ADP: Leveraging Savings To Drive Financial Wellness
“Emergency savings continues to be a major pillar for our financial wellness strategy, and we will continue to work with our employer clients to help educate them about the capabilities that we have that they can then offer to their workers.”
Anurag Chandra, Senior Division Vice President of Strategy, ADP
How Savings Pockets Serve Both Employers and Employees
Emergency savings is foundational to financial wellness. But it isn’t always easy for workers to save, often because savings products can be difficult to navigate.
ADP partnered with BlackRock’s Emergency Savings Initiative (ESI) and Commonwealth to investigate how a savings pocket could enhance its existing Wisely® paycard. With ESI’s help, ADP developed enhanced savings vehicles, automated savings, and cash-reward incentives that have driven a $1.3 billion increase in savings since 2020.
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The 2022 Impact Report
ADP is one of more than 30 organizations that have joined forces with ESI, ultimately helping millions of people gain access to emergency savings. Read the full report to explore key milestones, learnings, and emerging areas for innovation.
