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JPMorgan Chase Invests Nearly $1 Million to Support Financial Health Initiatives for South Florida Women and Families

FOR IMMEDIATE RELEASE

May 15, 2019

 

 

Part of the firm’s $125 million, five-year global investment in fintech solutions and financial coaching to help underserved communities increase savings, build credit, reduce debt and achieve financial goals

MIAMIMay 15, 2019 JPMorgan Chase announced today that it is investing a total of nearly $1 million in three local nonprofit organizations to provide financial coaching to help women and families increase savings, reduce debt and plan for unexpected events.

Catalyst Miami received $500,000 to establish worker cooperatives and help low-income households in Miami be financially resilient by building assets and savings, especially in the face of unexpected, climate-related events.

“We are very excited about this investment in our organization and the economic development layer of our resilience initiative,” said Gretchen Beesing, Chief Executive Officer of Catalyst Miami. “Worker cooperatives provide employment, job stability and higher wages, and keep capital within a community – all important features of community-level resilience.”

United Way Miami Dade County received $300,000 to provide financial coaching to women through its United Way Center for Financial Stability. The program will focus on diminishing or eliminating debt, and the importance of creating a savings plan to become crisis resistant.

“We are grateful that JPMorgan Chase continues to invest in the financial resiliency of women,” said Maria C. Alonso, president and CEO, United Way of Miami-Dade. “In Miami-Dade, 84 percent of single-female headed households with children are in or on the verge of poverty – more than any other type of family, according to the recent United Way ALICE Report.  Our work to financially empower these women is crucial, not only for the wellbeing of their families but also for the success of our community and economy.” 

Hispanic Unity of Florida (HUF) received $142,500 to develop a multi-generational financial coaching program where 100 families – including parents and their children – in Broward County will be offered financial services. They will learn the fundamentals of financial wellness, including how to budget, decrease debt and how to tap into a variety of financial tools and resources.

“In Broward County, 50 percent of working families are economically insecure — they struggle daily to pay for basic needs and most could not weather a financial emergency,” said Josie Bacallao, President and CEO of Hispanic Unity of Florida. “Achieving permanent economic security is a long term process and includes increasing household income as well as asset building. We use a two-generation approach to work with both parents and their children to create personal economic and financial plans.”

These investments are part of JPMorgan Chase’s $125 million, five-year commitment to improve the financial health of underserved communities across the world, which was announced today. Through collaboration with community organizations, the investment also will help inform the creation of products and services that can make banking more accessible to more people.

The philanthropic investment identifies, evaluates and expands fintech solutions and financial coaching programs to connect people with economic opportunity by helping them 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.”                                                                                                

$125 million investment in our communities

According to the World Bank’s Findex, more than 1 billion adults across the world struggle managing their financial lives. In the U.S., new research from Morning Consult found that:

This is in line with findings from the JPMorgan Chase Institute, which found that most households do not have sufficient liquid assets to weather 90% of income and expense fluctuations.

The $125 million investment will help tackle these issues for underserved communities – including low-income women, immigrants, people of color and the aging – by supporting the creation, testing and enhancement of innovative fintech tools that address their unique financial needs. In addition, it will support the development and expansion of proven financial coaching and just-in-time resources that can help people weather unexpected emergencies and meet their long-term financial goals – from building credit to buying a home.

“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 Colleen Briggs, Head of Community Innovation at JPMorgan Chase. “Through this effort, we will test and scale promising financial solutions to support the prosperity of households and communities around the world.”

Supporting the financial needs of our customers

In 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 that experience are helping inform the creation of products and services at Chase, and helping inform the bank’s branch expansion.

Some examples include:

 

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About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

About Catalyst Miami
Catalyst Miami believes everyone deserves a healthy and financially secure life; currently, two in three families in Miami don’t have enough savings to weather a financial emergency of any kind. For over 20 years, Catalyst Miami has committed to empowering residents to build better futures by providing family economic security programs, developing leadership and civic engagement, and building coalitions to address poverty. More detailed information about all their programs can be found on their website: https://catalystmiami.org/.

 

CONTACT:

Michael Fusco
813-584-2335
michael.f.fusco@jpmchase.com

Molly Delahunty
786-414-1292
mollyd@catalystmiami.org