For 2024, let’s resolve to stop using the word “unprecedented.” To paraphrase a famous character, perhaps that word no longer means what we think it does. Following a year of continued economic, environmental, geopolitical, cultural, and political upheaval, let’s resolve instead to expect the unexpected, and plan accordingly.
Living with continuous uncertainty is the reality already for tens of millions of families living on modest incomes—families who are more likely to be Black, Latin, or led by women. As leading thinkers and scholars have documented, economic volatility and financial turbulence are too often typical and “normal” for people earning low and moderate incomes.
The implication is clear: we need to prepare as best as we can and focus on what we can influence.
For Commonwealth, this means deepening our commitment to strengthen household financial security and enable wealth creation for those who need stability and assets most—people living on low to moderate incomes. It means building on what we have accomplished together with partners and colleagues over many years—including helping over 2 million people to save more than $8 billion—enabled by dozens of new strategic partnerships among leading employers, benefits providers, financial services leaders, fintechs, and community organizations. It means harnessing our momentum to unlock access to capital markets, realize the power of inclusive design, and mobilize the potential of emerging technology.
Ahead to 2027
With that in mind, I’m proud to preview our new four-year strategic plan, anchored by an audacious, ambitious goal. Because broad financial security and prosperity are essential for a just, sustainable, and free world, Commonwealth will drive systemic changes in the workplace, financial services, and emerging technologies that enable 10 million working families to build $15 billion in equitable financial security and wealth by the end of 2027.
We’ve set a course to:
Make the workplace an engine of household financial security and wealth creation through continued progress toward financial benefits, led by employer-sponsored emergency and other savings, with increased focus on workplace-enabled student and other debt repayment, and thoughtful expansion of tax credits and other policy incentives.
Blaze new pathways for broad wealth creation by enabling first-time investors to participate in capital markets in sensible, inclusive ways, by ensuring wealth-building platforms (such as retirement and 529 plans) work for everyone, and by developing new approaches for people living on modest incomes to build assets.
Harness AI for financial security and wealth creation by recognizing the unmatched pace of AI transformation, prioritizing the needs and interests of those earning low and moderate incomes in AI development, and testing concrete ways powerful technology can level playing fields—transforming who has access to which products, services, advice, and insights.
Our new course has been shaped by the needs and priorities we hear from people living on low and moderate incomes, and from our partners in the firms and organizations that serve them.
Working people and families remind us that managing an uncertain, volatile world is exhausting, and the stability and hope brought by financial resilience and a long-term path to wealth are essential ingredients to face life’s challenges.
Workers like Simone, who believe
“Having emergency savings, it’s something… in the nick of time... reduces worry and stress, to know there’s something that I can dip into.”
First-time investors like Iesha who states plainly
“I’m a single mother, a Black woman. I did not see myself as an investor, like I did not fit the description. But it’s because I’ve been doing it, I feel totally different about it.”
Users of fintech, like the credit union customer confiding
“My issues are personal to me... if I could get more personalized answers… more specific answers to my questions [that would build my trust, be important]."
Our partners remind us they are essential to enable financial security and wealth creation—and social impact and business value can and should go hand in hand.
Firms like payroll leader ADP, where a senior strategist notes that
“Emergency savings continues to be a major pillar for our financial wellness strategy, and we will continue to work with our employer clients to help... (offer solutions) to their workers.”
Financial service firms, such as the bank executive whose firm helps customers
“Identify financial struggles and… plan for their future goals and needs. But I would like to specifically tailor and offer (individualized financial analysis and planning technology) to low-to-moderate income individuals in our footprint.”
Leading fintech Stash, whose Chief Experience Officer explains
“Our goal is to empower people to invest and build better lives, starting with what they have to spare, even if that’s just a few dollars. Partnering with Commonwealth and others… helps us better address wealth inequalities.”
We live in a world of accelerating change and challenge, where the media reminds us daily of the consequences of volatility and conflict. This year let’s also remember some core truths—ultimately, our fates are tied together. This means real solutions must work for everyone, must unite us, must create rather than destroy, and must be sustainable over time. With our new strategic plan as a roadmap, a passionate and skilled team, and an expanded and deeply experienced leadership and board, Commonwealth is energized and ready for the unexpected—and eager to collaborate with others who share our commitment to a world of widespread financial security and broad-based financial opportunity.
“As a steadfast advocate and systems-builder, I seek opportunities to build bridges across lines of difference and strengthen organizational cultures. I bring a people-first lens to HR, policy design, and change management processes. I am excited to join the Commonwealth team and work alongside dedicated colleagues committed to building financial security and opportunity for financially vulnerable people.”
Brenda Velazquez, Senior Vice President
“Throughout my career, I have utilized research and data to collaboratively solve for the collateral consequences of systemic inequities. I am thrilled to continue this journey with the dedicated team at Commonwealth, as we innovate and inform improved access to wealth-building opportunities and greater financial well-being for vulnerable populations.”