How to Make Savings More Inclusive: Three Takeaways

How to Make Savings More Inclusive: Three Takeaways

Thursday, September 3, 2020

On August 20, BlackRock’s Emergency Savings Initiative sponsored a members-only panel discussion as part of the Financial Health Network’s Savings Interest Group about making savings more inclusive. Panelists included Dave Tran, Director of Product at Branch, and Eric Taylor, Director of UX Research at Varo. The moderator was Helen Robb, Senior Manager, Financial Health Network.

The panel discussion focused on savings solutions for those earning low and middle incomes who frequently are in a cycle of living paycheck to paycheck. The discussion touched on many aspects of savings including research, UX and product design.

Three takeaways:

  1. Savings is an “antiquated” concept for people living paycheck to paycheck. Products need to reduce fees and help with cash flow and earned wage access, in addition to fostering savings.
  2. Accuracy and transparency are essential to build customer trust and help them budget to manage cash flow.
  3. Adding or removing friction in UX can help determine how well people build savings.

For more details watch the full length panel discussion (25 minutes).

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.