Common Wealth Charlotte and Vanguard Team Up to Help Charlotte Employees Build Increased Financial Capability

Kim is a 65-year-old Charlottean who says she discovered Common Wealth Charlotte (CWC) five years ago and is so grateful she did. “They’re really helping me to save money and it feels so good!” Kim participates in a number of different CWC programs, including MyAffordableHome, that she credits with helping her hang on to her new home – the first home she’s ever owned.  

“I was finally able to purchase a home and it felt great,” Kim says. “I feel good, I feel accomplished. That was one of my first dreams when I moved to Charlotte was to have a home but it seemed like everything was out of my reach. It was hard, I had almost given up and now I’m so glad I kept going.”   

People like Kim helped spark a new way of thinking at CWC, leading to the launch of a brand new program with the hope of reaching even more clients. The goal of the program, called Financial Health Workplace, is to encourage local employers to help their teams become financially successful by offering their hourly-wage employees access to CWC’s services.   

Tonia Frazier is the Director of Financial Education at CWC and says the Financial Health Workplace program will be a gamechanger for businesses and their employees.  

Frazier explains, “Most of our clients find us through our partnerships with 80+ non-profit partners as well as the City of Charlotte and Mecklenburg County.  These individuals represent only a fraction of those living and working in Mecklenburg County who are economically vulnerable and could benefit greatly from working with CWC.” 

Financial Health Workplace is designed to help hourly wage earners at small and medium sized businesses move from financial insecurity to financial capability through access to CWC’s programs and services at their workplace.   

Frazier adds, “Think of Financial Health Workplace as offering something like an EAP (Employee Assistance Program) benefit.  Many companies offer mental health counseling and other services to their employees who have work-related problems.  But very few offer services focused on financial stress. When people don’t feel good about their finances it directly affects all other aspects of their lives. Everything from their physical health, attention, focus, mental health, socialization, work performance can all be impacted.” 

Frazier continues, “Money is one of the biggest issues in many people’s lives and there are many benefits for both the employees and the employer to making this type of education accessible to everyone.  An employee may have trouble paying their bills, may want to invest and not know how to do so, or may have a long-term goal of buying a house and they don’t know how to get there. By providing financial education and support to their employees, Financial Health Workplace employers can create a happier and less distracted workforce.”  

Frazier says this improvement in morale will usually carry over into better customer service and even higher productivity. In addition, it can often make employees more loyal to their employer and less likely to change jobs, which translates into greater longevity and less turnover.  

CWC is dedicated to helping companies and organizations implement financial solutions that address the needs of their employees, resulting in a stronger and more resilient workforce. This service also decreases the need for direct managers and supervisors to be involved in their employees' personal financial affairs, something few are equipped to do.  

Since launching the program CWC has teamed up with three area employers, and that number is expected to grow quickly, thanks to a substantial investment from Vanguard. The global investment management company awarded CWC $425,000 over two years to grow their Financial Health Workplace program.   

“If we have an organization that may not have the resources or the money to fund this, part of that grant is going to help the company get started and our hope is that they’ll see the benefit and within the next year or two they’ll be able to find the money in their budget to pay for it going forward.”  

Aldustus Jordan is the Head of Community Stewardship at Vanguard and says they made the gift because they believe in the program.   

"Vanguard’s stewardship in the community is grounded in the belief that strong businesses help create strong communities, and strong communities help fuel strong businesses. By the very nature of our company, we know the value evidenced-based financial literacy programs offer individuals and how they help to shape their future success. Through long-term and strategic investments in highly-effective organizations like Common Wealth Charlotte, we’re able to make lasting impact and help improve the economic outlook for historically marginalized communities.”   

Frazier says CWC is thrilled to have Vanguard’s support.  

“Oh my gosh – the grant is awesome and it’s exciting to know that a notable brand name like Vanguard would see the vision and the mission of CWC and help us in our expansion of this new initiative.  It is both exciting and humbling.”  

Learn more about becoming a CWC Certified Financial Health Workplace at https://www.commonwealthcharlotte.org/financial-health-workplace or contact Patrick Wilde at pwilde@commonwealthcharlotte.org.