Old Tricks, New Hat — Helping Americans Save in New Places

Old Tricks, New Hat — Helping Americans Save in New Places

Wednesday, February 26, 2020

Saving money is hard. So hard, in fact, that experts and academics have spent decades studying human behavior in an effort to make it easier for us, designing tricks and hacks that help us save — automating savings (think 401k retirement plans, created for us to set-it-and-forget-it), turning savings into a game (prize-linked savings has helped millions), or helping us leverage moments like tax-time to save more than we could on a regular day. And indeed, these tips have helped millions of people save. Yet still so many of us struggle to save, especially for emergencies. This week, as we support and participate in America Saves Week, we are taking a minute to ask : what if we took the fundamental principles of improved savings habits, and tested them in new, somewhat unexpected places? Which industries and leaders could step up to take a larger role in helping millions of people save?

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 its 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 multilayered 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 toward long-term financial well-being.