Allstate Showcased at White House Summit on Financial Capability and Empowerment
$1 million in grants to support financial empowerment for domestic violence survivors and commitment to employee financial wellbeing announced at summit
Allstate Insurance Company and The Allstate Foundation announced several financial empowerment program commitments today as part of a summit hosted by the President's Council for Financial Capability. The announcements are a part of Allstate's ongoing efforts to help all Americans improve their overall financial wellbeing. One of the commitments, through The Allstate Foundation's Moving Ahead Financial Empowerment Grant Program, will provide $1 million to offer financial education and training for domestic violence survivors.
"Since 2005, The Allstate Foundation has helped break the cycle of domestic violence by providing survivors with the financial knowledge and resources they need to leave abusive relationships. Research consistently shows the number one predictor of whether a person will leave a violent relationship is having the financial resources to live independently," stated Victoria Dinges, vice president for public social responsibility at Allstate. "We are one of the only corporations helping survivors move from safety to long-term security through financial empowerment."
The grants will be awarded on a competitive basis to state domestic violence coalitions. Funding will be used to provide survivors with the Foundation's comprehensive Moving Ahead through Financial Management curriculum, as well as other innovative programming in job training, matched savings, individual development accounts, micro-loans, microenterprise training and asset building strategies. The funding will help The Allstate Foundation reach its goal to provide 500,000 domestic violence survivors with financial empowerment services by 2015.
Also at the summit, Allstate renewed its commitment to further expand financial wellbeing as a part of an employee wellness program. The program, available to all Allstate employees, provides a variety of ways employees can invest in their financial future, including: tools for pursuing financial wellbeing, such as access to an online personal finance center, free phone consultations with a certified financial planner or referrals to credit counseling services; financial literacy education, including live seminars and webinars; and mechanisms to protect employee financial wellbeing, such as automatic enrollment in the 401(k) plan.
"At Allstate, we believe that wellbeing is a journey that encompasses not just physical wellbeing, but financial health," stated Catherine Winn, vice president human resources at Allstate. "We believe that by addressing the physical, emotional, and fiscal needs of our employees they will be happier and more productive while at work and at home."
New to the program this year was the addition of a variety of financial literacy seminars and free learning opportunities for employees on topics such as budgeting and using credit wisely, financial planning, home mortgages, saving for college, retirement readiness, and protecting yourself and your loved ones. Allstate recently updated its 401(k) plan to include automatic enrollment for new hires and created targeted marketing efforts to actively engage employees not participating in the plan. Through the plan, employees now have access to target retirement date funds, free online advice and professional management services.
"Giving people the right tools to make the right financial decisions not only helps them succeed, it helps America succeed." said Dinges. "The financial strength of our nation depends on the fiscal fitness of every citizen."
To learn more about The Allstate Foundation's Moving Ahead Financial Empowerment Grant Program and efforts to empower domestic violence survivors visit www.AllstateFoundation.org.
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer, serving approximately 16 million households through its Allstate, Encompass, Esurance and Answer Financial brand names. Widely known by its slogan "You're In Good Hands With Allstate®," Allstate offers insurance products (auto, home, life and retirement) and services through Allstate agencies, independent agencies, and Allstate exclusive financial representatives, as well as via www.allstate.com and 1-800 Allstate®. As part of Allstate's commitment to strengthen local communities, The Allstate Foundation, Allstate employees, agency owners and the corporation provided $28 million in 2011 to thousands of nonprofit organizations and important causes across the United States.