Expanding opportunity through wealth building and preservation
By Roma Kaundal, Managing Director and Head of U.S. Philanthropy, JPMorganChase
The American Dream has always been rooted in the idea that people should have the opportunity to build a secure future and a lasting legacy for themselves, their families and their communities. But building wealth is only part of the equation. Families can only create lasting wealth if they also have the tools to preserve and transfer their assets across generations. Yet rising costs and limited access to good jobs, homeownership, business ownership and other opportunities to build assets—and too few systems to preserve them—are making that promise harder to realize.
When more people can build assets and withstand financial setbacks, families are better positioned to invest in their futures, creating stronger, more resilient communities. That is why, each October, we mark Wealth Building Month: an opportunity to highlight the strategies, partnerships, and investments that can advance wealth building and preserve assets for the long term. This year, we are sharing how our work is helping families build and preserve wealth for future generations and announcing more than $9 million in new philanthropic funding to further this work.
Strengthening the financial foundation for wealth building and preservation
A strong financial foundation enables families to meet today’s needs while preparing for the future. Over the past several years, we have seen how targeted investments in financial tools, guidance and support systems can help people make informed decisions, build savings and take greater control of their financial lives.
That is why JPMorganChase supports strategies that expand access to savings, workplace benefits and trusted financial guidance; strengthen the financial health of entrepreneurs and small business owners; and help people protect their assets from fraud and scams. Together, these efforts create pathways to lasting financial security and long-term wealth building.
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Spotlight: Through our support of POAH's POWER initiative, more than 14,000 renters have gained access to financial coaching, rent reporting or the Family Self-Sufficiency (FSS) program designed to support wealth building. Participants improved their credit scores by an average of 52 points, with approximately 580 moving from subprime to prime credit, while also reducing debt and accumulating an average of $7,300 in escrow savings.