cover letter sample it support

15 IT Support Cover Letters That Will Get Hired (NOW)

Are you are looking to write a cover letter for IT Support jobs that will impress recruiters and get you noticed by hiring managers? You need one to apply for a job, but you don’t know what to say.

A cover letter is a short, introductory text that accompanies a resume. Job seekers write cover letters to introduce themselves and seek consideration for a job vacancy. A good cover letter should briefly tell the hiring manager why you would be a good fit for the position they offer, convey a sense of your personality, and include information about your relevant skills and experience. The last sentence is typically a request for an interview or an application form.

Here are 15 amazing IT Support cover letters that are professionally written and will help you stand out and get that job!

IT Support Cover Letters

Each cover letter is written with a different focus. Review all of them and pick the ones that apply to your situation. Take inspiration from multiple samples and combine them to craft your unique cover letter.

IT Support Sample 1

Hello I am applying for the IT Support position. I am confident that my work experience in this field will prove to be beneficial to your team. I have 6 years of experience, most recently at _________. My goal is to work in an environment where I can grow professionally and help others with their challenges. Thank you for taking the time to review my qualifications, and please do not hesitate to contact me if you have any questions or need any additional information.

IT Support Sample 2

Dear Hiring Manager,

I am writing to express my interest in the IT Support position that was advertised on your company website. I have over two years of experience troubleshooting common computer problems with a thorough understanding of Microsoft Windows and Apple OS X operating systems. If you are looking for someone who is quick to learn new software, has excellent problem-solving skills, and can work well with others, I would be an excellent choice for the position.

My attached resume summarizes my qualifications in detail. Please contact me at xxx-xxx-xxxx if you would like to schedule an interview or need more information about me as an applicant. Thank you for considering me!

IT Support Sample 3

Dear Sir or Madam, I am writing in response to the position of IT Support Specialist advertised on Linkedin. As a graduate of XXXX with a degree in Computer Science, I am confident that my experience will be of great benefit to your business. I have over five years’ experience providing technical support for both Mac and PC systems, including troubleshooting operating system problems and issues with software installation. Additionally, I specialize in network administration for Microsoft Windows environments. I have worked closely with wireless networking equipment from various vendors, including Cisco Systems Inc., Netgear Inc., and D-Link Corporation. Through my work at XYZ Technology Firm where I was employed as the lead IT technician this past year, I

IT Support Sample 4

Dear Human Resources,

I am writing to express my interest in the IT Support position at ABC Corp. I have experience troubleshooting problems with Windows and Mac OSX operating systems; Microsoft Office; hardware, including wired network connectivity (routers, switches), wireless networks (wireless routers, access points) and printers; VoIP calls using Skype for Business; Cisco networking technologies (cables, switches); remote access tools like TeamViewer or GoToMyPC; web browsers like Chrome or Firefox.  I am also proficient with many of the most popular applications–WordPress, Quicken, Excel–and provide excellent customer service skills.

Best regards

IT Support Sample 5

Dear Esther,

I am a recent graduate and I am looking for an opportunity to grow and shine in your IT Department. I have had previous experience in the field assisting with installation of new technology, troubleshooting problems and providing general support. As a recent college graduate, I am looking for a company that will allow me to learn and grow my skills while gaining hands-on experience.

Thank you for your time and consideration.

IT Support Sample 6

I am writing to express my interest in the open position for IT Support. I have a strong background in computer applications and know that this would be the perfect place for me. I’m looking forward to hearing from you soon!

IT Support Sample 7

I am a recent graduate from Michigan State University with a degree in Computer Science and IT Systems Administration. I have previous experience working in IT support for a large retail company, and have also done freelance work to support my own personal technology needs. I am confident that I can help your team provide the best customer service across all of your services.

IT Support Sample 8

Dear _________, I’m attaching my resume in response to your recent IT Support position ad.  I would be an excellent candidate for this position because of my past experience with both hardware and software support. These skills are necessary in order to provide the best service for your clients which is what you want. A major strength is my ability to think quickly on my feet when something goes wrong.  One example of this was when a major computer crash disrupted our entire company’s workflow process by being able to organize all necessary information in one location so that the rest of the team knew where they needed to go next, while also understanding what had gone wrong with the system in order to fix it.  This saved hours of time and

IT Support Sample 9

To: ********@gmail.com

Subject: IT Support Professional Cover Letter Dear *****, I am writing in response to your job posting for a IT Support professional. I have experience with the following skillsets that you are looking for: ­­­­­­Windows, Linux, and Mac OSX Operating Systems; MS Office Suite; Active Directory Management and Configuration; Active Directory Federation Services Administration; VMware ESXi Host Management and Configuration; Vmware Workstation Administration and configuration. I am interested in exploring the opportunity to work with you in the IT support role. Please let me know if I can provide you with any additional information to help this process along. Thank you!

IT Support Sample 10

My name is Kristina and I am very interested in the position of IT Support. I have experience in customer service, data entry, and computer repair. This would be a perfect fit for me as I enjoy helping people find solutions to technical problems. If you would like to learn more about my skills or services please feel free to contact me by phone or email anytime.

IT Support Sample 11

Dear Mr. Logan,

I am writing to express my interest in the IT Support position you advertised online. As a recent graduate, I am looking for an opportunity to gain experience in the IT field and would be honored to work with your company. My skills are broad and varied, ranging from researching technical problems online to providing detailed instructions on how to fix them. The academic knowledge I acquired at XYZ University has helped me develop strong analytical abilities that would be an asset in this position. Additionally, my excellent oral and written communication skills would allow me to work well with both customers and coworkers alike. If you feel that my qualifications meet your expectations for this position please contact me so we can arrange for a meeting or interview at your convenience

IT Support Sample 12

I am proud to be an IT professional with over six years of hands-on experience in Microsoft Server Administration, Sys Admins, Desktop Support and Networking. I have the technical skills and ability to perform any task that may arise in your company. I am ready to be a part of your team!

IT Support Sample 13

I hope you are well. I am a recent graduate with a Bachelor’s degree in Computer Science and a minor in Mathematics from the local university. I have been employed by the IT department of the XYZ company for over five years and have gained significant experience with troubleshooting hardware, software, operating systems, networking equipment, and server administration. In addition to my technical skill set, I have also developed strong interpersonal skills through training courses on customer service and sales techniques. Given these qualifications, I would be very interested in being considered for an entry-level position as an IT Support Specialist at your organization.

IT Support Sample 14

I would like to offer my skills and experience as a candidate for your IT Support position. You can find my resume attached to this document. I have an Associate degree in General Technology and four years of industry experience working with both Windows and Mac platforms, so I am confident I could contribute to your business’s sustainability and growth.

IT Support Sample 15

Dear Mr. Smith,

I am writing to you with regards to the IT support position that was posted on the company website. I am confident that my experience and qualifications will make me an excellent candidate for this position with your organization.

I have over 2 years of experience in the computer field, I obtained my certification as an “A+ Certified Technician” in July 2012 and maintain my A+ certification by recertifying every 3 years. I am also certified as a Microsoft Certified Professional (MCP). My most recent work history includes working at XYZ Computer Services for 1 year, where I was responsible for troubleshooting computers, installing operating systems and software updates, repairing hardware problems and backing up data.

Recruiters and hiring managers receive hundreds of applications for each job opening.

Use the above professionally written IT Support cover letter samples to learn how to write a cover letter that will catch their attention and customize it for your specific situation.

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IT Cover Letter Samples & Examples That Worked in 2024

Information technology – more commonly referred to as IT – is a vast industry encompassing everything from creating computer networks and systems to providing vital tech support for businesses of all kinds. To become an IT professional, you will need a cover letter that showcases your professional drive and dedication to the field.

In this guide, we will teach you everything you need to know about writing a cover letter as an IT professional. Keep reading to learn:

• How to format your IT cover letter header & headline
• Why you need a personalized greeting on your IT cover letter
• What to say in your IT cover letter introduction
• Ways to emphasize your professional value as an IT professional
• How to conclude your cover letter with a strong closing statement
• Where to find useful job search resources for IT professionals

Still looking for a job? These 100+ resources will tell you everything you need to get hired fast.

1. How to properly format your IT cover letter header & headline

To create a compelling IT cover letter, it is crucial to start with a well-formatted header and headline . 

The header is located at the top of the document, usually in the top-left corner, and includes essential details about both the applicant and the employer. It's important to ensure that the header is properly formatted and includes all the necessary information. 

Additionally, the cover letter headline should follow the header and should be a brief but powerful statement that grabs the employer's attention and provides an accurate preview of the contents of the cover letter. A well-crafted headline can help make a strong first impression and increase the chances of the employer reading the rest of the cover letter.

To better demonstrate how to write each of these cover letter elements, we have provided more in-depth explanations and examples below:

Formatting the Header

There is no singular formatting style required for a cover letter header and most applicants will vary the header’s appearance depending on their own stylistic preferences.

However, a good header will typically have between 3 to 4 lines of text that include:

• The name of the company you are applying to (& the name of the department, when applicable)
• Your name and professional title
• Your professional contact information (phone number, email address, LinkedIn, etc.)

Here is an example of what a well-formatted header on an IT cover letter looks like

To: Dynamic Software Solutions, IT Department From: Jane Doe , IT Specialist (123) 456-7890 | [email protected] | linkedin.com/in/jane-doe

Writing the Headline

To write the headline of your cover letter, you should always include a keyword related to the position, an eye-catching number or trigger word, a powerful adjective or verb, and a promise.

Here is an example of an effective IT headline, followed by a brief breakdown of its key components

My 3 Best Skills as an IT Specialist & How They Can Improve Your Company’s Efficiency

Trigger Word/Number : 3 Skills Keyword: IT Specialist Adjective/Verb: Best, Improve| Promise: Your Company’s Efficiency – this last detail in the headline shows the employer that you will relate your skills directly to the needs of their company. In this example, the applicant likely read that efficiency improvement was one of the company’s goals and chose to highlight this in their headline.

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2. include a personalized greeting in your it cover letter.

With the header and headline of your cover letter in place, your next step is to create a greeting.

We recommend always using a personalized greeting over a generalized greeting . Unlike generalized greetings – such as “To Whom It May Concern” – a personalized greeting will address a specific person or department by name. In doing so, this shows employers you have excellent attention to detail.

If you have done your part in thoroughly researching the company but cannot pinpoint an exact person or department who will review your cover letter, try out one of the following alternatives:

To the [Company Name] Team Or To the [Company Name] Hiring Manager

3. How to craft an effective IT cover letter introduction

The headline and greeting of your cover letter do a lot of the heavy-lifting when it comes to initially attracting an employer’s attention. To keep the employer interested, however, you will need a powerful introduction that includes:

• A brief overview of your professional history and goals
• A statement on why you are enthusiastic about applying to this company
• A mutual acquaintance (when possible)

Here is an example to help demonstrate how to write an IT cover letter introduction

To the [Company Name] Hiring Manager,

I am an IT Specialist with 4+ years of experience working in academic and classroom settings. As a part-time IT support professional for [Former Employer], I had the pleasure of meeting your company’s Assistant IT Manager, John Smith. After observing my work, Mr. Smith highly recommended I apply for this position.

4. Emphasize your professional value in an IT cover letter

With the employer’s attention now firmly hooked, you can delve into a more in-depth explanation of your professional strengths and qualifications in your body paragraphs. An effective IT cover letter should contain between 2 to 4 body paragraphs that answer these key questions:

• What excites you about working at this company?
• What do you hope to learn from working at this company?
• What accomplishments or qualifications make you stand out as an applicant?
• What key skills do you possess that are relevant to the position?

Focusing on accomplishments is particularly important, as they help immensely with showing employers the real-life value you can offer their company.

Here is an example of how to describe an accomplishment in an IT cover letter

As an IT Specialist for [Former Employer], I assisted in the design and implementation of a new business computer network that connected all departments through a singular digital platform. As a result of this implementation, communication efficiency rose by 65%, and time to complete projects decreased by nearly 50%.

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5. How to highlight your IT skills through your projects

As an IT professional, it is essential to highlight your skills and experience. One way to do that is to include information about significant projects you have completed, including those from school, work, or personal projects. 

Providing details on the scope of the project, technologies used, and the results achieved can help demonstrate your abilities and provide concrete examples of your work. 

Here's an example of how to showcase your IT projects in a cover letter

I led a team of four developers to design and develop a responsive and user-friendly e-commerce website. I conducted requirements gathering, created wireframes, and managed the development process from conception to deployment. This project demonstrates my ability to manage a team, deliver high-quality results, and use various technologies to achieve the project goals.

6. How to conclude your IT cover letter with a strong closing statement

The final element of any good cover letter is a strong closing statement . In this statement, you should aim to include:

• An enthusiastic sentence saying you are looking forward to hearing from them
• An additional sentence stating you will follow up, including how you will contact them or how they can contact you
• A formal sign-off

Here is an example of a well-written closing statement from an IT cover letter

As your new IT Specialist, I will bring a high level of quality and professionalism to help your company reach its digital goals. I am eager to further discuss this opportunity with you directly and am available to meet any weekday from 9 a.m. to 4 p.m. The best way to reach me is at (123) 456-7890.

