has announced a two-year, $35 million commitment to help individuals and families around the globe save money, build credit, and expand their economic opportunities while avoiding costly services like payday loans and check-cashing outlets.
To that end, the initiative will focus on three key areas — investing in the development of affordable, easy-to-use, and technology-driven consumer products and services; expanding the availability of such products and services; and sharing best practices with community partners and providers to enhance efforts to bolster consumers' financial capability.
Awards already made through the initiative, which builds on the efforts of a separate $30 million program developed earlier this year by JP Morgan Chase and the (CFSI), include a grant of $1.75 million over two years in support of the 's Platforms for Prosperity Fund that will be used to help nonprofits integrate strategies into existing social service programs such as workforce training, affordable housing, and healthcare programs; $1 million to in support of its Financial Opportunity Centers, which provide workforce training, financial coaching, and access to credit-building products; and $300,000 to to expand its goal-based savings platform and encourage low- and middle-income individuals to save and invest in their futures.
"The funding provided by JPMorgan Chase will allow us to continue our work to build the capacity of nonprofit partners so that they are better able to incorporate financial capability training into their existing programs," said CFED president Andrea Levere. "The value in this integration comes when individuals and families receive targeted financial coaching and products that empower them to not only make immediate, important financial decisions with the support of their community partner, but also gives them the tools they need to make decisions on their own in the future."