It's great to hear Jailan Griffiths, Global Head of Purpose at Nasdaq Foundation, talk about Commonwealth's Transforming Investor Identity research—one of the largest of its size to understand what transforms someone to feel like an investor—on the latest episode of the #MoneyRehab podcast. Listen in: https://lnkd.in/g4u4FKky #FinancialSecurity #WealthBuilding
Commonwealth
Financial Services
Boston, Massachusetts 2,686 followers
We build solutions to make people financially secure.
About us
Too many people in the U.S. today lack financial stability. Too many people are financially vulnerable. For people to pursue their full potential, we need more wealth – of opportunity, of tools, of financial assets – and we need that wealth to be more widespread. We aspire to accomplish that by building innovative solutions that make people financially secure. We collaborate with consumers, the financial services industry, policy makers, and mission-driven organizations to discover ideas, pilot solutions, and drive innovations to scale so wealth can become possible for everyone. We Work with Industry We understand broad change requires market players to act. We apply consumer insight and business acumen to build solutions that our industry partners scale. Our partners trust us to deliver solutions that are aligned with business objectives and good corporate citizenship, and are good for consumers. The solutions we build are grounded in real life, based on our deep understanding of people who are financially vulnerable and how businesses can best serve them. We envision a financial services marketplace that works for everyone. We are Policy Driven Policymakers trust us to deliver insights that are data-driven, bipartisan, practical and effective. Our policy work includes collaborating with government to find ways to eliminate regulatory barriers, to craft and protect policies that enable broad access to the financial system, and to deliver essential consumer tools at scale. We envision a financial system that works for everyone. We Work with the Social Sector We partner with other mission-driven organizations to understand consumers, pilot and test solutions, and pursue scale opportunities that deliver meaningful social impact. We envision a social sector engaged in building financial opportunity for everyone.
- Website
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http://buildcommonwealth.org
External link for Commonwealth
- Industry
- Financial Services
- Company size
- 11-50 employees
- Headquarters
- Boston, Massachusetts
- Type
- Nonprofit
- Founded
- 2000
- Specialties
- tax-time savings, U.S. savings bonds, financial entertainment, gamification, nonprofit, low-to-moderate income, prepaid cards, financial education, policy, mobile apps, fintech, survey design, credit unions, prize-linked savings, behavioral economics, and emergency savings
Locations
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Primary
22 Batterymarch St
Suite 501
Boston, Massachusetts 02109, US
Employees at Commonwealth
Updates
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Systemic change requires partnership and we're pleased to partner with Fintech Sandbox again and count ourselves among other financial innovators and leaders sponsoring Boston Fintech Week including Fidelity Investments, MassMutual, Rise, created by Barclays, and Global Atlantic Financial Group. We're looking forward to working with Sarah Biller, Kelly Fryer, Brian Cabanban and team! If you are a fintech, Commonwealth’s research and insights provide additional perspectives on an untapped target market of financially vulnerable consumers. Partner with us to discover new data, receive expert insights, and strategize for organizational success! #FinancialSecurity #WealthBuilding #InclusiveInvesting #EmergingTechForAll #BostonFintech #FinTech
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Upcoming Webinar: The Why, How, and ROI of Offering Student Debt Benefits To Your Employees Join Commonwealth and our panel of dynamic experts on August 14th at 2pm ET as we discuss the growing trend—and need—of workplace benefits that help with student debt assistance. During this conversation, we'll explore: ✨ the latest research findings that showcase the effect of student debt on the workforce ✨ the role employers can take in increasing the financial resilience of their employees, especially those earning a low-to-moderate income ✨ existing barriers employers experience with expanding their workplace benefits offerings ✨ new and practical student debt benefit solutions that help overcome barriers by increasing the capacity of employers and access for employees ✨ the ROI and impact both employers and employees gain when implementing student debt-focused workplace benefits Attendees will walk away with new insights and tangible next steps for offering high-quality and impactful workplace benefits, including student debt assistance, that support the financial stability and overall financial wellness of their employees. Visit the link in the first comment to register (and yes, there will be a replay shared with you if you aren’t able to attend live!) CC: Employee Benefits By Saving! Jessica Cardichon Aaron Smith Natalie Blain #StudentDebt #StudentLoans #Employers #HRBenefits #HumanResources #EmployeeBenefits #StudentLoanForgiveness #SaveProgram
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Commonwealth's case study with Starlight provides a more complete overview of the importance of public benefits as an avenue for improving financial health for households living on LMI, and the opportunity for AI to facilitate access to these benefits. Read more: https://lnkd.in/enygKumm #EmergingTech #FinancialSecurity