I look forward to hearing from you within the week and will reach back out to touch base after that time has passed.

Best Wishes,

[Applicant Name]

7. Essential job search resources for IT professionals

Staying ahead in the constantly evolving field of IT requires resourcefulness, especially while job hunting. To make your search easier, we've gathered a list of reliable resources specially dedicated to IT professionals:

• Dice.com : Mostly known as the 'go-to' platform for technology jobs, Dice.com hosts thousands of job postings from companies across the globe. Behind only the giant job boards in terms of sheer volume, it’s a must-stop for IT professionals.
• TechFetch : This platform is designed to connect tech professionals, particularly in IT, with businesses. TechFetch offers over 250,000+ tech jobs and boasts an intelligent skill-oriented job search engine.
• GitHub careers : Known as the home of open-source projects, GitHub has a jobs board that caters to developers, engineers, and programmers, making it a great resource for candidates looking for IT roles.
• ITJobPro : One of the most visited IT Job boards in the U.S and provides a very effective IT job search.
• FlexJobs : Perfect for IT professionals seeking remote or flexible job options. Every listing is vetted by a real person, so you don’t have to worry about scams.

Tapping into these resources can really up your game in your job search. Keep your CV updated, network persistently, stay patient, and with the right set of tools, that coveted IT job could soon be yours. Happy hunting!

Follow this cover letter outline for maximum success. 

IT Cover Letter FAQ

Your IT cover letter should ideally fit on one page. Stick to three or four brief paragraphs that highlight your most relevant skills, achievements, and why you're a great fit for the role.

If you know the hiring manager's name, it's best to address the letter to them directly (e.g., Dear Ms. Johnson). Should the job posting not indicate a name, 'Dear Hiring Manager' is a suitable alternative.

Highlight those skills that align with the job description. These may include specific programming languages, project management, problem-solving abilities, IT certifications and other relevant technical and soft skills. 

Your cover letter should complement, not repeat, your resume. Use it to provide context for your achievements and expand on the most pertinent aspects of your experience or motivation for applying.

While a template can be a good starting point, you should always customize your cover letter for each job application. Tailoring your letter enhances its effectiveness by demonstrating how your IT skills specifically match the position.

Julia Gergelova

Julia is a professional writer, translator and graphic designer. She holds degrees in translation and interpretation, and has international work experience from a number of different countries in Europe as well as China and Panama. Julia formerly taught academic writing and as a graphic designer contributed to outlets such as  The Business of Business . She has a passion for lifelong learning and good coffee.

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IT Cover Letter Example (w/ Templates & Tips for 2024)

You’re one of the people that keep the digital world running smoothly.

As an experienced troubleshooter, you’re no stranger to technology.

But when it comes to writing your cover letter, you start lagging.

You've got all that technical know-how down to a science but describing it in a cover letter can leave you scratching your head.

We've got your back!

In this article, we're about to demystify the IT cover letter game for you.

Here's what we’re going to cover:

• What a Job-Winning IT Cover Letter Looks Like
• 5 Steps to Writing a Great IT Cover Letter

3 Essential IT Cover Letter Tips

Let’s dive in!

IT Cover Letter Example

5 Steps for the Perfect IT Cover Letter

Now that you've glimpsed what makes a job-winning IT cover letter, it's your turn to write an IT cover letter that shines .

We've got your back with these easy-to-follow steps:

#1. Put Contact Information in the Header

Start preparing your cover letter by creating a header where you can put your contact information, just like you would on your resume .

Here's what to include:

• Full Name. Ensure your first and last names take center stage at the top of the page.
• Professional Job Title. Match your job title on the cover letter with the specific position you're applying for. This clarity helps the hiring manager streamline reviewing your application process since they sift through dozens of applications for different roles.
• Email Address. Select a professional and straightforward email address. Ditch the quirky addresses from your younger days. (For example, k [email protected] won't cut it, but [email protected] is perfectly suitable.)
• Phone Number. Verify that your phone number is written down accurately so the hiring manager can easily reach you. If you're applying for an international role, you can include the dialing code before your phone number.
• Location. Typically, specifying your city and state/country is enough. However, if you're looking for remote work or relocation, make that clear in your resume and cover letter.
• Relevant Links (optional). Feel free to add links to relevant websites or social media profiles, such as your LinkedIn or GitHub.

With your contact details in place, it's time to focus on the hiring manager's contact information :

• Company Name. Always add the name of the company you're applying to.
• Hiring Manager's Name. If possible, identify the name of the hiring manager for the department you're interested in.
• Hiring Manager's Title. If you find the hiring manager's name and see they're the head of the department, use their official title instead of simply "Hiring Manager."
• Location. The company’s location, such as city, state, or country, is crucial. This goes double for organizations that operate globally. Optionally, you can even include the exact street address if they have more than one location in the same city.
• Email Address (optional). If available, include the hiring manager's email address.
• Date of Writing (optional). To add a professional touch, you can include the date you wrote your cover letter.

#2. Address the Hiring Manager

Once you've got the contact details in order, it's time to make it personal by addressing the hiring manager in your cover letter .

So steer clear of the generic "To Whom It May Concern."

Addressing the hiring manager directly can leave a much stronger first impression if you do it right.

Start with some research. Dive into the job ad, explore the company's website, or take a peek at their LinkedIn profile to discover who's leading the department you're applying for. Find their name and email address if possible.

Now, let's talk about formality. We always suggest using "Ms." or "Mr." followed by their last name. But if you're uncertain about their gender or marital status and don’t want to risk messing this up, using their full name works just as well. For example:

• Dear Ms. Smith
• Dear Sarah Smith

In those instances where you can't unearth details about the hiring manager or the head of the IT department, you can still address your letter thoughtfully:

• Dear IT Department
• Dear IT Hiring Team
• Dear Human Resources Team
• Dear Head of IT

#3. Write an Eye-Catching Opening Statement

Hiring managers typically take a few seconds to skim over an applicant's document before deciding whether to read further.

So, making a strong first impression at first glance is crucial to a successful IT cover letter. This is where your cover letter’s opening paragraph comes in.

Your IT cover letter should start by introducing why you’re writing and expressing your genuine interest in the position. Conveying your enthusiasm for the industry or the specific job can pique the hiring manager's curiosity.

Researching the company can pay off here, too. The more insights you have about the employer, the better you can emphasize your alignment with their company culture and mission statement. This shows that your application isn't just a random submission; you are genuinely interested in this specific role.

Depending on your experience level, you can also start your IT cover letter by mentioning a significant achievement or skill that makes you an ideal fit for the position. Just remember to keep this paragraph brief. Your goal here is to engage the hiring manager's interest and encourage them to explore your IT cover letter in more depth.

#4. Use the Cover Letter Body for the Details

At the core of your IT cover letter is the opportunity to show the hiring manager what truly distinguishes you as a qualified candidate.

But don’t just repeat what it says on your IT resume . Instead, use this space to really tie in your professional expertise with what the employer is looking for.

You want to persuade the hiring manager that you’re the best choice among hundreds of applicants with similar skills and experience. So, your best bet is to highlight your most relevant achievements by referencing the job ad.

Tailoring your IT cover letter to align with the job requirements is your cheat code. Pay attention to what skills and experience the job description is looking for in its candidates, and jot down the most important ones you have under your belt.

For example, if you're eyeing an IT role in a company that specializes in cloud storage, highlight your proficiency in cloud storage architectures, data migration strategies, or your familiarity with leading cloud providers like AWS or Azure.

Showing your familiarity with the company, its business model, or its industry can be a huge plus, too. If you’ve used the company's products or services, don't hesitate to mention it in your cover letter. This shows your alignment with their mission and possibly their work culture.

Lastly, make sure your IT cover letter is filled with enthusiasm. Convey your genuine excitement for the role and how confident you are that you can contribute to their success.

If you’re looking for more inspiration, check out these cover letter examples ! 

#5. Wrap It Up and Sign It

Getting the end of your IT cover letter right is like the final line of code that makes your application run smoothly.

You want to conclude your cover letter in a way that leaves the hiring manager confident that you’re a great candidate for the role. Start by adding a brief summary of the skills that make you stand out from the rest and how you’re confident you can contribute to the company.

Then it’s time to add a compelling call to action. Just encourage the hiring manager to take the next step, such as calling you for an interview or discussing your application further. This proactive approach can leave a memorable mark and enhance your chances of securing an interview.

Finally, don’t forget to sign your IT cover letter . Choose an appropriate signature line followed by your full name. Here's an example:

Please don't hesitate to reach out to me via the provided email or phone number to arrange an interview. I eagerly await the opportunity to delve deeper into my application at your earliest convenience.

Warm regards,

John Draper

If you feel that "Warm regards" is a bit overused, consider these alternative sign-off options:

• Kind regards,
• Respectfully,
• Thank you for considering my application,

You've got the basics covered.

Now, let's take your IT cover letter to the next level with these top tips .

#1. Match Your Resume

Design can’t be underestimated when you’re applying for a job in IT.

It shows forward thinking, innovation, and consistency. To give hiring managers a great first impression from the start, make your cover letter as consistent with your resume as possible.

Your cover letter’s layout should align well with your resume; otherwise, you might come off as disorganized.

Just keep the information on the page aligned neatly, and make sure you’re using consistent font styles and sizes throughout. Carefully set the page margins and line spacing, and whatever you do, don’t let your cover letter extend to a second page .

Or Use A Cover Letter Template Instead

Feeling overwhelmed?

Crafting a cover letter from scratch can be a daunting task, and we get it. That's where our cover letter templates come to the rescue. Use them along with our free resume templates and create a matching application in minutes!

We've collaborated with hiring experts worldwide to create templates that check all the boxes when it comes to industry requirements and visual appeal. Try them now for a stress-free application process!

#2. Mention Skills and Keywords

Your IT cover letter should immediately show hiring managers that you’ve got exactly what they’re looking for in a candidate.

The best way to show them you’re the right person is by weaving in keywords from the job ad throughout your cover letter. And since hiring managers have to comb through hundreds of applications for every job position, this approach makes their job a lot easier, too.

Of course, this doesn’t mean you should just add random words you recognize from the job advertisement. You want to build a narrative that shows you have the right expertise. Focus on the most important skills from the job ad that match the ones you already have, and explain how those skills helped you excel at your job.

#3. Add Any Relevant Links

Don’t underestimate the power of a well-placed link on your IT cover letter.

Just like your resume should include any relevant links that can back up your computer skills , so should your cover letter. If the hiring manager reads something in your cover letter about your previous projects or employers, make it convenient for them.

By adding links to your LinkedIn and GitHub in your cover letter, hiring managers don’t have to circle back to your resume to see what they need. Plus, having a ready hyperlink to your LinkedIn profile could encourage the hiring manager to directly reach out to you through that platform if your IT cover letter impressed them. 

Key Takeaways

And you’re all set for that IT cover letter!

We hope you feel more confident after reading our guide and that you go out there and land that IT job you’ve been after.

But before we part ways, let’s recap some key points from our article:

• Start your IT cover letter by including all the necessary contact information. This means making sure your own contact details are accurate and hunting down the hiring manager so you can address them appropriately in your letter.
• The body of your IT cover letter should elaborate on relevant accomplishments and address keywords from the job ad. Be as specific as possible about how the skills they’re looking for in a candidate have helped you excel in your work.
• Make your cover letter as similar to your resume as possible, and keep the length under one page. Use our online resume builder and cover letter templates to save time.
•  Don’t forget to add an appropriate closing line to your cover letter. It might seem like an insignificant detail, but forgetting it can look sloppy and ruin all your hard work so far.

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IT Support Specialist Cover Letter Example

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You should start your IT Support Specialist cover letter by addressing the hiring manager directly, if possible. Then, introduce yourself and clearly state the position you're applying for. You can also mention where you found the job posting. In the first paragraph, highlight your most relevant skills and experiences that make you a strong candidate for the role. For example, you could say, "As a certified IT Support Specialist with over five years of experience in providing high-level tech support, I am confident in my ability to significantly contribute to your team." This not only shows your qualifications but also your enthusiasm for the role.

The best way for IT Support Specialists to end a cover letter is by summarizing their qualifications, expressing enthusiasm for the opportunity, and inviting further discussion. They should reiterate their key skills, such as problem-solving, technical expertise, and customer service, that make them a strong fit for the role. They can also express their excitement about the potential to contribute to the company's IT needs. The closing should be professional and courteous, with phrases like "Thank you for considering my application" or "I look forward to the possibility of discussing this opportunity further." Finally, they should sign off with a formal closing like "Sincerely" or "Best regards," followed by their name.

