Voya joins with BlackRock on emergency savings program

Voya Financial joined the BlackRock Emergency Savings Initiative and will provide “tools and opportunities for individuals to save more for their future and build greater financial stability,” the retirement and financial services company said.

“Providing access to emergency savings opportunities can allow working individuals to avoid tapping their retirement funds for unexpected expenses and reduces employee financial stress,” a news release said Tuesday.

Voya will collaborate with Commonwealth, a nonprofit organization seeking to improve individuals’ financial security, to develop the savings tools, the news release said.

BlackRock announced its Emergency Savings Initiative in 2019, funded with a $50 million philanthropic commitment through the BlackRock Charitable Trust.

The BlackRock program “is helping companies and organizations to identify, shape and test solutions that will create short-term financial stability for vulnerable workers, customers and communities,” said the website of the Emergency Savings Initiative.

“As companies grapple with the long-term effects of the pandemic, the initiative will focus on building resiliency so more people will have a safety net in place for future crises,” the website said.