Creating solutions for today’s heightened
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
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.
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.
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.
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
: “Report on the Economic Well-Being of U.S. Households in 2017,” Board of Governors of the Federal Reserve System.
: CareerBuilder Survey, August 2017.
: BlackRock’s support is being made via grants recommended to and paid by the BlackRock Charitable Fund, a donor-advised fund.