In a cover letter, IT Support Specialists should include the following: 1. Contact Information: This includes your name, address, phone number, and email address. 2. Salutation: Address the hiring manager directly if possible. If you don't know their name, use a professional greeting such as "Dear Hiring Manager." 3. Introduction: Briefly introduce yourself and mention the position you're applying for. 4. Relevant Skills and Experience: Highlight your most relevant skills and experiences that match the job description. As an IT Support Specialist, this could include your technical skills, problem-solving abilities, and experience with specific software or hardware. 5. Achievements: Mention any significant achievements in your previous roles, such as reducing downtime, improving system performance, or implementing a new IT solution. 6. Knowledge about the Company: Show that you've done your research about the company and explain why you're interested in working there. This could include mentioning the company's mission, culture, or recent projects that you find interesting. 7. Closing: In your closing paragraph, express your enthusiasm for the role and your interest in an interview. Also, thank the hiring manager for considering your application. 8. Professional Closing: End the letter with a professional closing such as "Sincerely" or "Best regards," followed by your name and signature. Remember, the cover letter should not just repeat your resume. Instead, it should complement it by delving deeper into the experiences and skills you have that make you an ideal candidate for the job.

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Professional It Support Cover Letter Example for 2024

Read for inspiration or use it as a base to improve your own It Support cover letter. Just replace personal information, company application data and achievements with your own.

Cover Letter Guide

How to write the perfect it support cover letter.

So are cover letters necessary for It Support jobs?

Well, the cover letter is your chance to tell a personal story to the hiring manager. It can help you prove you’re a real professional who knows what they bring to the table.

It’s also your opportunity to get into more detail about your personal qualities and success stories. But most importantly – it’s the first place to show your motivation.

So yes, having a cover letter is essential.

But what should yours look like? Let’s see…

First off, you need to remember that a cover letter should build upon the information in your resume, rather than just repeat it.

Second, make sure that the tone of voice you use matches the company culture.

And last but not least, try to convey your enthusiasm for the position and the field. This will give your text a personal touch.

But how can you make your cover letter grab every hiring manager's attention? Let’s see…

Choose the right salutation and show your eagerness for the job

Addressing your cover letter to a specific person works in your favor for two reasons: it shows your attention to detail, and it proves that you’ve taken the time to research who the person might be.

However, sometimes this might be much more difficult than expected. On such occasions, we advise you to focus on salutations that go beyond the impersonal “To Whom It May Concern”.

Here’s a brief list of suitable phrases:

• Dear [company name] Recruiter,
• Dear Mr./Ms. Smith,
• Dear Hiring Manager,
• To the [team you're applying for] Team

The introduction of your It Support cover letter is without a doubt crucial for the first impression you’ll make as an applicant. But is there a way to make sure your opening line is good enough?

Yes, there is. You can start by sharing your enthusiasm for the job or the field (or why not both!). You could also share your reasons to find the company exciting.

Try to be original. Don’t go for phrases like “I want to apply for the position that I saw advertised on platform X”. They're outdated and sound like you’ve got nothing better to say

Link your hard and soft skills to your achievements

So you’ve listed all your hard skills on your resume, now what?

It’s time to think about the soft ones. But remember, it’s essential to not just list your soft skills but to link them to the actual ways they can help you do well in the future.

And what about hard skills, have we completely crossed them out? No, not at all. You still need to mention some of these if you want to pass applicant tracking systems that screen texts for certain keywords. Check the requirements section of the job advert for a complete list of phrases you need to include.

Show that you did your research before applying

Every recruiter wants to know whether you’ve decided to apply because you’re familiar with the company or because their job advert was the first thing you saw this morning.

So – show that you’ve researched the company and are aware of its strengths, weaknesses, and potential problems.

In addition, you can also share how your It Support skills can add value to the team.

Choose the right ending

Ending your cover letter in an actionable way is one of the things that increase your chances of getting a callback.

The conclusion is also your opportunity to thank the recruiter for their time and consideration, so don’t skip that.

Just make sure to go for an ending that matches the company culture and language. If you prefer to be on the safe side, choose traditional closing lines such as “Looking forward to your reply”.

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Home » 15+ Unique IT Support Cover Letter Samples [Free]

15+ Unique IT Support Cover Letter Samples [Free]

When applying for an IT support position, it is important to stand out from the crowd. Your cover letter is your opportunity to showcase your skills and demonstrate why you are the best candidate for the job. To help you get started, we have created a list of 15+ unique IT support cover letter samples. These samples will give you a good idea of what employers are looking for in a cover letter. So be sure to tailor your cover letter to fit the specific job you are applying for. And don’t forget to proofread your letter before sending it off!

Table of Contents

How To write a IT Support Cover Letter?

A great cover letter for a IT support position should highlight your technical skills and customer service experience. If you have previous experience working in IT support, be sure to mention that in your cover letter. You should also include any relevant coursework or training you have received.

When writing your cover letter, be sure to tailored it to the specific IT support position you are applying for. In your letter, you should mention specific examples of times when you provided excellent IT support to customers or resolved complex technical issues. By doing this, you will demonstrate to the hiring manager that you have the skills and experience they are looking for in an IT support specialist.

Related: How To Write a Cover Letter (And Get Hired in 2022!)

IT Support Cover Letter No Experience

Dear Hiring Manager,

It’s tough looking for a job when you don’t have any experience. That’s why I was excited to see your posting for an IT support position. Even though I don’t have any direct experience in the IT field, I do have a strong background in customer service and technical support. In my previous job, I provided phone and email support to customers who were having problems with our software. I also did a lot of troubleshooting and problem solving. I’m confident that I could use those skills to provide excellent IT support.

I’m also a quick learner, and I’m confident that I could learn the IT skills you’re looking for. I would love the opportunity to put my skills to work for your company. Please contact me if you’d like to discuss the job further or set up an interview. Thank you for your time!

Related: Graphic Design Cover Letter: 09 Samples and Examples

IT Help Desk Cover Letter

As an experienced IT professional, I am excited to apply for the IT Help Desk position at XYZ Company. I have a strong background in providing technical support and troubleshooting for computer hardware, software, and networks. In addition, I have excellent customer service skills and a proven ability to resolve customer issues efficiently and effectively.

I am confident that I can be an asset to your team and provide the high level of support your customers expect. I would appreciate the opportunity to discuss my qualifications further with you and look forward to hearing from you soon. Thank you for your time and consideration.

Related: Engineering Cover Letter: 10 Examples & Samples

IT Support Specialist Cover Letter

As an IT support specialist, I am excited to be applying for the open position on your team. I believe that my skills and experience will be a valuable asset to your organization.

I have extensive experience providing IT support to users of all levels of technical expertise. so I am well-versed in a wide range of software and hardware products, and I have a proven track record of quickly resolving issue. In addition, I have superb customer service skills and a commitment to providing an excellent experience for all users.

I am confident that I can be a valuable member of your team and contribute to the success of your organization. I look forward to discussing my qualifications in further detail and thank you for your consideration.

Related: Digital Marketing Cover Letter: 07 Examples ideas

Cover Letter For IT Support Engineer

I am writing in regards to the IT Support Engineer opening at your company. Based on the research I have done, I believe that my skills and qualifications make me the perfect candidate for this position.

I have a strong background in computer science and engineering, which has given me a comprehensive understanding of how IT systems work. I am able to troubleshoot issues quickly and effectively, and I have a proven track record of providing superb customer service. In addition, I am knowledgeable about a wide range of software and hardware platforms, making me an ideal candidate for this role.

If given the opportunity, I am confident that I would be a valuable asset to your team. I am eager to utilize my skills and knowledge to help your company resolve IT issues, and I am committed to providing outstanding service to your customers. I would appreciate the opportunity to discuss my qualifications further with you, and I look forward to hearing from you soon. Thank you for your time.

Related: Software Developer Cover Letter: 09 Samples & Examples

IT Support Technician Cover Letter

As an experienced IT support technician, I am excited to apply for the open position at your company. In my current role, I provide support for a range of computer hardware and software issues. I have experience troubleshooting problems and providing solutions to complex technical issues. I am also knowledgeable about networking and security protocols. In addition, I have excellent customer service skills and a commitment to resolving issues in a timely manner.

I believe that I would be a valuable asset to your team. My experience and skills would allow me to hit the ground running and make an immediate contribution to your organization. I am eager to put my talents to work in a new environment and am confident that I can exceed your expectations.

Thank you for your time and consideration. I look forward to hearing from you soon.

Related: Job Offer Letter For Telecommunication Specialist 7+ Samples

IT Support Officer Cover Letter

I am writing in regards to the open IT Support Officer position. Based on the information provided, I believe that I am the perfect candidate for the job.

As an IT Support Officer, I would be responsible for providing technical support to users. This would involve resolving hardware and software issues, as well as troubleshooting networking problems. In addition, I would be responsible for training users on new IT systems and providing support during system upgrades. Based on my experience and skills in the IT field, I am confident that I would excel in this role.

In addition to my technical skills, I have also developed strong communication and customer service skills. This would allow me to effectively resolve any issues that users are experiencing. I am confident that I could provide the high level of support that your team requires.

I believe that I would be a valuable asset to your team and I look forward to contributing to your organisation’s success. Please do not hesitate to contact me if you have any further questions.Thank you for your time and consideration.

Related: Job Offer Letter For Game Developer 7+ Templates & Samples

Cover Letter Examples IT Support

I am writing to apply for the position of IT Support at XYZ Corporation. I am confident that I have the skills and experience necessary to excel in this role.

As an experienced IT professional, I have a strong understanding of the latest technologies and trends. I am able to quickly adapt to new environments and provide efficient and effective support. In addition, I have excellent problem-solving skills and a proven track record of resolving complex issues.

I am eager to put my skills to work in a challenging and dynamic setting, and I believe that XYZ Corporation would be the perfect fit. I look forward to discussing my qualifications further with you in an interview. Thank you for your time and consideration.

Related: Product Manager Cover Letter: 05 Samples & Examples

5 Things To Include In a IT Support Cover Letter

When applying for a job in IT support, it’s important to include a well-written cover letter. Here are five things to make sure to include in your cover letter:

• A brief introduction – Include a few sentences introducing yourself and your qualifications for the role.
• Your experience – Detail any previous experience you have working in IT support, including any relevant skills or certifications.
• Your motivation – Explain why you’re interested in the role and what you hope to accomplish in the position.
• Your availability – Let the employer know when you’re available to start work and how long you’re looking to commit to the role.
• A closing statement – Thank the employer for their time and express your interest in meeting for an interview.

Related: Data Entry Cover Letter: 07 Sample ideas

Securing a position in IT support can be a competitive process, so you want to be sure your cover letter makes the best impression possible. One way to do this is to use a cover letter example that highlights your strengths and qualifications. For instance, if you have experience working with a particular type of software, be sure to mention it in your cover letter. You can also use examples to demonstrate your customer service skills or highlight a time when you helped resolve a complex issue. By taking the time to customize your cover letter, you can increase your chances of standing out from the competition and landing the IT support job you’ve been hoping for.

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How To Write a Cover Letter With Examples

Cover letters can help differentiate you from other job applicants and be the determining factor of landing your dream job. By taking the time to craft a custom cover letter, a single sheet of paper can help communicate all the human elements that a resume may fall short of capturing about yourself. 

But what do employers and recruiters have to say about how to write a cover letter? What are the best tips they have to offer for graduate students who are writing a cover letter?

We asked 11 employers for their best cover letter tips. Here is what they had to share.

Let it Set the Stage

In many ways, cover letters should provide background information and context to your resume, while simultaneously addressing how that resume addresses the specific requirements of the job opportunity. The cover letter is your opportunity to "set the stage" and to convince the hiring manager why your specific set of skills, experiences and interests will provide value to their team and its objectives.

Andrew Horrigan '11 BSBA (Management Information Systems), Product Manager at Cisco

Research the Hiring Manager

If possible, find out who the hiring manager is and look them up on LinkedIn. Do your research on the company you're applying for. What's their mission statement and how do they portray their company culture? Hopefully what you're looking for in a job is reflected by those things. Make sure the hiring manager knows that and understands who you are and what drives you. A resume is often about as robotic as things can be. Make sure your cover letter is the opposite—personalize it and let yourself shine through.

Joshua Schlag ’05 BS (Computer Science) ’11 MBA, Digital Marketing Manager at Pyramid Analytics

Utilize Career Development Resources

The University of Arizona and Eller College of Management go to great lengths to make sure students are prepared for their impending career journey. Because cover letters are so important to getting your foot in the door, there are several career development resources online and on campus to take advantage of. The university’s cover letter builder serves as a nice template to get started. And of course, it never hurts to make an appointment with an Eller Career Coach through eSMS to have a professional review your letter before submission. 

Brett Farmiloe, ’06 BSBA (Accounting), Founder, Featured

Discover Past Samples of the Position

Do your research on the company and personalize your cover letter to the role for which you are applying. Don't be afraid to Google, "How to write a good cover letter for X position." Seriously, it helps! There is so much information out there from various perspectives—applicants, hiring managers, etc. Most importantly be yourself and let your personality come through. And don't forget to spell check!

