Mastercard, Acorns to join BlackRock’s emergency savings initiative

BlackRockUPS, Mastercard, Etsy, Brightside, Arizona State University, and Acorns will join BlackRock’s Emergency Savings Initiative to help their employees, customers, gig workers, and college students take the first step towards long-term financial well-being.

Funded by BlackRock’s $50 million commitment, the initiative aims to help one million people establish a financial safety net.

As a part of the initiative, each participating firm will work with specialists from Common Cents Lab, Commonwealth, or the Financial Health Network, three nonprofits focused on consumer financial health. The nonprofits will work with the organizations to build, test, and pilot custom solutions, according to a statement.

To boost the savings, activities like behavioral nudges, prize-linked savings, rounding up transactions or rounding down deposits, and percent-based automatic savings transfers aligned with income will be used.

“Addressing financial security is one of the key social issues of our time and it can’t be solved by anyone organization on its own. The magnitude of this issue demands that institutions work together to help broaden the opportunity for people to build emergency savings,” Deborah Winshel, Global Head of Social Impact at BlackRock commented.

The company is expecting additional partners to join the initiative soon, with a planned expansion to the United Kingdom in 2020.

BlackRock has announced the initiative to help people living on low-to-moderate-income, gain access to and increase usage of proven savings strategies and tools to help them establish an important safety net. Led by its Social Impact team, BlackRock, along with nonprofit experts is working to address the savings crisis and fuel savings.

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