How Starlight is Using AI to Improve Public Benefits Access
buildcommonwealth.org
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Crowdfund Insider reports on the results of Commonwealth's three-year research project to identify the ways in which AI can positively impact the financial lives of households living on low to moderate incomes. Learn more: https://lnkd.in/gtT4s6pJ #EmergingTech #FinancialSecurity
Commonwealth Report Shows How AI Can Improve Lives of Less Wealthy
https://www.crowdfundinsider.com
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We are excited to see the Office of the Comptroller of the Currency cite our work with Truist as part of BlackRock's Emergency Savings Initiative. Banks and financial service providers play a critical role in improving financial security and wealth building for people living on low to moderate incomes. See more below about how the OCC encourages financial institutions to measure financial health. https://lnkd.in/ghFNst8X Brian Gilmore Peter Pieh Nick Maynard Robin Flaharty #EmergencySavings #FinancialSecurity #WealthBuilding
The OCC identified Financial Health Vital Signs banks may use to assess customers’ financial health and consider integrating into their assessment of current or planned products and services. Read about how banks can measure and support customer financial health outcomes: https://lnkd.in/eAQQX8Eg
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Check out Commonwealth’s podcast, produced with support from JPMorganChase. Hosted by Commonwealth Co-Founder & Executive Director Timothy Flacke, each episode features conversations with an industry leader to discuss the implications of emerging technology and ideas for people earning low and moderate incomes. This episode features an interview with Karan Kashyap, founder and CEO of POSH, a Boston-based company building AI tools for banks and credit unions. Stream the podcast: https://lnkd.in/gvev9Yhe #Podcast #FinancialSecurity #EmergingTechForAll
New Emerging Tech & Ideas Podcast Episode 3
buildcommonwealth.org
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"Our results illustrate that businesses can address pervasive social issues with careful planning, partnerships, and back-end plumbing. The last part might sound the least glamorous, but addressing technical infrastructure is a key part of the systems change puzzle." We are pleased to share this article written by Commonwealth’s Co-founder and Board Chair Peter Tufano and Co-founder and Executive Director Timothy Flacke that details the power of philanthropy to enable systemic change. Over 5 years ago, BlackRock in partnership with Commonwealth and other leading financial innovators set out to improve financial security for everyday Americans by addressing the emergency savings crisis. BlackRock’s Emergency Savings Initiative created the conditions for the nation’s largest payroll processor, multiple U.S. employers, retirement record keepers, and others to work together to help address systemic U.S. household financial insecurity through workplace-based savings plans. The initiative has catalyzed over $2 billion in savings and impacted millions of people. https://lnkd.in/ei3-3JVG Best Buy UPS ADP Mastercard Truist Voya Financial Delta Air Lines Humana Starbucks Fidelity Investments Levis Stores #EmergencySavings #FinancialSecurity #EmployeeWellness #WealthBuilding
One Way to Help Employees Build Emergency Savings
hbr.org
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While technology has made investing more accessible to individuals, stark gaps remain—particularly for Black, Latinx, and women investors. Our groundbreaking pilot, the Transforming Investor Identity research project, revealed that providing a sense of belonging, learning, agency, confidence, and connection for beginner investors earning LMI fosters stronger investor identity. The research, supported by the Nasdaq Foundation and conducted in partnership with Ellevest, Public, and Stash, helped guide our new toolkit, "Unlocking Investor Identity," which provides actionable guidance for providers looking to build inclusivity and identity at every step of the customer journey. Design for inclusive investing with these new insights. Explore the toolkit here: https://lnkd.in/gGwZ7FNe #FinancialSecurity #WealthBuilding #InclusiveInvesting
Toolkit: Unlocking Investor Identity
buildcommonwealth.org
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With support from the Nasdaq Foundation, Commonwealth teamed up with investing platform partners Ellevest, Public, and Stash to conduct a year-long investing pilot focused on understanding how investor identity develops for participants earning low to moderate incomes ($30k-$80k), especially Black and Latinx women. The research looked at how people develop comfort and belonging in the investing space. Key findings from the Transforming Investor Identity research project: 1. Investor identity can grow significantly during the first year. 2. Platforms can promote the development of investor identity by focusing on its underlying elements, including comfort with uncertainty, active learning, and connecting with others. 3. Savings and representation are key influences in retaining beginner investors and creating a sense of belonging. Design for inclusive investing with new insights. Get the new report here: https://lnkd.in/gZQ_5Jm8 #FinancialSecurity #WealthBuilding #InclusiveInvesting
Transforming Investing Identity Research Project
buildcommonwealth.org