financial innovation: Common Cents Lab, Commonwealth, and the Financial Health Network.³ Leveraging their knowledge, networks, deep research and behavioral design capabilities, these organizations will work to expand the supply of high-quality savings options available to financially vulnerable Americans.
Cross-Sector Collaboration
The industry experts are working with partners from various industries such as retail, telecommunications, logistics, financial services, and other sectors to deploy research and behavioral test-and-learns that will create products and services that make saving easier for each partner’s employees, customers, students or gig economy workers.
OUR INDUSTRY EXPERTS
Join Us!
[1]: “Report on the Economic Well-Being of U.S. Households in 2017,” Board of Governors of the Federal Reserve System.
[2]: CareerBuilder Survey, August 2017.
[3]: BlackRock’s support is being made via grants recommended to and paid by the BlackRock Charitable Fund, a donor-advised fund.