Mariam Nikola '17 MS MIS, Consultant at Point B

Highlight Your Soft Skills

When writing a professional cover letter, there are a couple things you can do to set yourself apart from the pack. First, make sure you tailor your letter to the specific position you are applying for. This should not be a general, "one size fits all" letter—be sure to discuss specific details surrounding the role or the company itself. Secondly, this is an opportunity for you to show a little bit of your personality. Obviously, you want to remain professional, but this is a great time to highlight some of your soft skills that might not be fully conveyed through your resume.  

Brian Ellis ’17 BSBA (Management), Staffing Manager at Randstad Office and Administrative Professionals

Fill in the “Why” Gaps

As a talent advisor, I review a lot of applicants and agree that a cover letter can be a great way to stand apart, if it is done correctly. A great cover letter for me covers the ‘why’ that I cannot understand from just a resume alone. It should clearly state why you are interested in the role, what your goals are for utilizing your graduate degree (if recently graduated) and explain any career pivots reflected on your resume. If you answer those questions in a direct, concise manner it will add value to your application.

Monica Larson , ’11 BSBA (Marketing) ‘20 MBA, Talent Advisor

Tell Your Story

A cover letter is your opportunity to tell your story—tying your experience and personal interests into why you want a position and why you are the best candidate for it. Paint the picture of your journey and what about the position excites you personally and professionally. Similar to your resume, keep it short and sweet. No need to repeat what’s already on your resume. Recruiters and hiring managers don’t have time to comb through a novel, so you need to engage them with as few words as possible while also grabbing their attention.

Kelly Castoro, ’06 BA (Spanish, Portuguese), Project Manager at Squarespace

Tailor Each Cover Letter to the Position You Are Applying

Be sure to research the role and customize your cover letter for each position, relating your experience to the particular role you are applying for. Personalization is key—research who you are sending the cover letter to and address the letter to them directly. End your letter with a call to action, stating you will follow up by phone or email if you haven’t heard from anyone. Follow ups are very important! 

Jessica Rosenzweig, ’15 BSBA (Business Management), Account Manager at PeopleWare Staffing

Communicate Bankability and Personality 

Your cover letter answers two crucial questions; are you bankable and are you someone the company will enjoy working with? Communicate bankability with your knowledge of the company, industry and why your skills, capabilities and interests are a great fit. Share your passion for their mission, culture, brand—whatever excites you about becoming a member of their team.  

When conveyed through a concise, well-formulated, well-worded cover letter, you demonstrate the ability to write an effective business case—communicating that you are a ready professional and worthy teammate who will hit the ground running.

Theresa L Garcia, ’83 BSBA (Human Resources), Senior Change Management and Organization Capability Consultant at Boeing

Keep it Concise but Compelling

A cover letter is your chance to speak directly to the hiring team and tell them why you are not only the best match for the position for which you are applying but also give them additional insight into yourself as an individual that is less visible from your experience.

A great cover letter should be attention grabbing and touch upon the qualities that make you stand out from others in the applicant pool, highlight both your recent and most distinguished accomplishments and drive home why you are the right person for the job. Professionalism is always important, but don’t be hesitant to put your voice into the letter to let your personality shine through. Research the company, understand where they currently are, where they are going and show why you are the right person to get them from point A to point B. Recruiters spend a lot of time reviewing applicants and making yourself stand apart from the crowd is key. Keep it concise but compelling!

Matt Reineberg, ’14 BSBA (Marketing), Senior Talent Acquisition Sourcer at Cox Enterprises

Create your Europass CV

The Europass CV builder makes it easy to create your CV online. You can use it to apply for a job, education or training opportunities as well as volunteering.

The best-known CV format in Europe

The Europass CV is one of the best-known CV formats in Europe. It is easy-to-use and familiar to employers and education institutions.

You will first have to create your Europass profile with information on your education, training, work experience and skills. After you complete your Europass profile, you can create as many CVs as you want with just a few clicks. Just select which information you want to include, pick your favourite design and Europass will do the rest. 

You can create, store and share CVs in 31 languages . You can download your Europass CV, store it in your Europass Library share it with employers, with  EURES  or other job boards.

How to create a good CV

Remember that your CV is your first opportunity to communicate your skills and experiences to a future employer. It is a snapshot of who you are, your skills, your educational background, work experiences and other achievements.

Present your experience clearly

Highlight examples of your skills and experiences matching the job you are applying for. Pay close attention to the details published in the vacancy notice.

Tailor your CV

Make sure you update the ‘About Me’ section to highlight why you are the best person for the job. Do not include a full detailed history. Focus on facts and main points that match the job you have in mind.

Make it readable

Make sure your CV is easy to read. Use clear and simple language.  Use strong verbs (e.g. ‘managed’, ‘developed’, ‘increased’).

Use reverse chronological order

Always list the most recent experience on the top followed by previous ones. In case of long gaps in working or learning, include an explanation.

Polish and fine-tune

Check for spelling and grammar mistakes, provide a professional e-mail address, and add a professional photograph of yourself.

Your Europass profile

Your Europass profile is the place to keep a record of all your skills, qualifications and experiences. If you keep your Europass profile up-to-date then you will always have all the information you need to create tailored CVs and job applications quickly.

Good luck with your applications!

Find support through EU services

Eures the european job mobility portal, working abroad in other eu countries, education and training in other eu countries, you may be interested to read.

Create your Europass Cover Letter

Develop your skills through volunteering

Managing your personal information in Europass

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I invest on behalf of my clients.

I consult or invest on behalf of a financial institution.

I want to learn more about BlackRock.

Larry Fink’s 2024 Annual Chairman’s Letter to Investors

Time to rethink retirement.

When my mom passed away in 2012, my dad started to decline quickly, and my brother and I had to go through my parents’ bills and finances.

Both my mom and dad worked great jobs for 50 years, but they were never in the top tax bracket. My mom taught English at the local state college (Cal Northridge), and my dad owned a shoe store.

I don’t know exactly how much they made every year, but in today’s dollars, it was probably not more than $150,000 as a couple. So, my brother and I were surprised when we saw the size of our parents' retirement savings. It was an order of magnitude bigger than you’d expect for a couple making their income. And when we finished going over their estate, we learned why: My parents' investments.

My dad had always been an enthusiastic investor. He encouraged me to buy my first stock (the DuPont chemical company) as a teenager. My dad invested because he knew that whatever money he put in the bond or stock markets would likely grow faster than in the bank. And he was right.

I went back and did the math. If my parents had $1,000 to invest in 1960, and they put that money in the S&P 500, then by the time they’d reached retirement age in 1990, the $1,000 would be worth nearly $20,000. 1 That’s more than double what they would have earned if they’d just put the money in a bank account. My dad passed away a few months after my mom, in his late 80s. But both my parents could have lived beyond 100 and comfortably afforded it.

Why am I writing about my parents? Because going over their finances showed me something about my own career in finance. I had been working at BlackRock for almost 25 years by the time I lost my mom and dad, but the experience reminded me — in a new and very personal way — why my business partners and I founded BlackRock in the first place.

Obviously, we were ambitious entrepreneurs, and we wanted to build a big, successful company. But we also wanted to help people retire like my parents did. That’s why we started an asset manager — a company that helps people invest in the capital markets — because we believed participating in those markets was going to be crucial for people who wanted to retire comfortably and financially secure.

We also believed the capital markets would become a bigger and bigger part of the global economy. If more people could invest in the capital markets, it would create a virtuous economic cycle, fueling growth for companies and countries, which would, in turn, generate wealth for millions more people.

My parents lived their final years with dignity and financial freedom. Most people don’t have that chance. But they can. The same kinds of markets that helped my parents in their time can help others in our time.  Indeed, I think the growth- and prosperity-generating power of the   capital markets will remain a dominant economic trend through the rest of the 21 st  Century.

This letter attempts to explain why.

I had been working at BlackRock for almost 25 years by the time I lost my mom and dad, but the experience reminded me — in a new and very personal way — why my business partners and I founded BlackRock in the first place.

A brief (and admittedly incomplete) history of U.S. capital markets

In finance, there are two basic ways to get or grow money.

One is the bank, which is what most people historically relied on. They deposited their savings to earn interest or took out loans to buy a home or expand their business. But over time a second avenue for financing arose, particularly in the U.S., with the growth of the capital markets: Publicly traded stocks, bonds, and other securities.

I saw this firsthand in the late 1970s and early 1980s when I played a role in the creation of the securitization market for mortgages.

Before the 1970s, most people secured financing for their homes the same way they did in the Christmas classic It’s a Wonderful Life — through the Building & Loan (B&L). Customers deposited their savings into the B&L, which was essentially a bank. Then that bank would turn around and lend out those savings in the form of mortgages.

In the movie — and in real life — everything works fine until people start lining up at the bank’s front door asking for their deposits back. As Jimmy Stewart explained in the film, the bank didn’t have their money. It was tied up in somebody else’s house.

After the Great Depression, B&Ls morphed into savings & loans (S&Ls), which had their own crisis in the 1980s. Approximately half of the outstanding home mortgages in the U.S. were held by S&Ls in 1980, and poor risk management and loose lending practices led to a raft of failures costing U.S. taxpayers more than $100 billion dollars. 2

But the S&L crisis didn’t cause the American economy lasting damage. Why? Because at the same time the S&Ls were collapsing another method of financing was getting stronger. The capital markets were providing an avenue to channel capital back to challenged real estate markets.

This was mortgage securitization.

Securitization allowed banks not just to make mortgages but to sell them. By selling mortgages, banks could better manage risk on their balance sheets and have capital to lend to home buyers, which is why the S&L crisis didn’t severely impact American homeownership. 

Eventually, the excesses of mortgage securitization contributed to the crash in 2008, and unlike the S&L crisis, the Great Recession did harm home ownership in the U.S. The country still hasn’t fully recovered in that respect. But the broader underlying trend — the expansion of the capital markets — was still very helpful for the American economy.

In fact, it’s worth considering: Why did the U.S. rebound from 2008 faster than almost any other developed nation? 3

A big part of the answer is the country’s capital markets .

In Europe, where most assets were kept in banks, economies froze as banks were forced to shrink their balance sheets. Of course, U.S. banks had to tighten capital standards and pull back from lending as well. But because the U.S. had a more robust secondary pool of money – the capital markets — the nation was able to recover much more quickly.

Today public equities and bonds provide over 70% of financing for non-financial corporations in the U.S. – more than any other country in the world. In China, for example, the bank-to-capital market ratio is almost flipped. Chinese companies rely on bank loans for 65% of their financing. 4

In my opinion, this is the most important lesson in recent economic history:  Countries aiming for prosperity don’t just need strong banking systems — they also need strong capital markets.

That lesson is now spreading around the world.

Replicating the success of America’s capital markets

Last year, I spent a lot of days on the road, logging visits to 17 different countries. I met with clients and employees. I also met with many policymakers and heads of state, and during those meetings, the most frequent conversation I had was about the capital markets.

More and more countries recognize the power of American capital markets and want to build their own.

Of course, many countries do have capital markets already. There are something like 80 stock exchanges around the world, everywhere from Kuala Lumpur to Johannesburg. 5  But most of these are rather small, with little investment. They’re not as robust as the markets in the U.S., and that’s what other nations are increasingly looking for.

In Saudi Arabia, for example, the government is interested in building a market for mortgage securitization, while Japan and India want to give people new places to put their savings. Today, in Japan, it’s mostly the bank. In India, it’s often in gold.

When I visited India in November, I met policymakers who lamented their fellow citizens’ fondness for gold. The commodity has underperformed the Indian stock market, proving a subpar investment for individual investors. Nor has investing in gold helped the country’s economy.

Compare investing in gold with, let’s say, investing in a new house. When you buy a home, that creates an economic multiplier effect because you need to furnish and repair the house. Maybe you have a family and fill the house with children. All that generates economic activity. Even when someone puts their money in a bank, there’s a multiplier effect because the bank can use that money to fund a mortgage. But gold? It just sits in a safe. It can be a good store of value, but gold doesn’t generate economic growth.

This is a small illustration — but a good one — of what countries want to accomplish with robust capital markets. (Or rather, of what they  can’t accomplish without them.)

Despite the anti-capitalist strain in our modern politics, most world leaders still see the obvious: No other force can lift more people from poverty or improve quality of life quite like capitalism. No other economic model can help us achieve our highest hopes for financial freedom — whether we want it for ourselves or our country.

That’s why the capital markets will be key to addressing two of the mid-21 st Century’s biggest economic challenges.

• The first is providing people what my parents built over time — a secure, well-earned retirement. This is a much harder proposition than it was 30 years ago. And it’ll be a much harder proposition 30 years from now . People are living longer lives. They’ll need more money. The capital markets can provide it — so long as governments and companies help people invest.
• A second challenge is infrastructure. How are we going to build the massive amount the world needs? As countries decarbonize and digitize their economies, they’re supercharging demand for all sorts of infrastructure, from telecom networks to new ways to generate power. In fact, in my nearly 50 years in finance, I’ve never seen more demand for energy infrastructure. And that’s because many countries have twin aims: They want to transition to lower-carbon sources of power while also achieving energy security. The capital markets can help countries meet their energy goals, including decarbonization, in an affordable way.

