In America, we have a racial wealth gap that continues to persist and, by some standards, is widening. Median white households earn as much as 86 times their Black counterparts. And while Black Americans have $1.2 trillion in buying power, they are projected to have zero median net worth by 2053. Through a new initiative called Advancing Black Pathways, JPMorgan Chase & Co. has committed to combat these statistics. To this end, we have created focused work streams to accelerate economic empowerment.
One such initiative is Currency Conversations, in which Chase and Essence joined forces to help Black women achieve their financial goals. We devoted a special focus to Black women because of the role that they play in managing money for their households. More than 70% of Black women are either the sole or primary breadwinners for their families and, as a result, play a crucial role in the financial well-being of not only their families, but also the Black community at large. So we’ve intentionally designed this program to help empower and support Black women on the journey to financial success.
In its first year, Currency Conversations aimed to help, guide, and support at least 20,000 women on their wealth-building journey. From outset, Chase has aspired to spark authentic social dialogue, break down misconceptions about financial (in)stability, and demystify the topic of money. We aim to create a sustainable movement by building a network of Black women who will inspire and encourage each other to set financial goals.
Currency Conversations is comprised of both digital and in-person experiences, designed to bring together a community of women who are committed to lifting each other up and collectively saving towards personal goals. We hosted sessions and networking events at Essence Festival in New Orleans, ran workshops at Chase branches, and created original content tied to popular financial topics—all of which encouraged women to take the pledge online. The Currency Conversations pledge gives participants the opportunity to created their personal action plans and digitally pledge their commitment to work toward savings, debt reduction and investment goals – all with the support of a community of women with like-minded aspirations, a national network of personal finance experts, and a suite of digital resources, including a financial journal specially designed by Chase and Essence. After participants make the pledge online, we keep them motivated throughout their journey by periodically sending them information, tips, and reminders directly to their email or phone that are tailored to their pledged goal.
In branch activations
As a lead-up to our Essence Festival integration, Currency Conversations invited women to attend a free event hosted by Essence and Chase to connect with each other and engage in dialogue with experts about what it takes to achieve their personal financial goals. We hosted the Currency Conversations workshops at select Chase branches. Each workshop was comprised of a panel featuring the Currency Conversations Ambassadors (a squad of financial planners, authors and lifestyle experts), financial break-out stations led by Chase financial advisors and a networking portion so attendees could connect and build a community.
Social integration
We extended our events beyond the branch by live streaming the panels, real-time social engagement, and encouraging attendees to share their experience on social media. We also used social media to recap the excitement and benefits of participating in the branch events to encourage users to attend a Currency Conversation in their city.
In order to drive Currency Conversations savings pledges, we launched a national social media campaign and designed social first assets to motivate users to take the pledge. We also created and promoted educational content featuring our ambassadors who delved into popular financial topics such as budgeting, credit vs. debit and asset protection. In order to drive social media conversation and engagement, we launched Twitter conversational ads and Twitter polls, asking users to share their pledge goals with their own social networks.
Essence Fest
When it came time to identifying a strategic partner to advance our campaign goals and reach our target audience, we knew early on Essence would be the ideal partner. Annually, Essence Fest attracts more than 500,000 Black women across the U.S. to convene in New Orleans, so it was the optimal event to generate mass awareness of this project, connect the community with our network of financial experts and encourage more people to take our Currency Conversations pledge.
Since Currency Conversations launched in April, more than 12,000 women have taken the pledge to date. The campaign has also garnered more than 2.6K organic mentions across social media with a potential reach of 58MM users. Sentiment has been 100% positive, largely within the Black community. With over 2.6K social mentions to date, we are seeing women sharing what they have learned through the Currency Conversations program, expressing their financial commitment to their social networks and actively hosting Currency Conversations of their own.
Our social campaign has delivered more than 18.5MM impressions and more than 1.4MM video views across Facebook, Instagram and Twitter. Our overall campaign has driven more than 105K site visits and 2.3K PDF downloads of the Currency Conversations digital workbook. At our in-branch experiences, we were able to share meaningful conversations with our clients and prospects, which deepened our relationships with over 800 attendees and started them on the path to reaching their goals.
Social Conversations
“Learn the lesson. Lose the shame.”@Chase #CurrencyConversations with @essence.Talking about money and getting prepared for the wealth that’s destined for me. -Gwen W
Redirecting my goals is a tough process. But I’m grateful for the encouraging voices God places in my life. Thank you, @Essence @Chase & #CurrencyConversations for allowing me to be vulnerable and for celebrating my choices. Now, to make some BOSS MOVES. -Tiffany G
<3 it when I'm surrounded by women making true change in their finances! Powerful! This discussion is so necessary! #currencyconversations -Cameo R
