JPMorgan Chase Makes $125 Million, Five-Year Global Investment in Financial HealthSource: Business Wire
Investing in fintech solutions and financial coaching to help underserved communities increase savings, build credit, reduce debt and achieve their financial goals
The new philanthropic investment is part of JPMorgan Chase’s efforts to drive economic opportunity in cities across the world. The bank will identify, evaluate and help expand fintech solutions, and financial coaching programs to help people increase their savings, build credit, reduce debt and achieve their financial goals.
“When we create opportunities that make prosperity possible for more people, we become stronger as a country,” said Thasunda Brown Duckett, CEO of Consumer Banking at Chase. “Our firm is being intentional in our approach by bringing together our people, our products and branches, our digital tools, and our community investments so we can serve everyone, including those who need it most.”
According to the World Bank’s
- More than 1 in 5 Americans are not saving on a monthly basis.
52 percent of Americans do not have enough money saved or on hand for
This is in line with findings from the
“Good financial health is a key component of creating economic
opportunity for residents,” said
Examples of new philanthropic investments include:
Mission Asset Fund: $1 millionphilanthropic investment to expand loan product offerings that help small business owners and immigrants improve credit and enter the financial system.
$1 millionphilanthropic investment in EARN to expand SaverLife, a national savings platform that helps low-income households build the financial cushion that they need to weather financial shocks.
Miami: $500,000commitment to help low-income households in Miamibe financially resilient - especially in the face of unexpected, climate-related events, like hurricanes - by building savings.
United Way Miami Dade County:
$300,000commitment to help women in Miamireduce or eliminate their debt to become crisis resistant.
Learning and Work Institute: £590,000 (approximately
$800,000) commitment to help low-income households in Londonmanage financial shocks and avoid debt.
Meeting mid- and long-term financial goals
Compass Working Capital: $500,000commitment to help public housing residents in Boston– predominantly women – reduce debt in addition to building savings and improving their credit scores.
International Rescue Committee (IRC):
$600,000commitment to offer refugees and immigrants in San Diego, Los Angeles, Salt Lake Cityand Oaklandfinancial coaching and affordable small-dollar loans to meet their goals, such as accessing education or starting a business.
“Financial health is foundational to every dream realized,” said José
Quiñonez, CEO of
“Helping more communities access the tools that they need to manage
their financial lives and meet their goals is a critical component of
ensuring that more people benefit from economic growth,” said
Supporting the financial needs of our customers
Over the past five years, the firm has been working with 250 organizations globally to create paths to financial health, including new savings products and models. Insights from these efforts are helping inform new products and services at Chase, and the bank’s market expansion.
Some examples include:
Autosave: A digital tool that has helped customers save more
$160 millionto date by saving automatically, regardless of the amount.
- Chase Secure Banking: A low fee checking account that can help those new to banking or who have had trouble keeping an account in the past. The checkless account comes with no overdraft fees, the ability to make electronic payments and full access to Chase branches, ATMs and digital tools. Secure Banking can help customers avoid check cashing and other costly alternative services. Thousands of customers across the U.S. are already benefiting from its features.
- Credit Journey: A free digital tool that is helping more than 15 million people monitor their credit - whether they are a customer or not - providing instant access to their credit score, and information on how different actions can impact it.
- Branches: 30 percent of new branches are in low- and middle-income neighborhoods. In addition, Chase has rolled out Chase Chats - workshops and informational sessions at branches around the country focused on everything from budgeting, saving and retirement, to starting a business.
A history of advancing financial health
Over the last five years,
The bank has been collaborating with U.S. organizations like the
Financial Health Network (formerly the
It has also been leveraging the expertise and time of its employees to help maximize the impact of its philanthropic investments on the financial health of communities with over 3,000 employees having volunteered more than 34,000 hours.