SaverLife on Tuesday announced the launch of a customized version of its financial wellness app designed to support skilled trades workers through a partnership with BlackRock.
The app was funded by The BlackRock Foundation through its Future Builders initiative, which aims to support workforce development, and the SaverLife x BlackRock Future Builders app will provide customized tools to help thousands of skilled trades apprentices manage their debt, build credit and grow their savings.
The app is designed to meet the unique needs of apprentices working in the skilled trades and is now available to more than 75,000 workers through the electrical training ALLIANCE (etA), the national training partnership between the International Brotherhood of Electrical Workers (IBEW) and the National Electrical Contractors Association (NECA).
The partnership will make union apprentices enrolled in BlackRock Future Builders programs eligible for cash incentives as they progress through the training program and build healthy financial habits.
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"As technology reshapes our economy, we have an opportunity to rethink not only how we prepare people for the jobs of the future, but how we help them build lasting financial security through those careers," said SaverLife CEO Leigh Phillips.
"We're proud to partner with BlackRock Future Builders to bring personalized, technology-enabled financial guidance into the workforce development experience, supporting IBEW-NECA apprentices with timely guidance, motivation and practical tools to build savings and financial confidence from the start," Phillips added.
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SaverLife's platform leverages financial health expertise, behavioral science, real-time data and artificial intelligence to help working Americans through just-in-time financial support.
The free SaverLife app currently supports over 800,000 Americans, with the majority saving more than they did before joining the platform.
BlackRock cited research from its Read on Retirement initiative, which found that a majority of skilled trades workers say they should be saving more for retirement, suggesting that there's an appetite for tools to help workers build their savings and prepare for long-term financial needs.
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"The skilled trades are opening doors to family-supporting careers and greater economic opportunity for millions of Americans," said John Kelly, global head of corporate affairs at BlackRock.
"At BlackRock, we believe that opportunity should translate into long-term financial security. By bringing innovative financial tools directly into the apprenticeship experience, we can help workers build toward financial success from their first paycheck and throughout their careers," Kelly added.