JPMorgan Chase announced Wednesday (May 15) it is investing $125 million over the next five years to help the financial health of underserved communities across the globe.
In a press release, JPMorgan Chase said it is working with community organizations to help develop products and services that can make banking more accessible to people. “When we create opportunities that make prosperity possible for more people, we become stronger as a country,” Chase Consumer Banking CEO Thasunda Brown Duckett said in the press release. “Our firm is being intentional in our approach by bringing together our people, our products and branches, our digital tools, and our community investments so we can serve everyone, including those who need it most.”
Citing the World Bank’s Findex, JPMorgan said more than 1 billion adults are struggling to manage their finances. Meanwhile, joint research between JPMorgan Chase and Morning Consult found more than one in five Americans aren’t saving on a monthly basis and 52 percent of Americans don’t have enough money for a $500 emergency.
The bank said its $125 million investment will go to tackle those issues for underserved communities such as low-income women, immigrants, people of color and the aging population. It will create, test and enhance FinTech tools that address their unique needs. The money will also go to support the development of financial coaching and resources that can help people weather unexpected emergencies and meet long term financial goals.
The new investment is part of JPMorgan Chase’s aim to improve the economic opportunities in cities around the globe. The bank’s investments are geared toward helping people increase savings, build credit and reduce debt, it said in the release.
“Good financial health is a key component of creating economic opportunity for residents,” Clarence E. Anthony, CEO and executive director at National League of Cities, said in the same press release. “The investment JPMorgan Chase & Co. is making in underserved communities will support local leaders’ efforts to build more financially resilient and inclusive cities.”