Over the past four years, powered by philanthropic capital, BlackRock’s Emergency Savings Initiative (ESI) has been piloting and scaling emergency savings solutions offered to U.S. workers earning low and moderate incomes. During this time — which has overlapped with the fall-out of the COVID-19 pandemic — it’s become clear that employers are a key to fostering financial security for workers, and that there are many opportunities for employers to create an impact through employer, payroll and retirement recordkeeper solutions.
BlackRock’s Emergency Savings Initiative recently released an Impact & Learning Report, which highlights the results of these efforts since its launch in 2019: ESI has reached more than 10 million working Americans with high-quality emergency savings provisions and helped generate more than $2 billion in new liquid savings — much of it while adapting to a new financial reality brought on by the pandemic.
