Building financial health in Columbus: JPMorganChase's commitment to community empowerment
Building on its efforts to support financial health and economic mobility, JPMorganChase announced $7 million in philanthropic capital to support Commonwealth's innovative initiative, Benefits for the Future, nationally, with $1 million supporting efforts in Columbus, Ohio. This work is part of a larger $14.5 million philanthropic commitment aimed at modernizing benefits and improving financial well-being for low- to moderate-income workers across the nation.
Commonwealth, a national nonprofit dedicated to building financial security and opportunity for financially vulnerable individuals, will collaborate with Columbus employers to test and implement groundbreaking workplace savings, debt reduction and wealth-building benefits. The initiative is expected to positively impact over 2.5 million individuals in Columbus and beyond.
Jeremy Young, regional director at J.P. Morgan Wealth Management and co-chair of the firm's Ohio Market Leadership Team, expressed enthusiasm for the project, stating, 'We're proud to work with partners across Ohio to prepare people for the future of work. As we work to build stronger communities where economic opportunity is accessible to all, we're excited to see the impact of these efforts touch down in Central Ohio and beyond.'
Last year, JPMorganChase announced its support of a newly formed regional workforce collaborative — a $2.1 million commitment bringing five organizations together to align the region's workforce system with the needs of emerging industries. Led by One Columbus, the initiative will involve multiple organizations and stakeholders to create a comprehensive workforce strategy, focusing on access to job opportunities and preparing individuals for high-quality careers in technical fields.
The additional contribution from JPMorganChase to Commonwealth will further support local employers by both attracting and retaining talent through innovative solutions aimed at expanding workplace benefits, such as retirement and education savings. The project will involve place-based pilots in Columbus, strengthening the regional workforce ecosystem and underscoring the firm's support of Central Ohio.
The collaboration with Commonwealth is part of JPMorganChase's broader strategy to advance financial health for customers and communities across the country. The firm recognizes the critical role that benefits play in improving the financial health of employees, particularly those earning and living on low- to moderate-incomes. Beyond wages, benefits can provide a safety net for workers to navigate their current financial lives and prepare for future goals like college and retirement.
Fewer than one-third of workers have access to workplace benefits that could help them manage critical financial needs, which costs the economy nearly $183 billion per year in lost productivity due to financial stress. By modernizing and connecting benefits across the public and private sectors, JPMorganChase aims to support workers and create communities where economic opportunity is accessible to all.
JPMorganChase's commitment to helping foster economic mobility and financial security builds on the firm's 155-year presence in Columbus. With more than 18,000 employees, over 735,000 customers and 61,000 small business clients, JPMorganChase's presence in Columbus is robust. As one of the state's largest private employers, JPMorganChase is committed to fostering the future of talent in communities across the country, supporting solutions that help people prepare for the future of work, and ensuring that they have the resources to pursue economic mobility and opportunity throughout their career journey. Competitive benefits packages can help employers attract and retain top talent, enabling them to meet the needs of a changing economy while ensuring that more people are primed to benefit from shared economic growth.
Through this collaboration with Commonwealth and workforce partners, JPMorganChase's support aims to create lasting positive impacts on the financial health of workers in Columbus and beyond, enabling people to prepare for jobs that can jump-start careers and help manage their financial lives, weather financial shocks and pursue wealth-building opportunities for themselves and their families.
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