Starbucks Joins BlackRock’s Emergency Savings Initiative to Further Support Employees’ Financial Wellness
As both the need for and benefits of expanding emergency savings to workers becomes ever clearer, more employers offer workplace financial wellness benefits.
- Starbucks joins a coalition of more than 40 industry partners committed to improving employee financial wellness across the United States through emergency savings benefits.
- Starbucks is working with BlackRock’s Emergency Savings Initiative to better understand and enhance the impact of their My Starbucks Savings program.
Starbucks Corporation (SBUX) has partnered with Commonwealth in joining BlackRock’s philanthropic Emergency Savings Initiative (“ESI”) which increases access to high-quality liquid savings products for American workers earning low-to-moderate income. In line with the firm’s purpose to help more and more people experience financial security, BlackRock’s ESI helps millions of Americans strengthen their economic security by building a financial safety net to support resilience in the wake of unexpected financial shocks.
Starbucks partner Sabrina’s personal My Starbucks Savings story, highlighting the real-world impact of emergency savings, demonstrates how access to liquid savings can help workers weather financial shocks, plan for the future, and experience greater peace of mind.
Starbucks is committed to building a bridge to a better future for all partners (employees) through thoughtful and intentional investments. Starbucks knows partners are seeking well-vetted advice and solutions about financial wellness and the company provides many opportunities for partners to nurture their financial security. My Starbucks Savings is just one tool alongside many benefits like the 401(k), Bean Stock (company stock plan), student debt management in partnership with Tuition.io, and 100% upfront tuition coverage from Arizona State University through Starbucks College Achievement Plan.
The new partnership with BlackRock’s ESI will enable Starbucks to thoroughly assess the performance and impact of its current emergency savings benefit; explore ways to enhance the employee offering and marketing based on evidence-based insights; and contribute through this comprehensive analysis to the growing case for broad market adoption by more employers. The partnership will also look into the important interaction between emergency savings and longer-term retirement savings, including how having a liquid savings buffer can help employees maintain retirement contributions even when faced with unexpected financial setbacks.
We are thrilled to have Starbucks join BlackRock’s ESI. Their willingness to share their experience and learnings in order to help build greater financial stability for hardworking Americans accelerates the momentum behind emergency savings as a fundamental workplace benefit. Starbucks is joining a group of over 40 industry partners which includes other large employers and financial service providers, and which has already helped offer high-quality emergency savings products to over 22 million American workers.”
Claire Chamberlain, Global Head of Social Impact at BlackRock
We are looking forward to teaming up with BlackRock’s ESI and exploring new ways to make the My Starbucks Savings program even more impactful. Offering industry-leading benefits to our partners is at the heart of who we are, and our ongoing investment in our partners is what drives our success. We know that prioritizing their financial well-being is essential, and we’re excited about the potential new insights this research will yield.”
Ron Crawford, Senior Vice President, Global Total Rewards and Partner Resources Service Delivery
BlackRock’s Emergency Savings Initiative is funded by The BlackRock Foundation and supports financial wellness nonprofits like Commonwealth as they partner closely with employers, financial service providers and other industry leaders to develop and increase usage of emergency savings solutions. Since its launch in 2019, the ESI has reached millions of workers enabling over $2 billion in new liquid savings.
The partnership between Commonwealth and Starbucks marks a major milestone in BlackRock’s Emergency Savings Initiative. When a longstanding leader in employee benefits and inclusion—such as Starbucks—implements a savings benefit and seeks to evaluate and improve it with Commonwealth’s help, we send a powerful message about the value of savings benefits across sectors. Through our partnership, we continue to build a model for other corporate leaders, employers, and financial services providers to promote long-term employee engagement, productivity, and financial wellness.”
Timothy Flacke, Co-Founder and CEO of Commonwealth
About BlackRock’s Emergency Savings Initiative
In 2019, BlackRock launched the Emergency Savings Initiative to help millions of people living on low -to moderate-income gain access to and increase usage of proven savings strategies and tools – ultimately helping them establish an important safety net. BlackRock’s support of this initiative is provided through grants from The BlackRock Foundation and The BlackRock Charitable Gift Fund. The size and scale of the savings problem require the knowledge and expertise of established industry experts who 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 like Commonwealth in the US and Nest Insight in the UK, giving the initiative a comprehensive and multilayered approach to address the savings crisis.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 39,000 stores worldwide, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at stories.starbucks.com or www.starbucks.com.
About Commonwealth
Founded in 2001, Commonwealth is a national nonprofit celebrating 25 years of building financial security and opportunity for low-to-moderate income households through innovation and partnerships. For a quarter of a century, Commonwealth has designed effective innovations, products, and policies enabling nearly 2.5 million people to save nearly $9 billion. Commonwealth collaborates with consumers, the financial services industry, employers, and policymakers. Because Black, Latin, and women-led households disproportionately experience financial insecurity, we focus especially on these populations. The solutions we build are grounded in real life, based on our deep understanding of people who are financially vulnerable and how businesses can best serve them. To learn more, visit us at www.buildcommonwealth.org.