JPMorganChase Commits $14.5M to Benefit Programs

JPMorganChase has announced philanthropic commitments totaling $14.5 million to support innovations in workplace and public benefits programs.

The initiatives are said to help individuals, including those living on low- to moderate-incomes (LMI), access to benefits such as education savings or retirement plans.

“Whether it’s building a buffer for emergencies, saving for higher education, or preparing for retirement, benefits play a crucial role in helping individuals improve their financial health and build greater wealth for themselves and their families,” said Carol Lake, global head of Philanthropy and president of the JPMorganChase Foundation. “Modernizing and connecting benefits across the public and private sectors is essential to supporting consumers at every stage of their financial journey, creating communities where economic opportunity is accessible to all.”

Funding to support organizations working to modernize the benefits systems and increase access to critical support for workers include:

• $7 million to Commonwealth: Commonwealth will partner with large employers and benefits providers in Columbus, Chicago, and nationally, to pilot and scale workplace benefits programs. $1 million of that commitment will touch down in Columbus to build a local cohort of employers and benefits providers committed to this work.

• $3 million to Code for America: Code for America’s AI Studio designs and deploys technology-enabled solutions in partnership with state agencies to increase access to public benefits for all Americans nationwide.

• $1.58 million to Washington University: Washington University is conducting research into the role of public and workplace benefits in supporting the financial well-being of LMI workers.

• $1.5 million to the Aspen Institute Financial Security Program: Through this funding, the Aspen Institute Financial Security Program works to scale workplace emergency and retirement savings programs and advance efforts to bridge public and private benefits systems.

• $500K to the Financial Health Network: The Financial Health Network will research to find key benefits and workplace policies that help improve workers’ financial health.

• $500K to Women’s Money Matters: Women’s Money Matters, as part of a coalition of groups with SpringfieldWORKS, will advance a new pilot helping low-income families in Massachusetts navigate the “benefits cliff” and transition to long-term economic mobility, while producing actionable insights to inform sustainable policy change.

• $500K to LiftUp Communities: Across Chicago, LiftUp is partnering with social enterprises to strengthen pathways to upward economic mobility for low-wage workers through innovations in employer benefits practices and tailored wraparound supports.