SaverLife launches finance app for electrical apprentices

SaverLife has launched a financial wellness app for skilled trades workers, available to more than 55,000 apprentices through the electrical training ALLIANCE.

The product, called the SaverLife x BlackRock Future Builders app, was funded by The BlackRock Foundation and is aimed at apprentices in electrical training programmes linked to the International Brotherhood of Electrical Workers and the National Electrical Contractors Association.

It offers tools to help users manage debt, build credit and increase savings. Apprentices in BlackRock Future Builders programmes will also be eligible for cash incentives as they progress through training and build financial habits.

The tailored app includes SaverLife's Financial Navigator tool and is designed for workers who need immediate support with day-to-day financial decisions. SaverLife, a nonprofit fintech group, said its free app already serves more than 800,000 people across all 50 US states.

The rollout brings personal finance support into a national apprenticeship system as employers and unions work to expand the pipeline of skilled trades workers. The electrical training ALLIANCE oversees standardised apprenticeship curriculum, tools and resources for IBEW-NECA training centres across the country.

BlackRock has been expanding its work in the skilled trades through its Future Builders initiative. The foundation's support for the app follows an earlier USD $100 million philanthropic commitment to expand America's skilled trades workforce and the launch of the Alliance for America's Skilled Trades, a coalition focused on entry routes into key industries.

Leigh Phillips, President and Chief Executive Officer of SaverLife, said the partnership brings financial guidance into the training experience for apprentices at the start of their careers.

"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," Phillips said.

"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."

Research cited by BlackRock points to demand for this kind of support among trades workers. In that survey, 60% of respondents said they should be saving more for retirement.

John Kelly, Global Head of Corporate Affairs at BlackRock, linked the initiative to broader concerns about long-term financial stability for workers entering these occupations.

"The skilled trades are opening doors to family-supporting careers and greater economic opportunity for millions of Americans," Kelly said.

"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."

Union and industry leaders said the added support could help apprentices stay in programmes and make better use of their earnings as they begin work.

"An IBEW apprenticeship has always been about more than a job. It's a path to a career with good wages, real benefits, and a secure retirement," said Kenneth W. Cooper, international president of the IBEW.

"But earning a good living and building wealth are two different skills. Putting these tools in our apprentices' hands means the paychecks they work hard for go further, for them and for their families."

David Long, Chief Executive Officer of NECA, said financial stability among apprentices is tied to workforce strength and retention.

"NECA and the IBEW have spent generations building the best-trained electrical workforce in America, and a workforce is only as strong as the people in it. A strong industry depends not only on technical excellence, but also on the financial strength and stability of the men and women who power it," Long said.

"When apprentices have a handle on their finances, they show up focused, stay in their programmes, and become the leaders our contractors will count on for decades. SaverLife and The BlackRock Foundation are helping make that possible, and NECA is grateful for their investment in our workforce and the long-term strength of our industry."

Todd Stafford, Executive Director of the electrical training ALLIANCE, said financial guidance should sit alongside technical instruction in apprenticeship programmes.

"Preparing the next generation of electricians requires more than technical training," Stafford said.

"Apprentices also need support and resources to help them stay on track and fully realize the opportunities these careers can provide. By integrating personalized financial guidance and savings tools into the apprenticeship experience, The BlackRock Foundation and SaverLife are helping workers build both skills and financial resilience from day one."