Commonwealth Makes Commitment to Improve Financial Health of 2.5 million U.S. Workers with Clinton Global Initiative

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Sep 23, 2024, 13:18 ET

Innovation at Scale: "Benefits for the Future" National Demonstration Program Supported by $7M Grant from JPMorganChase

BOSTON, Sept. 23, 2024 /PRNewswire/ -- Today, national nonprofit Commonwealth announced a Commitment to Action to improve the financial health of 2.5 million U.S. workers through the launch of "Benefits for the Future," a workplace benefits program backed by a $7M philanthropic commitment from JPMorganChase. The commitment was launched at the Clinton Global Initiative (CGI) 2024 Annual Meeting. Commonwealth CEO Timothy Flacke and Jennie Sparandara, Head of Programs for Global Philanthropy at JPMorganChase, encouraged employer partners to join the commitment to "re-imagine workplace benefits," and foster worker financial resilience, particularly for hourly workers and those earning low to moderate incomes (LMI).

"American workers deserve to not just survive or manage through today but to build wealth for a brighter future," said Flacke, in his remarks. "Workplace benefits hold a key to unlocking this potential, to turn wages - at any level - into the outcome we should all care about: financially secure families."

Over the next three years, Commonwealth will actively engage and partner with forward-thinking employers and benefits providers nationally and in targeted local markets starting in Chicago, Illinois and Columbus, Ohio, to develop innovative employer benefits programs that advance the financial well-being of workers earning LMI, which disproportionately include Black, Latin, and women-led households.

"We are ready to partner with employers across the country. Together, we will design, test, and scale innovative workplace benefit programs that foster financial security in communities underserved for far too long," said Flacke. "We will harness the enormous, unique power employers have to make worker financial security possible."

JPMorganChases's support for "Benefits for the Future" is a part of its holistic efforts to improve financial health outcomes for employees – both within the firm and with employers across the country. JPMorganChase is leveraging the full force of the firm and its own business practices, philanthropic capital, insights, and expertise to help drive financial health outcomes for more Americans, helping them manage their financial lives and plan for the future.

"Financial health is the foundation on which strong communities are built. It empowers people to manage their financial lives, pursue their goals and build generational wealth, which has important ripple effects through our communities and the broader economy," remarked Sparandara at the CGI 2024 Annual Meeting. "We're committed to ensuring that people have the resources and support they need to improve their financial health and we're thrilled to support Commonwealth in this important initiative."

Benefits providers and large employers with significant employee bases earning LMI, or less than 80% of the area median family income, who are interested in implementing enhanced workplace benefits programs are invited to participate in Benefits for the Future. Employers can learn more about the initiative and how to get involved here.

Two-thirds of Americans are not financially healthy, making it difficult to manage unexpected expenses or save for the future. Financially stressed employees are nearly five times as likely to say that personal finance issues have been a distraction at work, leading to increased absences, lower productivity, higher turnover, and negative physical and mental health consequences. This costs companies—and the economy—up to $183 billion per year in lost productivity and expenses.

About the Clinton Global Initiative

Founded by President Bill Clinton in 2005, the Clinton Global Initiative is a community of doers representing a broad cross section of society and dedicated to the idea that we can accomplish more together than we can apart. Through CGI's unique model, more than 10,000 organizations have launched more than 4,000 Commitments to Action — new, specific, and measurable projects and programs – that are making a difference in the lives of more than 500 million people in 180 countries.

About Commonwealth

Commonwealth is a national nonprofit building financial security and opportunity for financially vulnerable people through innovation and partnerships. Black, Latin, and women-led households disproportionately experience financial insecurity due in large part to longstanding, systemic racism and gender discrimination. Addressing these issues is critical to Commonwealth's work of making wealth possible for all. For over two decades, Commonwealth has designed effective innovations, products, and policies enabling over 2 million people to save nearly $8 billion. Commonwealth understands that broad changes require market players to act. That's why we collaborate with consumers, the financial services industry, employers, policymakers, and mission-driven organizations. The solutions we build are grounded in real life, based on our deep understanding of people who are financially vulnerable and how businesses can best serve them. To learn more, visit us at www.buildcommonwealth.org.

Media Contact:
Jackie Jusko
2163740945
[email protected]

SOURCE Commonwealth