JPMorgan Chase & Co. is committing $1.5 million over two years to help the National Urban League launch their new Financial Savings Initiative, a program that will help black households build savings and meet their long-term financial goals. The announcement is being made at the National Urban League Annual Conference in Indianapolis.
Through tailored fintech tools and coaching, the initiative aims to enable more black households will be able to save for the future and achieve goals like homeownership, small business formation and expansion, and investing for retirement and college.
More than half of Americans struggle financially, experiencing high amounts of debt, irregular income and lack of savings. JPMorgan Chase and Morning Consult found that 52 percent of Americans do not have enough money saved or on hand for a $500 emergency.
“Closing the racial wealth gap is a key objective of the National Urban League, and we’re proud to partner with JPMorgan Chase & Co. on achieving that goal,” National Urban League President and CEO Marc H. Morial said. “Through our network of 90 affiliates in 36 states and the District of Columbia, we can reach the people most in need of these financial tools and fulfill our mission of empowering communities and changing lives.”
As part of the initiative, the National Urban League will select 10 Urban League affiliates from around the country to integrate financial technology tools into their financial coaching programs.
The program will include tools that are being identified, tested and scaled by JPMorgan Chase as part of the firm’s $125 million, five-year investment in financial health and specifically, through the Financial Solutions Lab. Managed by the Financial Health Network in collaboration with JPMorgan Chase, the Financial Solutions Lab supports promising fintech innovations that can help people in the U.S. increase savings, improve credit and build assets. Financial Solutions Lab innovations have led to more than $1 billion in savings for U.S. residents to date.
“Financial health is an important element in building strong and resilient households, communities and economies,” said Sekou Kaalund, Head of Advancing Black Pathways for JPMorgan Chase. “Too many black Americans lack access to the tools and coaching they need to save for the future. With initiatives like this one, more people can share in the rewards of a growing economy.”
Over the last five years, JPMorgan Chase committed over $100 million to 250 nonprofit organizations and research institutions across the world, helping 7 million people improve their financial health and save more than $1 billion.
The National Urban League is a historic civil rights organization dedicated to economic empowerment in order to elevate the standard of living in historically underserved urban communities. The National Urban League spearheads the efforts of its 90 local affiliates through the development of programs, public policy research and advocacy, providing direct services that impact and improve the lives of more than 2 million people annually nationwide.