New York, NY | May 6, 2015
Neighborhood Trust Financial Partners announced today two major, multi-year grants totaling $2.25 million in support of The Employer Solution, Neighborhood Trust’s pioneering workplace-based financial empowerment program.
The Prudential Foundation, the philanthropic arm of Prudential Financial, Inc., awarded Neighborhood Trust a $1.5 million grant to be distributed over two years. The grant will support the expansion and evaluation of The Employer Solution.
The W.K. Kellogg Foundation (WKKF) awarded Neighborhood Trust a three-year $750,000 grant for Neighborhood Trust’s expansion of The Employer Solution. The funds will support program design and operations, and enable Neighborhood Trust to evaluate and disseminate its findings regarding the role of the workplace as a sustainable and scalable asset development strategy.
Watch our profile of The Employer Solution at Five Guys
“Prudential is proud to partner with Neighborhood Trust as a major funder of The Employer Solution program. Our company has always strived to help people build financial security, and we know from first-hand experience workplace-based financial tools can have a significant and positive impact on people’s success at saving and building their assets,” said Laty Reddy, Vice President of Corporate Social Responsibility at Prudential Financial, Inc. and President of The Prudential Foundation. “Through The Employer Solution, more workers will have access to the education and services they need to achieve economic stability.”
“Asset development is critical for low-income families to break the cycle of poverty so that it is not transferred from one generation to the next,” said Carla D. Thompson, Vice President of Program Strategy for WKKF. “When a family builds healthy financial habits, they can save money, prepare for unexpected financial storms, rely less on debt to meet their needs and position themselves for a brighter future.”
“Today is a momentous day for Neighborhood Trust. We are deeply grateful to The Prudential Foundation and the W.K. Kellogg Foundation for their visionary support of The Employer Solution. We are eager to work together to demonstrate the power and potential of the workplace as a channel for ensuring low wages can lead to long-run financial stability,” said Justine Zinkin, Neighborhood Trust’s CEO. “This investment will enable us to build a sustainable social enterprise that proves worker financial empowerment is smart business.”
About The Prudential Foundation
The Prudential Foundation is a nonprofit corporation supported by The Prudential Insurance Company of America, an insurance subsidiary of Prudential Financial Inc. of the U.S. The Prudential Foundation advocates for systemic change focused on eliminating barriers to financial and social mobility in the areas of meeting basic needs, connecting people to quality jobs, building personal assets and transforming communities. As a strategic investor, the Foundation makes long-term commitments that yield tangible results through both grants and program related investments.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of December 31, 2014, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, visit www.news.prudential.com.
About W.K. Kellogg Foundation
The W.K. Kellogg Foundation (WKKF), founded in 1930 as an independent, private foundation by breakfast cereal pioneer, Will Keith Kellogg, is among the largest philanthropic foundations in the United States. Guided by the belief that all children should have an equal opportunity to thrive, WKKF works with communities to create conditions for vulnerable children so they can realize their full potential in school, work and life. For more information, visit www.wkkf.org.