[Retirement] is a much harder proposition than it was 30 years ago. And it’ll be a much harder proposition 30 years from now .

Asking the old age question: How do we afford longer lives?

Last year, Japan passed a demographic milestone. The country’s population has been aging since the early 1990s as the pool of working-age people has shrunk and the number of elderly has risen. But 2023 was the first time that 10% of their people exceeded 80 years old, 6 making Japan the “oldest country in the world” according to the United Nations. 7

This is part of the reason the Japanese government is making a push for retirement investment.

Most Japanese keep the bulk of their retirement savings in banks, earning a low interest rate. It wasn’t such a bad strategy when Japan was suffering from deflation, but now the country’s economy has turned around, with the NIKKEI surging past 40,000 for the first time this month (March 2024). 8

Most aspiring retirees are missing out on the upswing. The country didn’t have anything resembling a 401(k) program until 2001, but even then, the amount of income people could contribute was quite low. So a decade ago, the government launched the Nippon Individual Savings Accounts (NISA) to encourage people to invest even more in retirement. Now they’re trying to double NISA’s enrollment. The goal is 34 million Japanese investors before the end of the decade. 9 It will require the Japanese government to expand their capital markets, which historically had very little retail participation.

Japan isn’t alone in helping more of its citizens invest for retirement. BlackRock has a joint venture — Jio BlackRock — with Jio Financial Services, an affiliate of India’s Reliance Industries. Over the past 10 years, India has built a huge digital public infrastructure network that connects nearly one billion Indians to everything from healthcare to government payments via their smartphones. Jio BlackRock’s goal is to use the same infrastructure to deliver retirement investing (and more).

After all, India is aging, too. The whole world is, albeit at different speeds. Brazil will start seeing more people leave its workforce than enter it by 2035; Mexico will reach peak workforce by 2040; India sometime around 2050.

As populations age, building retirement savings has never been more urgent

Source: Working-age population (ages 15-64): UN “medium trend 10

By the mid-century mark, one-in-six people globally will be over the age of 65, up from one-in-11 in 2019. 11 To support them, governments are going to have to prioritize building out robust capital markets like the U.S. has.

But this isn’t to say the U.S. retirement system is perfect. I’m not sure anybody believes that. The retirement system in America needs modernizing, at the very least.

Rethinking retirement in the United States

This was particularly clear last year as the biotech industry pumped out a rush of new, life-extending drugs. Obesity, for example, can take more than 10 years off someone’s life expectancy, which is why some researchers think that new pharmaceuticals like Ozempic and Wegovy can be life-extending drugs, not just weight-loss drugs. 12 In fact, a recent study shows that semaglutide, the generic name for Ozempic, can give people with cardiovascular disease an extra two years of life where they don’t suffer a major condition like a heart attack. 13

We focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years.

These drugs are breakthroughs. But they underscore a frustrating irony: As a society, we focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years.

It wasn’t always this way. One reason my parents had a financially secure retirement was CalPERS, California’s state pension system. As a public university employee, my mom could enroll. But pension enrollment has been declining across the country since the 1980s. 14 Meanwhile the federal government has prioritized maintaining entitlement benefits for people my age (I’m 71) even though it might mean that Social Security will struggle to meet its full obligations when younger workers retire.

It’s no wonder younger generations, Millennials and Gen Z, are so economically anxious. They believe my generation — the Baby Boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.

Today in America, the retirement message that the government and companies tell their workers is effectively: “You’re on your own.” And before my generation fully disappears from positions of corporate and political leadership, we have an obligation to change that.

Maybe once a decade, the U.S. faces a problem so big and urgent that government and corporate leaders stop business as usual. They step out of their silos and sit around the same table to find a solution. I participated in something like this after 2008, when the government needed to find a way to unwind the toxic assets from the mortgage crisis. More recently, tech CEOs and the federal government came together to address the fragility of America’s semiconductor supply chain. We need to do something similar for the retirement crisis. America needs an organized, high-level effort to ensure that future generations can live out their final years with dignity.

What should that national effort do? I don’t have all the answers. But what I do have is some data and the beginnings of a few ideas from BlackRock’s work. Because our core business is retirement.

More than half the assets BlackRock manages are for retirement. 15 We help about 35 million Americans invest for life after work, 16 which amounts to about a quarter of the country’s workers. 17 Many are educators like my mom was. BlackRock helps manage pension assets for roughly half of U.S. public school teachers. 18 And this work — and our similar work around the globe — has given us some insight into how a national initiative to modernize retirement might begin.

We think the conversation starts by looking at the challenge through three different lenses. 

• What’s the issue from the perspective of a current worker , someone who’s still trying to save for retirement?
• What about someone who has already retired? We have to look at the problem from the retiree’s point of view­­­­­­­­­­ — an individual who has already saved enough to stop working but is worried the money will run out.
• But first it’s important to look at retirement in America like you’d look at a map of America — a high-level picture of the problem, the kind a national policymaker might look at. What’s the issue for the population as a whole? (It’s demographics.)

[Young people] believe my generation — the Baby Boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.

The demographics don’t lie

There’s a popular saying in economics: “You just can’t fight demographics.” And yet, when it comes to retirement, the U.S. is trying anyway.

In wealthy countries, most retirement systems have three pillars. One is what people invest personally (my dad putting his money in the stock market). Another is the plans provided by employers (my mom’s CalPERS pension). A third component is what we hear politicians mostly talking about – the government safety net. In the U.S., this is Social Security.

You’re probably familiar with the economics behind Social Security. During your working years, the government takes a portion of your income, then after you retire, it sends you a check every month. The idea actually originates from pre-World War I Germany, and these “old-age insurance” programs gradually became popular over the 20 th Century largely because the demographics made sense.

Think about someone who was 65 years old in 1952, the year I was born. If he hadn’t retired already, that person was probably getting ready to stop working.

But now think about that person’s former colleagues, all the people around his age who he’d entered the workforce with back in the 1910s. The data shows that in 1952, most of those people were not preparing for retirement because they’d already passed away .

This is how the Social Security program functioned: More than half the people who worked and paid into the system never lived to retire and be paid from the system. 19

Today, these demographics have completely unraveled, and this unraveling is obviously a wonderful thing. We should want more people to live more years. But we can’t overlook the massive impact on the country’s retirement system.

It’s not just that more people are retiring in America; it’s also that their retirements are increasing in length. Today, if you’re married and both you and your spouse are over the age of 65, there’s a 50/50 chance at least one of you will be receiving a Social Security check until you’re 90. 20

All this is putting the U.S. retirement system under immense strain. The Social Security Administration itself says that by 2034, it won’t be able to pay people their full benefits. 21

What’s the solution here? No one should have to work longer than they want to. But I do think it’s a bit crazy that our anchor idea for the right retirement age — 65 years old — originates from the time of the Ottoman Empire.

Humanity has changed over the past 120 years. So must our conception of retirement.

One nation that’s rethought retirement is the Netherlands. In order to keep their state pension affordable, the Dutch decided more than 10 years ago to gradually raise the retirement age. It will now automatically adjust as the country’s life expectancy changes. 22

Obviously, implementing this policy elsewhere would be a massive political undertaking. But my point is that we should start having the conversation . When people are regularly living past 90, what should the average retirement age be?

Or rather than pushing back when people receive retirement benefits, perhaps there’s a more politically palatable idea: How do we encourage more people who wish to work longer with carrots rather than sticks? What if the government and the private sector treated 60-plus year-olds as late-career workers with much to offer rather than people who should retire?

One way Japan has managed its aging economy is by doing exactly this. They’ve found new ways to boost the labor force participation rate, a metric that has been declining in the U.S. since the early 2000s. 23 It’s worth asking: How can America stop (or at least, slow) that trend?

Again, I’m not pretending to have the answers. Despite BlackRock’s success helping millions retire, these questions are going to have to be posed to a broader range of investors, retirees, policymakers, and others. Over the next few months, BlackRock will be announcing a series of partnerships and initiatives to do just that, and I invite you to join us.

For workers, make investing (almost) automatic

When the U.S. Census Bureau released its regular survey of consumer finances in 2022, nearly half of Americans aged 55 to 65 reported not having a single dollar saved in personal retirement accounts. 24 Nothing in a pension. Zero in an IRA or 401(k).

Why? Well, the first barrier to retirement investing is affordability.

Four-in-10 Americans don’t have $400 to spare to cover an emergency like a car repair or hospital visit. 25 Who is going to invest money for a retirement 30 years away if they don’t have cash for today? No one. That’s why BlackRock’s foundation has worked with a group of nonprofits to set up an Emergency Savings Initiative. The program has helped mostly low-income Americans put away a total of $2 billion in new liquid savings. 26

Studies show that when people have emergency savings, they’re 70% more likely to invest for retirement. 27 But this is where workers run into another barrier: Investing is complex even if you can afford it.

No one is born a natural investor. It’s important to say that because sometimes in the financial services industry we imply the opposite. We make it seem like saving for retirement can be a simple task, something anyone can do with a bit of practice, like driving your car to work. Just grab your keys and hop in the driver’s seat. But financing retirement isn’t so intuitive. The better analogy is if someone dropped a bunch of engine and auto parts in your driveway and said, “Figure it out.”

At BlackRock, we’ve tried to make the investing process more intuitive by inventing simpler products like target date funds. They only require people to make one decision: What year do they expect to retire? Once people choose their “target date,” the fund automatically adjusts their portfolio, shifting from higher-return equities to less risky bonds as retirement approaches. 28

In 2023, BlackRock expanded the types of target date ETFs we offer so people can more easily buy them even if they don’t work for employers offering a retirement plan. There are 57 million people like this in America — farmers, gig workers, restaurant employees, independent contractors — who don’t have access to a defined contribution plan. 29 And while better investment products can help, there are limits to what something like a target date fund can do. Indeed, for most people, the data shows that the hardest part of retirement investing is just getting started.

Other nations make things simpler for their part-time and contract workers. In Australia, employers must contribute a portion of income for every worker between the ages of 18 and 70 into a retirement account, which then belongs to the employee. The Superannuation Guarantee was introduced in 1992 when the country seemed like it was on the path to a retirement crisis. Thirty-two years later, Australians likely have more retirement savings per capita than any other country. The nation has the world’s 54 th largest population, 30 but the 4 th largest retirement system. 31

Of course, every country is different, so every retirement system should be different. But Australia’s experience with Supers could be a good model for American policymakers to study and build on. Some already are. There are about 20 U.S. states — like Colorado and Virginia — that have instituted retirement systems to cover all workers like Australia does, even if they’re gig or part-time. 32

It’s a good thing that legislators are proposing different bills and states are becoming “laboratories of retirement.” More should consider it. The benefits could be enormous for individual retirees. These new programs could also help the U.S. ensure the long-term solvency of Social Security. That’s what Australia found — their Superannuation Guarantee relieved the financial tension in their country’s public pension program. 33

But what about workers who do have access to an employer retirement plan? They need support too.

Even among employees who have access to employer plans, 17% don’t enroll in them, and the hypothesis among retirement experts is this is not a conscious choice. People are just busy.

It sounds trivial, but even the hour or so it takes someone to look through their work email inbox for the correct link to their company’s retirement system, and then select the percentage of their income they want to contribute can be the unclearable hurdle. That’s why companies should make a conscious effort to look at what their default option is. Are people automatically enrolled in a plan or not? And how much are they auto-enrolled to contribute? Is it a minimum percentage of their income? Or the maximum?

In 2017, the University of Chicago economist Richard Thaler won the Nobel Prize, in part, for his pioneering work around “nudges” — small changes in policy that can have enormous impact in people’s financial lives. Auto-enrollment is one of them. Studies show that the simple step of making enrollment automatic increases retirement plan participation by nearly 50%. 34

As a nation, we should do everything we can to make retirement investing more automatic for workers. And there are already bright spots. Next year, a new federal law will kick in, requiring employers that set up new 401(k) plans to auto-enroll their new workers. Plus, there are hundreds of major companies (including BlackRock) that have already taken this step voluntarily.

But firms can do even more to improve their employee’s financial lives, such as providing some level of matching funds for retirement plans and offering more financial education on the tremendous long-term difference between contributing a small percentage of your income to retirement versus the maximum. I also think we should make it easier for workers to transfer their 401(k) savings when they switch jobs. There is a menu of options here, and we need to explore all of them.

For retirees, help them spend what they saved

In 2018, BlackRock commissioned a study of 1,150 American retirees. When we dug into the data, we found something unexpected — even paradoxical.

The survey showed that after nearly two decades of retirement, the average person still had 80% of their pre-retirement money saved. We’re talking about people who were probably between the ages of 75 and 95. If they had invested for retirement, they were likely sitting on more than enough money for the rest of their lives. And yet the data also showed that they were anxious about their finances. Only 32% reported feeling comfortable about spending what they saved. 35

This retirement paradox has a simple explanation: Even people who know how to save for retirement still don’t know how to spend for it.

