Commonwealth and JPMorganChase Launch Initiative to Enhance Financial Security for Low to Moderate Income Workers

Commonwealth, a national nonprofit, has launched the 'Benefits for the Future' initiative to enhance the financial well-being of workers with low to moderate incomes (LMI), including many Black, Latinx, and women-led households. With support from JPMorganChase, the initiative aims to pilot and scale innovative workplace benefits programs over the next three years, impacting 2.5 million workers nationwide.

This initiative invites benefits providers and large employers with significant LMI employee bases to participate. Starting in Chicago, IL, and Columbus, OH, Commonwealth will collaborate with employers and benefits providers to design, test, and scale strategies like workplace savings, debt reduction, and wealth-building programs. These strategies aim to improve employee financial health and deliver positive business outcomes such as increased productivity, engagement, and retention. The initiative will expand to additional markets based on insights and impacts from the first year.

Currently, two-thirds of Americans are not financially healthy, which can lead to workplace issues like increased absences, lower productivity, and higher turnover, costing companies and the economy up to $183 billion annually. Financially stressed employees are nearly five times as likely to be distracted at work. By addressing these challenges, Commonwealth aims to drive innovation in workplace benefits programs and improve the financial health of American workers, subsequently helping companies recruit and retain a more productive workforce.

Timothy Flacke, Co-Founder and CEO of Commonwealth, highlighted the importance of employer involvement in fostering financial resilience for employees earning LMI. The initiative aims to build support for long-term systemic changes in the workplace to reduce employee financial stress and generate business value for employers.

JPMorganChase is also committed to improving financial health outcomes for employees through its business practices, philanthropic capital, and expertise. Sharad Ganesh, Chief Product Officer, Workplace Solutions at JPMorganChase, emphasized the value of investing in employee benefits programs to improve financial health and build wealth over the long term. The collaboration with Commonwealth is expected to drive greater workplace innovation and help scale effective solutions.