Recognizing the challenge and importance of emergency savings for their sellers, Etsy joined BlackRock’s Emergency Savings Initiative (ESI) to learn more about their sellers and what kind of savings solutions would help them the most.
Etsy partnered with Commonwealth, an ESI industry expert, to survey their sellers’ financial concerns and needs. The results of these findings come at a precarious time for small business owners and gig economy workers. However, this proactive measure provides much-needed insight into how Etsy sellers manage their unique financial situations and how the platform can step in to provide support.
BlackRock’s Emergency Savings Initiative
BlackRock announced a $50 million commitment to help millions of people living on low- to moderate-incomes gain access to and increase usage of proven savings strategies and tools—ultimately helping them establish an important safety net. The size and scale of the savings problem requires the knowledge and expertise of established industry experts that are recognized leaders in savings research and interventions on an individual and corporate level. Led by their Social Impact team, BlackRock is partnering with innovative industry experts Common Cents Lab, Commonwealth, and the Financial Health Network to give the initiative a comprehensive and multi-layered approach to address the savings crisis. UPS, Uber, Mastercard, Etsy, Brightside, Arizona State University, and Acorns have joined BlackRock’s Emergency Savings Initiative to help their employees, customers, gig workers, and college students take the essential first step towards long-term financial well-being.