Four in 10 Americans don’t have enough savings to cover an unexpected $400 expense. Many of these Americans must turn to expensive credit or even tap into retirement savings, which can have a negative, cascading effect on their long-term financial security. In 2019, the Financial Health Network partnered with BlackRock, Commonwealth, and Common Cents Lab to address the growing savings crisis through ESI. This work focused on leveraging savings in the workplace to increase access to emergency savings, especially for Americans earning low and moderate incomes.
As part of the initiative, Financial Health Network led key partnerships – including ones with Self, Red Tab Foundation, and a national retail employer with 300,000 workers – to pilot and implement savings interventions that contributed to 10+ million people creating more than $2 billion in liquid savings.The 2019-2022 Impact Report discusses key learnings from the projects and offers actionable ways employers, financial institutions, and policymakers can continue to champion emergency savings solutions.
Read the 2019-2022 Impact Report at SavingsProject.org.
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