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Employees of BlackRock, the world's biggest asset management firm, will soon be able to sock away money for retirement without worrying about running out of it.
The firm has teamed up with the nonprofit Commonwealth to create a workplace savings plan that aims to combat financial insecurity among low- and moderate-income Americans, the Wall Street Journal reports.
"This is not the typical retirement-savings programs, but rather an emergency-savings programs, designed to reduce the financial fragility that often affects those living on low to moderate or volatile incomes with little ability to cope with a financial emergency," says an executive at BlackRock, which has teamed up with Commonwealth to create the plans.
The savings plans, which will be available to employees of several large employers, are designed to help people who don't have access to traditional retirement savings or who don't have access to bank or other savings accounts, the Journal notes.
They're also designed to help low- and moderate-income Americans who don't have access to employer-sponsored savings plans save for a down payment on a home or for medical expenses, the New York Times reports.
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Together TV, the Channel that Helps You Channel Your Inner Good
Caroline Diehl is a serial social entrepreneur in the impact media space. She is Executive Chair and Founder of the UK’s only charitable and co-operatively owned national broadcast television channel Together TV, the leading broadcaster for social change runs a national TV channel in the UK and digital platform which helps people find inspiration to do good in their lives and communities.
