Payroll service providers are well-positioned to help companies of all sizes provide quality emergency savings products to their employees. Providing an emergency savings option through the workplace is key to improving financial security and building wealth for workers living on low and moderate incomes (LMI). Emergency savings reduces the financial impact of unexpected expenses and helps mitigate the financial insecurity that fosters chronic stress among workers, which costs employers $250 billion a year in reduced productivity. A payroll process that employees can use to put money aside makes savings immediately accessible to the entire workforce.
ADP—the nation’s largest provider of payroll services, reaching one in six workers in the U.S.—exemplifies this in offering a high-quality emergency savings option through its Wisely® card and myWisely® mobile app. Through BlackRock’s Emergency Savings Initiative, Commonwealth and ADP collaborated to learn more about the emergency savings needs of both employees and employers, translating the learnings into enhanced high-quality savings features available to all Wisely® cardholders, offered through the myWisely® mobile app.