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Nonprofits and Corporations Creating Social Impact

Jul 30, 2019

Key Takeaways

  • Shared-value alliances can drive measurable, sustainable social progress when parties come together with a common purpose, mutual respect, and trust.
  • Helping people overcome barriers to financial security is a multi-pronged effort.
  • Success will require cooperation among government, private- and public-sector companies, and not-for-profit organizations.

 

We are facing a national savings crisis. Too many Americans are one unexpected car repair, one broken furnace, or one unforeseen illness away from financial insecurity. For millions of households, the path to financial wellness is littered with obstacles:

 

  • 66% - of Americans live paycheck to paycheck
  • 40% - of households are liquid asset-poor, meaning they lack the savings to weather a financial shock
  • 57% - of employees say that financial matters cause them the stress of anything in their lives

 

During five years of working together, Prosperity Now and Prudential identified key barriers that prevent low- and moderate-income families from saving. We have collaborated to develop paths that can help more households achieve financial wellness, and we have raised the level of public debate and awareness. But while we have made some progress, we both believe that it is not enough. Our early success has inspired us to create a bolder, deeper partnership to do exponentially more for the people we serve – in part by disrupting the traditional ways that corporations and nonprofits work together.

 

Prudential and Prosperity Now are stretching beyond the traditional paradigm with a model we think combines greater impact, scale and sustainability: a shared-value alliance. This approach leverages our collective expertise to design, test and market solutions for consumers whose financial needs are not met by those available today. Prosperity Now’s four decades of experience serving low-income communities through its broad network of trusted practitioners offers deep and valuable insights about the type of solutions that can help underserved consumers build a stable financial future. Prudential’s ability to invest capital, deliver products and influence public policy can enable Prosperity Now to bring viable new solutions to scale—potentially changing the lives of millions who struggle financially.

 

Read More

To learn more, read Shared-Value Alliance: Working Together to Create Meaningful Social Impact  PDF opens in a new window

 

 

1Prudential, “The State of Financial Wellness in America,” 2017.

2“Vulnerability in the Face of Economic Uncertainty,” 2019.

3Prudential, “The State of Financial Wellness in America,” 2017.

 

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