Aqueous dispersions are disclosed, having a minimum film formation temperature no greater than about 50.degree. C., that include a multi-stage emulsion polymer made by a process that includes a first polymerization stage, in which a first monomer mixture having a calculated glass transition temperature of at least about 50.degree. C. is polymerized via free radical emulsion polymerization to obtain a first-stage emulsion polymer, and a second polymerization stage, in which a second monomer mixture, having a calculated glass transition temperature from about -30.degree. C. to about 10.degree. C., is polymerized via free radical emulsion polymerization, in the presence of the first-stage emulsion polymer. The dispersions are useful in a variety of coating compositions that exhibit improved block resistance.