In the U.S., this problem’s roots stretch back more than four decades when employers began switching from defined benefit plans — pensions — to defined contribution plans like 401(k)s.

In a lot of ways, pensions were much simpler than the 401(k). You had a job somewhere for 20 or 30 years. Then when you retired, your pension paid you a set amount — a defined benefit — every month.

When I entered the workforce in the 1970s, 38% of Americans had one of these defined benefit plans, but by 2008 the percentage had been cut almost in half. 36 Meanwhile, the fraction of Americans with defined contribution plans almost quadrupled. 37

This should have been a good thing. Beginning with the Baby Boomers, fewer and fewer workers spent their entire careers in one place, meaning they needed a retirement option that would follow them from job to job. In theory, 401(k)s did that. But in practice? Not really.

Anyone who’s switched jobs knows how unintuitive it is to transfer your retirement savings. In fact, studies show that about 40% of employees cash out their 401(k)s when they switch jobs, putting themselves back at the starting line for retirement savings. 38

The real drawback of defined contribution was that it removed most of the retirement responsibility from employers and put it squarely on the shoulders of the employees themselves. With pensions, companies had a very clear obligation to their workers. Their retirement money was a financial liability on the corporate balance sheet. Companies knew they’d have to write a check every month to each one of their retirees. But defined contribution plans ended that, forcing retirees to trade a steady stream of income for an impossible math problem.

Because most defined contribution accounts don’t come with instructions for how much you can take out every month, individual savers first must build up a nest-egg, then spend down at a rate that will last them the rest of their lives. But who really knows how long that will be?

Put simply, the shift from defined benefit to defined contribution has been, for most people, a shift from financial certainty to financial un certainty .

That’s why around the same time we saw the data that retirees were nervous about spending their savings, we started wondering: Was there something we can do about it? Could we develop an investment strategy that provided the flexibility of a 401(k) investment but also the potential for a predictable, paycheck-like income stream, similar to a pension?

It turns out, we could. That strategy is called LifePath Paycheck™, which will go live in April. As I write this, 14 retirement plan sponsors are planning to make LifePath Paycheck™ available to 500,000 employees. I believe it will one day be the most used investment strategy in defined contribution plans.

We’re talking about a revolution in retirement. And while it may happen in the U.S. first, eventually other countries will benefit from the innovation as well. At least, that is my hope. Because while retirement is mainly a saving challenge, the data is clear: It’s a spending one too.

Fear vs. hope

Before I conclude this section on retirement, I want to share a few words about one of the largest barriers to investing for the future. In my view, it’s not just affordability or complexity or the fact that people are too busy to enroll in their employer’s plan.

Arguably the biggest barrier to investing for retirement — or for anything — is fear.

In finance, we sometimes think of “fear” as a fuzzy, emotional concept — not as a hard economic data point. But that’s what it is. Fear is as important and actionable a metric as GDP. After all, investment (or lack thereof) is just a measure of fear because no one lets their money sit in a stock or a bond for 30 or 40 years if they’re afraid the future is going to be worse than the present. That’s when they put their money in a bank. Or underneath the mattress.

This is what happens in many countries. In China, where new surveys show consumer confidence has dropped to its lowest level in decades, household savings have reached their highest level on record — nearly $20 trillion — according to the central bank. 39 China has a savings rate of about 30%. Nearly a third of all money earned is socked away in cash in case it’s needed for harder times ahead. The U.S., by comparison, has a savings rate in the single digits. 40

America has rarely been a fearful country. Hope has been the nation’s greatest economic asset. People put their money in American markets for the same reason they invest in their homes and businesses — because they believe this country will be better tomorrow than it is today.

This big, hopeful America has been the one I’ve known my whole life, but over the past few years, especially as I’ve had more grandchildren, I’ve started to ask myself: Will they know this version of America, too?

As I was finishing this letter, The Wall Street Journal published an article that caught my attention. It was titled “The Rough Years that Turned Gen Z into America’s Most Disillusioned Voters,” and it included some eye-catching — and really disheartening — data.

The article showed that from the mid-1990s through most of the early 21 st Century, most young people — around 60% of high school seniors, to be specific — believed they’d earn a professional degree, would land a good job, and go on to be wealthier than their parents. They were optimistic. But since the pandemic, that optimism has fallen precipitously.

Compared with 20 years ago, the current cohort of young Americans is 50% more likely to question whether life has a purpose. Four-in-10 say it’s “hard to have hope for the world.” 41

I’ve been working in finance for almost 50 years. I’ve seen a lot of numbers. But no single data point has ever concerned me more than this one.

The lack of hope worries me as a CEO. It worries me as a grandfather. But most of all, it worries me as an American.

If future generations don’t feel hopeful about this country and their future in it, then the U.S. doesn’t only lose the force that makes people want to invest. America will lose what makes it America. Without hope, we risk becoming just another place where people look at the incentive structure before them and decide that the safe choice is the only choice. We risk becoming a country where people keep their money under the mattress and their dreams bottled up in their bedroom.

How do we get our hope back?

Whether we’re trying to solve retirement or any other problem, that is the first question we have to ask, although I readily admit that I do not have the solution. I look at the state of America — and the world — and I am as answerless as everyone else. There’s so much anger and division, and I often struggle to wrap my head around it.

What I do know is that any answer has to start by bringing young people into the fold. The same surveys that show their lack of hope also show their lack of confidence — far less than any previous generation — in every pillar of society: In politics, government, the media, and in corporations. Leaders of these institutions (I am one) should be empathetic to their concerns.

Young people have lost trust in older generations. The burden is on us to get it back. And maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.

Perhaps the best way to start building hope is by telling young people, “You may not feel very hopeful about your future. But we do. And we’re going to help you invest in it.”

Young people have lost trust in older generations. The burden is on us to get it back. And maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.

The new infrastructure blueprint: Steel, concrete, and public-private partnership

I started traveling to London in the 1980s, and back then, if you had a choice between the city’s two major international airports — Heathrow or Gatwick — you probably chose Heathrow. Gatwick was farther from the city. It was also in a comparative state of disrepair.

But things changed in 2009 when Gatwick was purchased by Global Infrastructure Partners (GIP). They increased runway capacity and instituted commonsense changes, like oversized luggage trays that cut security screening times by more than half.

“The thing about infrastructure businesses... is a lot of them tend not to focus on customer service,” GIP’s CEO Bayo Ogunlesi told the Financial Times . GIP wanted to make Gatwick different. In the process, they also turned the airport into a prime example of how infrastructure will be built and run in the 21 st Century — with private capital. 42

In the U.S., people tend to think of infrastructure as a government endeavor, something built with taxpayer funds. But because of one very big reason that I’ll dive into momentarily, that won’t be the primary way infrastructure is built in the mid-21 st Century. Rather than only tapping government treasuries to build bridges, power grids, and airports, the world will do what Gatwick did.

The future of infrastructure is public-private partnership.

Debt matters

The $1 trillion infrastructure sector is one of the fastest growing segments of the private markets, and there are some undeniable macroeconomic trends driving this growth. In developing countries, people are getting richer, boosting demand for everything from energy to transportation while in wealthy countries, governments need to both build new infrastructure and repair the old.

Even in the U.S., where the Biden Administration has signed generational infrastructure investments into law, there’s still $2 trillion worth of deferred maintenance. 43

How will we pay for all this infrastructure? The reason I believe it’ll have to be some combination of public and private dollars is that funding probably cannot come from the government alone. The debt is just too high.

From Italy to South Africa, many nations are suffering the highest debt burdens in their history. Public debt has tripled since the mid-1970s, reaching 92% of global GDP in 2022. 44 And in America, the situation is more urgent than I can ever remember. Since the start of the pandemic, the U.S. has issued roughly $11.1 trillion of new debt, and the amount is only part of the issue. 45 There’s also the interest rate the Treasury needs to pay on it.

Three years ago, the rate on a 10-year Treasury bill was under 1%. But as I write this, it’s over 4%, and that 3-percentage-point increase is very dangerous. Should the current rates hold, it amounts to an extra trillion dollars in interest payments over the next decade. 46

Why is this debt a problem now? Because historically, America has paid for old debt by issuing new debt in the form of Treasury securities. It’s a workable strategy so long as people want to buy those securities — but going forward, the U.S. cannot take for granted that investors will want to buy them in such volume or at the premium they currently do.

Today, around 30% of U.S. Treasury securities are held by foreign governments or investors. That percentage will likely go down as more countries build their own capital markets and invest domestically. 47

More leaders should pay attention to America’s snowballing debt. There’s a bad scenario where the American economy starts looking like Japan’s in the late 1990s and early 2000s, when debt exceeded GDP and led to periods of austerity and stagnation. A high-debt America would also be one where it’s much harder to fight inflation since monetary policymakers could not raise rates without dramatically adding to an already unsustainable debt-servicing bill.

But is a debt crisis inevitable? No.

While fiscal discipline can help tame debt on the margins, it will be very difficult (both politically and mathematically) to raise taxes or cut spending at the level America would need to dramatically reduce the debt. But there is another way out beyond taxing or cutting, and that’s growth. If U.S. GDP grows at an average of 3% (in real, not nominal terms) over the next five years, that would keep the country’s debt-to-GDP ratio at 120% – high, but reasonable.

I should be clear: 3% growth is a very tall order, especially given the country’s aging workforce. It will require policymakers to shift their focus. We can’t see debt as a problem that can be solved only through taxing and spending cuts anymore. Instead, America’s debt efforts have to center around pro-growth policies , which include tapping the capital markets to build one of the best catalysts for growth: Infrastructure. Especially energy infrastructure.

Energy pragmatism

Roads. Bridges. Ports. Airports. Cell towers. The infrastructure sector contains multitudes, but the multitude where BlackRock sees arguably the greatest demand for new investment is energy infrastructure.

Why energy? Two things are happening in the sector at the same time.

The first is the “energy transition.” It’s a mega force, a major economic trend being driven by nations representing 90% of the world’s GDP. 48 With wind and solar power now cheaper in many places than fossil-fuel-generated electricity, these countries are increasingly installing renewables. 49 It’s also a major way to address climate change. This shift – or energy transition – has created a ripple effect in the markets, creating both risks and opportunities for investors, including BlackRock’s clients.

I started writing about the transition in 2020. Since then, the issue has become more contentious in the U.S. But outside the debate, much is still the same. People are still investing heavily in decarbonization. In Europe, for example, net-zero remains a top investment priority for most of BlackRock’s clients. 50 But now the demand for clean energy is being amplified by something else: A focus on energy security.

Governments have been pursuing energy security since the oil crisis of the 1970s, (and probably as far back as the early Industrial Revolution), so this is not a new trend. In fact, when I wrote my original 2020 letter about sustainability, I also wrote to our clients that countries would still need to produce oil and gas to meet their energy needs. 

To be energy secure, I wrote, most parts of the globe would need “to rely on hydrocarbons for a number of years.” 51

I’m hearing more leaders talk about decarbonization and energy security together under the joint banner of what you might call “energy pragmatism.”

Then in 2022, Putin invaded Ukraine. The war lit a fresh spark under the idea of energy security. It disrupted the world’s supply of oil and gas causing massive energy inflation, particularly in Europe. The UK, Norway, and the 27 EU countries had to collectively spend 800 billion euros subsidizing energy bills. 52

This is part of the reason I’m hearing more leaders talk about decarbonization and energy security together under the joint banner of what you might call “energy pragmatism.”

Last year, as I mentioned, I visited 17 countries, and I spent a lot of time talking to the people who are responsible for powering homes and businesses, everybody from prime ministers to energy grid operators. The message I heard was completely opposite to what you often hear from activists on the far left and right who say that countries have to choose between renewables and oil and gas. These leaders believe that the world still needs both. They were far more pragmatic about energy than dogmatic. Even the most climate conscious among them saw that their long-term path to decarbonization will include hydrocarbons, albeit less of them, for some time to come.

Germany is a good example of how energy pragmatism is still a path to decarbonization. It’s one of the countries most committed to fighting climate change and has made enormous investments in wind and solar power. But sometimes the wind doesn’t blow in Berlin, and the sun doesn’t shine in Munich. And during those windless, sunless periods, the country still needs to rely on natural gas for “dispatchable power.” Germany used to get that gas from Russia, but now it needs to look elsewhere. So, they’re building additional gas facilities to import from other producers around the world. 53

Or look at Texas. They face a similar energy challenge – not because of Russia but because of the economy. The state is one of the fastest growing in the U.S., 54 and the additional demand for power is stretching ERCOT, Texas’ energy grid, to the limit. 55

Today, Texas runs on 28% renewable energy 56 – 6% more than the U.S. as a whole. 57 But without an additional 10 gigawatts of dispatchable power, which might need to come partially from natural gas, the state could continue to suffer devastating brownouts. In February, BlackRock helped convene a summit of investors and policymakers in Houston to help find a solution.

Texas and Germany are great illustrations of what the energy transition looks like. As I wrote in 2020, the transition will only succeed if it’s “fair.” Nobody will support decarbonization if it means giving up heating their home in the winter or cooling it in the summer. Or if the cost of doing so is prohibitive.

