Published
November 01, 2024
When we all work together to create resilient communities, we build opportunities for people to prosper. I know this because I’ve experienced it.
I grew up in a single-parent home on the south side of Chicago. My education, family, and community all helped me – and others around me – become resilient, and now I have the privilege to help others on that journey.
As an adult, I’ve worked to spur housing and economic development in the community I grew up in and others. It is a personal mission for me, and it’s an important piece of the resilience puzzle, but it is not the only one.
When all these elements come together, we create ripples of momentum, where strong communities can build and expand. This sparks inspiration, investment, and action, resulting in places people can live and flourish—where they can walk, dine, entertain, and build families.
Creating this momentum should be a top priority for companies, governments, and organizations, because when they happen, everyone benefits.
Edward Jones is doing its part by creating pathways to economic resilience. One of our firm’s objectives is Partnering for Lasting Financial Strength. Part of this is helping more American families build wealth to achieve what many in this country are striving for: long-lasting economic security. Unfortunately, our recent research shows 80% of Americans ages 18-34 currently view themselves as struggling or merely surviving life.
So, what do we do about that? At Edward Jones, we’re focused on a range of integrated initiatives that build on our firm’s strengths, expertise, and resources.
On a policy level, our Grassroots Task Force advocates for legislation and changes that help all Americans build their savings for a more secure retirement:
- Two bipartisan bills we brought forward were recently introduced in the U.S. House of Representatives and Senate in September.
- The “Catching Up Family Caregivers Act” and “Improving Retirement Security for Family Caregivers Act” bills were both developed to make it easier for caregivers to contribute to a Roth IRA and allow an extra year of eligibility for catch-up contribution levels for individuals over 50.
- We are advocating for legislation that helps Americans better build their savings, such as enhancing legislation like the Secure 2.0 Act to help caregivers save and contribute to their 401(k) plans.
Taking action to dismantle systematic barriers
The private sector can also take direct action to help dismantle systematic barriers to wealth, advance economic inclusion, and strengthen community resilience. No one business can accomplish these goals alone, but we can build momentum when we create coalitions with other businesses, nonprofits, and government entities to focus in these areas.
For example, Edward Jones is proud to co-lead the St. Louis Anchor Action Network, a coalition of regional public- and private-sector anchor institutions working to drive change and sustained investment to address systemic racial and spatial inequities in neighborhoods across our headquarters city.
In partnership with a range of private sector and nonprofit partners, we are also delivering financial services to under-resourced communities. These efforts include pilot programs in select cities where we are creating pathways to credit, banking, insurance, financial advice, and funds to support higher education, homeownership, and small business investments.
Building financial education
Another critical need that we are working to address is financial education. In a 2023 study we conducted with Morning Consult, only 20% of respondents reported learning about financial basics in school.
Through our Financial Fitness Program, in partnership with EVERFI, we’ve provided a digital education platform to help empower students and learners of all ages to build their financial knowledge and confidence. And we’re close to our goal of reaching 1 million learners by 2025.
And we’re proud to work with others to expand upon that expertise and positive impact.
If we collectively embrace the challenges that face our society, we can drive meaningful change to empower individuals and families and create hope and security even amid uncertainty and disruption. We can turn obstacles into steppingstones and help more communities build resilience and prosper.
About the authors
Lamell McMorris
Lamell McMorris is Principal and Head of Policy, Regulatory & Government Relations at Edward Jones.
