Banker & Tradesman file photo
JPMorgan Chase has donated $500,000 to a Boston nonprofit that aims to help low-income families.
“A good job, with the promise of growth and upward mobility, is important to helping people build a strong financial foundation and improve their financial health. However, for too many families, the risk of losing essential benefits that help manage daily needs discourages them from taking opportunities to invest in their future,” Mercedeh Mortazavi, head of financial health at the megabank’s philanthropic arm, said in a statement. “We’re thrilled to support Women’s Money Matters in this work to help more Massachusetts families improve their financial health, while building an evidence base for a model that can empower more Americans to pursue greater economic opportunity.”
Women’s Money Matters is advancing a multi-year pilot program in collaboration with Springfield WORKS as a result of the donation from Chase.
Chase has 77 branches in Massachusetts, mostly in the Boston area, but maintains four in the Pioneer Valley: in downtown Springfield, in Northampton, in East Longmeadow and in Westfield.
The Bridge to Prosperity Cliff Effect Pilot Program aims to empower families receiving public assistance benefits to overcome financial challenges and achieve sustainable independence. The program will test the impact of supplemental financial support, combined with financial and career coaching, to help families navigate the transition from public benefits assistance to sustained economic mobility and prosperity.
The “cliff effect” refers to the theory that there are barriers in the public benefits system that inadvertently disincentivize work. Eligibility for family supports like food, health care, housing and childcare assistance are based on income. According to Chase, the “cliff effect” happens when families’ income increases enough that they lose eligibility for these benefits, but not enough to yet afford housing, health care and childcare on their own.
“We are deeply grateful to JPMorganChase for their incredible support,” Women’s Money Matters Executive Director Danielle Piskadlo said in a statement. “This grant will significantly bolster our efforts to support working families and ensure that the system is working to improve their economic wellbeing and remove barriers that prevent them from accessing opportunities to improve financial well-being.”