Since 2020, economists have popularized better language to describe what a fair transition actually means. One important concept is the “green premium.” It’s the surcharge people pay for “going green”: for example, switching from a car that runs on gas to an electric vehicle. The lower the green premium, the fairer decarbonization will be because it’ll be more affordable.

This is where the power of the capital markets can be unleashed to great effect. Private investment can help energy companies reduce the cost of their innovations and scale them around the world. Last year, BlackRock invested in over a dozen of these transition projects on behalf of our clients. We partnered with developers in Southeast Asia aiming to build over a gigawatt of solar capacity (enough to power a city) in both Thailand and the Philippines. 58 We also invested in Lake Turkana Wind Power, Africa’s largest windfarm. It’s located in Kenya and currently accounts for about 12% of the country’s power generation. 59

There are also earlier-stage technologies, like a giant “hot rock” battery being built by Antora Energy. The company heats up blocks of carbon with wind or solar power during parts of the day when renewable energy is cheap and abundant. These “thermal batteries” reach up to 2,400 degrees Celsius and glow brighter than the sun. 60 Then, that heat is used to power giant industrial facilities around-the-clock, even when the sun isn’t shining, or the wind isn’t blowing.

BlackRock invested in Antora through Decarbonization Partners, a partnership we have with the investment firm, Temasek. Our funding will help Antora scale up to deliver billions of dollars worth of zero-emission energy to industrial customers. 61 (One day, their thermal batteries might help solve the kind of dispatchable power problem that Texas and Germany are facing – but without carbon emissions.)

The final technology I’ll spotlight is carbon capture. Last year, one of BlackRock’s infrastructure funds invested $550 million in a project called STRATOS, which will be the world’s largest direct air capture facility when construction is completed in 2025. 62 Among the more interesting aspects of the project is who’s building the facility: Occidental Petroleum, the big Texas oil company.

The energy market isn’t divided the way some people think, with a hard split between oil & gas producers on one side and new clean power and climate tech firms on the other. Many companies, like Occidental, do both, which is a major reason BlackRock has never supported divesting from traditional energy firms. They’re pioneers of decarbonization, too.

Today, BlackRock has more than $300 billion invested in traditional energy firms on behalf of our clients. Of that $300 billion, more than half – $170 billion – is in the U.S. 63 We invest in these energy companies for one simple reason: It’s our clients’ money. If they want to invest in hydrocarbons, we give them every opportunity to do it – the same way we invest roughly $138 billion in energy transition strategies for our clients. That’s part of being an asset manager. We follow our clients’ mandates.

But when it comes to energy, I also understand why people have different preferences in the first place. Decarbonization and energy security are the two macroeconomic trends driving the demand for more energy infrastructure. Sometimes they’re competing trends. Other times, they’re complementary, like when the same advanced battery that decarbonizes your grid can also reduce your dependence on foreign power.

The point is: The energy transition is not proceeding in a straight line. As I’ve written many times before, it’s moving in different ways and at different paces in different parts of the world. At BlackRock, our job is to help our clients navigate the big shifts in the energy market no matter where they are.

BlackRock’s next transformation

One way we’re helping our clients navigate the booming infrastructure market is by transforming our company. I began this section by writing about the owners of Gatwick Airport, GIP. In January, BlackRock announced our plans to acquire them. 

Why GIP? BlackRock’s own infrastructure business had been growing rapidly over the past several years. But to meet demand, we realized we needed to grow even faster.

It’s not just debt-strapped governments that need to find alternate pools of financing for their infrastructure. Private sector firms do too. All over the world, there’s a vast infrastructure footprint that’s owned and operated entirely by private companies. Cell towers are a good example. So are pipelines that deliver the feedstocks for chemical companies. Increasingly, the owners of these assets prefer to have a financing partner, rather than carrying the full cost for the infrastructure on their balance sheet.

I had been thinking about this trend and called an old colleague, Bayo Ogunlesi.

Both Bayo and I started our careers in finance at the investment bank First Boston. But our paths diverged. I lost $100 million on a series of bad trades at First Boston and…well, nobody needs to hear that story again. But it led me (and my BlackRock partners) to pioneer better risk management for fixed income markets. Meanwhile, Bayo and his team were pioneering modern infrastructure investing in the private markets.

Now, we plan to join our forces again. I think the result will be better opportunities for our clients to invest in the infrastructure that keeps our lights on, planes flying, trains moving, and our cell service at the maximum number of bars.

More about BlackRock’s work in 2023

In this letter, I’ve shared my view that the capital markets are going to play an even bigger role in the global economy. They’ll have to if the world wants to address the challenges around infrastructure, debt, and retirement. These are the major economic issues of the mid-21st Century. We’re going to need the power of capitalism to solve them.

The way BlackRock figures into that story is through our work with clients. We want to position them well to navigate these trends, which is why we’ve tried to stay more connected to our clients than ever.

Over the past five years, thousands of clients on behalf of millions of individuals have entrusted BlackRock with managing over $1.9 trillion in net new assets. Thousands also use our technology to better understand the risks in their portfolios and support the growth and commercial agility of their own businesses. Years of organic growth, alongside the long-term growth of the capital markets, underpin our $10 trillion of client assets, which grew by over $1.4 trillion in 2023.

In good times and bad, whether clients are focused on increasing or decreasing risk, our consistent industry-leading organic growth demonstrates that clients are consolidating more of their portfolios with BlackRock. In 2023, our clients awarded us with $289 billion in net new assets during a period of rapid change and significant portfolio de-risking.

BlackRock’s differentiated business model has enabled us to continue to grow with our clients and maintain positive organic base fee growth. We’ve grown regardless of the market backdrop and even as most of the industry experienced outflows.

I think back to 2016 and 2018 when uncertainty and cautious sentiment impacted investment behavior among institutions and individuals. Many clients de-risked and moved to cash. BlackRock stayed connected with our clients. We stayed rigorous in driving investment performance, innovating new products and technologies, and providing advice on portfolio design. Once clients were ready to step back into the markets more actively, they did it with BlackRock – leading to new records for client flows, and organic base fee growth at or above our target.

Flows and organic base fee growth accelerated into the end of 2023. We saw $96 billion of total net inflows in the fourth quarter and we entered 2024 with great momentum.

In 2024, I plan to do what I did in 2023 – spend a lot of time on the road visiting clients. I’ve already taken several trips in the U.S. and around the world, and it’s clearer than ever that companies and clients want to work with BlackRock.

For companies where we are investing on behalf of our clients, they appreciate that we typically provide long-term, consistent capital. We often invest early, and we stay invested through cycles whether it’s debt or equity, pre-IPO or post-IPO. Companies recognize BlackRock’s global relationships, brand, and expertise across markets and industries. This makes us a valuable partner, and in turn supports the sourcing and performance we can provide for clients.

Over the past 18 months, we’ve sourced and executed on a number of deals for clients. In addition to the STRATOS direct air capture project, our funds partnered with AT&T on the Gigapower JV to build out broadband in communities across the U.S. We also made investments globally, including in Brasol (Brazil), AirFirst (South Korea), Akaysha Energy (Australia), and the Lake Turkana Wind Farm (Kenya).

Our ability to source deals for clients is a primary driver of demand for BlackRock private markets strategies. These strategies saw $14 billion of net inflows in 2023, driven by infrastructure and private credit. We continue to expect these categories to be our primary growth drivers within alternatives in the coming years.

Our active investment insights, expertise and strong investment performance similarly differentiate BlackRock in the market. We saw nearly $60 billion of active net inflows in 2023, compared with industry outflows.

In ETFs, BlackRock generated an industry-leading $186 billion of net inflows in 2023. Our leadership in the ETF industry is another testament to our global platform and connectivity with clients.

What we have seen in market after market is that if we can make investing easier and more affordable, we can quickly attract new clients. We are leveraging digital wealth platforms in local markets to provide more investment access and accelerate organic growth for iShares ETFs.

In EMEA, BlackRock powers ETF savings plans for end investors, partnering with many banks and brokerage platforms, including Trade Republic, Scalable Capital, ING, Lloyds, and Nordnet. These partnerships will help millions of people access investments, invest for the long-term, and achieve financial well-being.

In 2023, we also announced our minority investment in Upvest, which will help drive innovation in how Europeans access markets and make it cheaper and simpler to start investing.

Then there is our work with Britain’s leading digital bank, Monzo, to offer its customers our products through its app, with minimum investments as low as £1. Through these relationships, we’re evolving our iShares ETF franchise to meaningfully increase access to global markets.

Let me also say a few words about Aladdin. It remains the language of portfolios, uniting all of BlackRock, and providing the technological foundation for how we serve clients across our platform. And Aladdin isn’t just the key technology that powers BlackRock; it also powers many of our clients. The need for integrated data and risk analytics as well as whole portfolio views across public and private markets is driving annual contract value (ACV) growth.

In 2023, we generated $1.5 billion in technology services revenue. Clients are looking to grow and expand with Aladdin, reflected in strong harvesting activity, with over 50% of Aladdin sales being multi-product.

As we look ahead, the re-risking of client portfolios will create tremendous prospects for both our public and private markets franchises. And integrated technology will be needed to help clients be nimble while operating at scale.

These are the times where investors are making broad changes to the way they build portfolios. BlackRock is helping investors build the “portfolio of the future” – one that integrates public and private markets and is digitally enabled. We view these changes as big catalysts. With the diversified investment and technology platform we’ve built, we’ve set ourselves up to be a structural grower in the years ahead.

Positioning our organization for the future

Just as we continually innovate and evolve our business to stay ahead of our clients, we also evolve our organization and our leadership team.

Earlier this year we announced changes to reimagine our business and transform our organization to better anticipate what clients need – and shape BlackRock so clients can continue to get the insights, solutions, and outcomes they expect from us.

For years, BlackRock has worked with clients across the whole portfolio, albeit with distinctions between product structures for ETFs, active mutual funds, and separate accounts.

Now the traditional lines between products are blurring. Clients are building portfolios that seamlessly combine both active and index strategies, including liquid and illiquid assets and spanning public and private markets, across ETF, mutual fund, and separate account structures.

BlackRock has been critical in expanding the market for ETFs by making them accessible to more investors and delivering new asset classes (like bonds) and investment strategies (like active). As a result of that success, the ETF is no longer just an indexing concept – it is becoming an efficient structure for a range of investment solutions.

We always viewed ETFs as a technology, a technology that facilitated investing. And just as our Aladdin technology has become core to asset management, so too have ETFs. That’s why we believe embedding our ETF and Index expertise across the entire firm will accelerate the growth of iShares and every investment strategy at BlackRock.

We’ll be nimbler and more closely aligned with clients through our new architecture with the aim of delivering a better experience, better performance, and better outcomes.

Voting choice

Healthy capital markets depend on a continuous feedback loop between companies and their investors. For more than a decade, BlackRock endeavored to improve that feedback loop for our clients.

We’ve done it by building an industry-leading stewardship program, one that’s focused on engaging investee companies on issues impacting our clients’ long-term economic interests. This requires understanding how companies are positioned to navigate the risks and opportunities they face – for example, how geopolitical fragmentation might rewire their supply chains or how higher borrowing cost might impact their capacity to deliver sustained earnings growth.

To do that, we built one of the largest stewardship teams to engage with companies, often alongside our investment teams, because we never believed in the industry’s reliance on the recommendations of a few proxy advisors. We knew our clients would expect us to make independent proxy voting decisions, informed by our ongoing dialogue with companies – a philosophy that continues to underpin our stewardship efforts today. For our clients who have entrusted us with this important responsibility, we remain steadfast in promoting sound corporate governance practices and financial resilience at investee companies on their behalf.

And for our clients who wish to take a more direct role in the proxy voting process, we continue to innovate to provide them with more choice. In 2022, BlackRock was the first in our industry to launch Voting Choice, a capability that enabled institutional investors to participate in the proxy voting process. Today, about half of our clients’ index equity assets under management can access Voting Choice. And in February, we launched a pilot in our largest core S&P 500 ETF, enabling Voting Choice for individual investors for the first time.

We welcome these additional voices to corporate governance and believe they can further strengthen shareholder democracy. I believe that more asset owners can participate in this important process effectively if they are well-informed. We are encouraged by their engagement and the continued transformation of the proxy voting ecosystem but continue to believe that the industry would benefit from additional proxy advisors.

Strategy for long-term growth

For 36 years, BlackRock has led by listening to our clients and evolving to help them achieve long-term outcomes. That commitment has been behind everything we’ve done as a firm, whether it’s unlocking new markets through iShares, pioneering whole portfolio advisory, launching Aladdin on the desktops of investors and so much more. Clients have been at the foundation of our mindset and our growth strategy, informing the investments we’ve made across our businesses.

The combination of technology and advisory, alongside ETFs, active and private markets capabilities, enables us to deliver a better client experience – leading to clients consolidating more of their portfolios with BlackRock or engaging us for outsourcing solutions. We believe this in turn will drive continued differentiated organic growth into the future.

