Indianapolis, IN — Charles Schwab Foundation has announced a new relationship with Goodwill Industries International, as part of the Foundation’s strategic initiative to create locally tailored programs that aim to improve the financial well-being of the underserved and working poor in locations where Schwab has a significant employee presence. The first of these programs was launched in 2008 in San Francisco with Single Stop USA, followed in 2009 by a second program in Austin, Texas, with Foundation Communities. This new alliance with Goodwill® will support and help build the Good Assets Program, a program that provides comprehensive services and training to strengthen the economic stability of individuals and families. The program will be piloted by Goodwill Industries® of Central Indiana (GICI) and assist people in the communities of central Indiana.
In addition to $450,000 to be funded by the Foundation over a two-year period, the new program includes a Schwab employee volunteer initiative in which employees will participate in a range of short- to long-term Goodwill community service opportunities, including general office administrative support, one-on-one financial coaching sessions and ongoing educational workshops to help people better manage their paychecks and support their families. Heading up the local initiative and coordinating employee volunteer efforts is Vice President and Branch Manager Tim Wydo from Schwab’s Indianapolis branch at 137 N. Meridian Street.
“By promoting financial literacy and empowerment as our social cause, we have the ability to leverage the expertise of our employees and make a significant impact on the financial well-being of the individuals and families in the communities where we live and work,” said Carrie Schwab-Pomerantz, president of Charles Schwab Foundation. “Teaming up with Goodwill gives us a way to deepen our impact in central Indiana and complements the work we’re already doing with Boys & Girls Clubs of America, City of Indianapolis, Junior Achievement, Taylor University and the Academy of Finance.”
“We are so excited to be a part of this initiative with Goodwill,” added Wydo. “For us at Schwab, it’s a heartfelt effort to help local families and individuals fight poverty and improve their lives.”
“Through Good Assets we will equip Goodwill employees and the community with tools so they are able to make educated financial decisions that will minimize living paycheck to paycheck,” said Jim McClelland, president, GICI. “We expect to see individuals gain the knowledge and tools they need to sustain their families and grow their wealth by taking responsible actions to protect what they have and avoid future pitfalls. Goodwill is grateful to Charles Schwab Foundation for supporting this exciting initiative,” added McClelland.
The program launches this week, with nearly two dozen trained Schwab employees beginning their volunteer work as financial coaches, classroom instructors and office assistants, providing services to Goodwill program participants and employees.
The program also includes incentives to all Good Assets participants to promote recruitment, engagement and completion of the classroom and coaching segments:
- Employees of Goodwill attending education sessions and/or financial coaching will be compensated for their time at 1.5 times their regular rate of pay.
- Individuals who complete three classroom sessions and show an improvement in their financial assessments taken pre- and post-sessions will receive $50 as a deposit into their savings accounts.
- Individuals participating in financial coaching who reach measurable milestones in their financial development will be rewarded with greater opportunities to put their new knowledge into practice.
- To encourage asset-building, Goodwill will allocate up to $250 per participant to match each participant’s contributions into a savings account as follows: 100 percent for the first $150, and then 50 percent of savings up to an additional $200.