As we do each year, our management team and Board spent time assessing our strategy for growth. We challenge ourselves to think: What opportunities will this economic environment create for BlackRock and our clients, what more can we do to meet and anticipate their needs? How can we evolve our organization, operating structure, investment capabilities, and service models and, in doing so, keep leading the industry?

We have strong conviction in our strategy and our ability to execute with scale and expense discipline. Our strategy remains centered on growing Aladdin, ETFs, and private markets, keeping alpha at the heart of BlackRock, leading in sustainable investing, and advising clients on their whole portfolio.

We have continually made internal investments for organic growth and efficiency, investing ahead of client opportunities in private markets, ETFs, technology, and whole portfolio solutions.

In private markets, we are prepared to capitalize on structural growth trends. Whether it’s executing on demand for much-needed infrastructure, or the growing role of private credit as banks and public lenders move away from the middle market, private capital will be essential. BlackRock is poised to capture share through our scale, proprietary origination, and track record. And we believe our planned acquisition of GIP will meaningfully accelerate our ability to offer our private markets capabilities to our clients.

In ETFs, we will continue to lead by expanding investment access globally and through innovation. The ETF is an adaptable piece of financial technology, and over time we’ve been able to do more with it than just making investing more affordable. We’ve been able to bring better liquidity and price discovery to more opaque markets. One recent example is offering people exposure to Bitcoin through ETFs.

ETFs have been an incredible growth story in the U.S., with iShares leading the way. We believe global ETF adoption is set to accelerate as catalyst trends that we saw in the U.S. years ago like the growth of fee-based advisory and model portfolios are just beginning to take root. Nearly half of 2023 iShares net inflows were from our ETFs listed internationally in local markets, led by European iShares net inflows of $70 billion.

Active asset allocation, security selection and risk management have consistently been key elements in long-term returns. Our active teams across multi-asset, fixed income and equities are well-positioned to seize on broad opportunities arising out of this new interest rate and potentially more volatile regime. We are particularly excited about the opportunity in fixed income and how artificial intelligence is propelling performance in our systematic investing businesses.

Fixed income is going to be increasingly relevant in the construction of whole portfolios with higher yields and better return potential compared to the low-rate environment of the last 15 years. Now that the rate on 10-year U.S. Treasuries is near long-term averages, clients are reconsidering bond allocations.

BlackRock is well-positioned with a diversified fixed income platform. It’s not going to be just about index, where we manage nearly $1.7 trillion. Or just about active where we manage over $1 trillion. Some of the most interesting portfolio conversations are with allocators who are blending ETFs with active or using innovations like our active ETFs for professionally managed income solutions.

Across asset classes, the need for integrated data, technology and risk management will continue to drive demand for Aladdin. Through its dynamic ecosystem of over 130,000 users, the Aladdin platform is constantly innovating and being improved. Investments in Aladdin AI copilots, enhancements in openness supporting ecosystem partnerships, and advancing whole portfolio solutions are going to further augment the value of Aladdin.

We are honored that our clients entrusted us with $289 billion of net new assets in 2023. And over the past few months, we’ve seen a decidedly more positive sentiment and tone in markets and among clients that I'm very optimistic will carry into the rest of 2024.

Our ability to adapt, evolve, and grow has generated a total return of 9,000% for our shareholders since our IPO in 1999. That is well in excess of the S&P 500 return of 490% and representative of a business model serving all our stakeholders.

Total return since BlackRock’s IPO through December 31, 2023

S&P Global. The performance graph is not necessarily indicative of future investment performance.

Our Board of Directors

BlackRock’s Board plays an integral role in our strategy, our growth and our success.

The diverse experiences and backgrounds of our Directors enable us to have rich discussions and debates. At each meeting, our Directors review components of our long-term strategy and foster constructive dialogue with our leadership team on strategic opportunities, priorities and risks facing BlackRock’s business. This dialogue ultimately pushes us to make the sometimes tactical and sometimes transformational moves to build a better BlackRock. This includes the two transformational moves we made in January: The strategic re-architecture of our organization and our agreement to acquire GIP.

These two transformational changes are the largest since our acquisition of Barclays Global Investors nearly 15 years ago.

Following the closing of the GIP transaction, we plan to have Bayo Ogunlesi join our Board of Directors. We will continue to evolve our Board over time to reflect the breadth of our global business and to guide us as we evolve ahead of our clients’ needs.

A final note

Over the past 36 years, BlackRock has grown from a company of eight people in a tiny Manhattan office into the largest asset manager in the world. But our growth is just a small part of a much larger success story.

It’s part of the same story that includes my parents retiring comfortably after 50 years of hard work. The same story where America was able to endure the 1980s S&L crisis and 2008 financial crisis – and rebound quickly and with growing strength.

And it’s the story that, hopefully, will include more people around the world. Nations that can outgrow their debt. Cities that can afford to power more homes and build more roads. Workers who can live out their golden years with dignity.

All of these stories are only possible because of the power of the capital markets and the people who are hopeful enough to invest in them.

Laurence Fink Chairman and Chief Executive Officer

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1 Based on a $1,000 investment from January 1960 to December 1990. Assumes reinvestment of all dividends. Past performance is not indicative of future results.

2 Federal Reserve History , Savings and Loan Crisis

3 OCED Economic Surveys: United States (2016)

4 Securities Industry and Financial Markets Association , Capital DMarkets Fact Book (2023), p.6

5 World Federation of Exchanges , Market Statistics-February 2024, (2024)

6 World Economic Forum , Ageing and Longevity, (2023)

7 United Nations , World Population Ageing, (2017), p.8

8 The Wall Street Journal , Japan’s Nikkei Tops 40000 for First Time, Driven by AI Optimism, ( 2024)

9 Cabinet Secretariat of Japan , Doubling Asset-based Income Plan, ( 2022), p.2

10 Note: 1. Format adapted from Adele M. Hayutin, New Landscapes of Population Change: A Demographic World Tour (Hoover Press, 2022). Data from United Nations Population Division, World Population Prospects. (latest refresh 2022), Medium Fertility Projection. 2. Peak year is defined as the year in which working age population reaches its maximum for a country. Sources: United Nations Population Statistics (as of 2022). OECD (as of 06/2023). World Bank (as of 2022).

11 United Nations , UN DESA releases new report on ageing , (2019)

12 The New York Times Magazine , Can We Live to 200? ( 2021)

13 National Library of Medicine , Estimated Life-Years Gained Free of New or Recurrent Major Cardiovascular Events With the Addition of Semaglutide to Standard of Care in People With Type 2 Diabetes and High Cardiovascular Risk, ( 2022)

14 Source 1: Bureau of Labor Statistics , Employee Benefits in the United States , (2023), p.1; Source 2: Bureau of Labor Statistics , Employee Benefits in Industry , (1980), p. 6

15 BLK Estimates based on AUM as of December 31 st , 2021 and Cerulli data as of 2020. ETF assets include only qualified assets based on Cerulli data, and assumes 9.5% of institutionally held ETFs are related to pensions or retirement. Institutional estimates includes assets defined as “related to retirement” and are based on products and clients with a specific retirement mandate (e.g., LifePath, pensions). Estimates for LatAm based on assets managed for LatAm Pension Fund clients, excluding cash.

16 BlackRock as of Dec. 31, 2021. The overall number of Americans is calculated based on estimates of participants in BlackRock’s Defined Contribution and Defined Benefit plan clients. The Defined Contribution number is estimated based on data from FERS as well as ISS Market Intelligence BrightScope for active participants across 401(k) and 403(b). Defined Contribution includes plans with over $100M+ in assets where participants have access to one or more BlackRock funds; some may not be invested with BlackRock. The Defined Benefit number is estimated based on data from public filings and Pension & Investments for the total number of participants across the 20 largest U.S. Defined Benefit plans that are not also Defined Contribution clients of BlackRock.

17 U.S. Bureau of Labor Statistics , Labor Force Statistics from the Current Population Survey, (Feb. 2023)

18 Represents the total number of active public schoolteachers enrolled in defined benefit plans with assets managed by BlackRock. Excludes Virginia, Alaska and Pennsylvania pension clients, as the states’ DB plan is not the default plan for its participants. Public school teachers count from the National Center for Education Statistics, projection for 2022 school year. Pensions participation rate based on data from the U.S. Bureau of Labor Statistics: 89% as of March 2022.

19 Social Security , Life Tables for the United States Social Security Area 1900-2100, Figure 3a

20 Social Security , When to Start Receiving Retirement Benefits, (2023), p.2

21 Social Security , Summary: Actuarial Status of the Social Security Trust Funds, (2023)

22 Dutch Government , Why is the state pension age increasing? (translated from Dutch)

23 U.S. Bureau of Labor Statistics , Civilian labor force participation rate, (2000-2024)

24 U.S. Census Bureau , Survey of Income and Program Participation (SIPP) , (2022)

25 Federal Reserve , Economic Well-Being of U.S. Households in 2022, (2023), p.2

26 BlackRock , Emergency Saving Initiative: Impact and Learnings Report, (2019-2022), p.2

27 BlackRock, Emergency Savings Initiative: Impact and Learnings Report, ( 2019-2022), p.12

28 BlackRock , What are target date funds?

29 AARP, New AARP Research: Nearly Half of Americans Do Not Have Access to Retirement Plans at Work, (2022)

30 CIA: The World Factbook , Country Comparisons: Population (2023 est.)

31 OECD , Pensions at a Glance 2023 , (2023), 222

32 Georgetown University Center for Retirement Initiatives , State-Facilitated Retirement Savings Programs: A Snapshot of Program Design Features, (2023)

33 Parliament of Australia , Superannuation and retirement incomes

34 Human Interest , The power of 401(k) automatic enrollment, (2024)

35 BlackRock , To spend or not to spend? (2023), p. 2-5

36 Source 1: The Wall Street Journal, The Champions of the 401(k) Lament the Revolution They Started, (2017); Source 2: Social Security Office of Retirement and Disability Policy, The Disappearing Defined Benefit Pension and Its Potential Impact on the Retirement Incomes of Baby Boomers , (2009)

37 U.S. Chamber of Commerce , Statement of the U.S. Chamber of Commerce, (2012), p. 3

38 Harvard Business Review , Too Many Employees Cash Out Their 401(k)s When Leaving a Job, ( 2023)

39 The Wall Street Journal , Why China’s Middle Class Is Losing Its Confidence, (2024)

40   The Wall Street Journal , Covid-Era Savings are Crucial to China’s Economic Recovery , (2023)

41 The Wall Street Journal , The Rough Years That Turned Gen Z Into America’s Most Disillusioned Voters , (2024)

42 Financial Times , How Adebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up , (2024)

43 American Society of Civil Engineers (ASCE ), 2021 Report Card For America’s Infrastructure, (2021), p. 5

44 International Monetary Fund , Global Debt Is Returning to its Rising Trend, (2023)

45 Fiscal Data: U.S. Treasury , Debt to the Penny, ( Debt was $23.4T in March 2020 and $34.5T in March 2024)

46 The Wall Street Journal , A $1 Trillion Conundrum: The U.S. Government’s Mounting Debt Bill, ( 2024)

47 US Department of Treasury , Table 5: Major Foreign Holders of Treasury Securities

48 As of March 2024. Net Zero Tracker, https://zerotracker.net (last visited March 18 th , 2024)

49 Associated Press News , The year in clean energy: Wind, solar and batteries grow despite economic challenges, (2023)

50 BlackRock iResearch Services global survey, sample size n=200, May-June 2023. Survey covered institutional investors’ attitudes, approaches, barriers, and opportunities regarding transition investing. 83% of EMEA respondents surveyed have net zero by 2050 or other date as a transition objective across their portfolio. https://www.blackrock.com/corporate/literature/brochure/global-transition-investing-survey.pdf

51 BlackRock’s 2020 Letter to Clients , Sustainability as BlackRock’s New Standard for Investing, (2020)

52 Reuters , Europe’s spend on energy crisis nears 800 billion euros, (2023)

53 The New York Times , Germany Announces New L.N.G. Facility, Calling It a Green Move from Russian Energy, (2022)

54 Texas Fall 2023 Economic Forecast

55 Federal Reserve Bank of Dallas, Texas electrical grid remains vulnerable to extreme weather events, (2023)

56 U.S. Energy Information Administration : Electricity Data Browser

57 U.S. Energy Information Administration , Solar and wind to lead growth of U.S. power generation for the next two years, (2024)

58 BlackRock Alternatives, CFP, 2023

59 Kenya Power , Annual Report & Financial Statements, (2022)

60 Reuters , BlackRock, Temasek-led group invest $150 mln in thermal battery maker Antora, (2024)

61 Business Wire , Antora Energy Raises $150 Million to Slash Industrial Emissions and Spur U.S. Manufacturing, ( 2024)

62 Oxy, Occidental and BlackRock Form Joint Venture to Develop STRATOS, the World’s Largest Direct Air Capture Plant, (2023)

63 As of June 30, 2022. “Energy companies” refers to corporations classified as belonging to the GICS-1 Energy Sector.

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