MetLife Foundation Announces Strategy to Drive Inclusive Economic Mobility
MetLife Foundation announced a strategy aimed at driving inclusive economic mobility by addressing the needs of underserved and underrepresented communities around the globe. This multi-pronged strategy builds upon MetLife’s 2030 Diversity, Equity and Inclusion Commitments, through which the Foundation pledged $150 million in funding and MetLife pledged 800,000 employee volunteer hours in support of historically marginalized individuals and their families between 2021 and 2030.
MetLife Foundation’s grantmaking and impact investments will be aligned to the U.N. Sustainable Development Goals and three core portfolios:
Economic Inclusion: Upskilling and reskilling talent to be competitive in a new economy
Financial Health: Enabling budget management, savings, and access to credit and benefits as part of a broader wealth-building strategy
Resilient Communities: Expanding access to wellness resources, as well as supporting a more resilient planet through climate-focused grants
“For 154 years, MetLife has made a positive impact on the communities we serve by creating financial security and using the breadth of our resources to address pressing social and economic issues,” said Mike Zarcone, Head of Corporate Affairs for MetLife and Chairman of MetLife Foundation. “With the updated focus of MetLife Foundation, we aim to further drive a more equitable and confident future for vulnerable and historically marginalized communities around the world.”
MetLife Foundation’s efforts will be augmented by MetLife employee-driven volunteering and skills-based pro bono projects that leverage MetLife employees’ talent to expand the capacity of non-profit organizations, delivering even deeper impact. In 2021, more than 25,000 MetLife employees volunteered more than 61,000 hours across 37 countries.
“By combining MetLife’s talent with MetLife Foundation’s philanthropic investments, we can amplify our impact by leveraging the time, expertise and passion of MetLife employees to be a force multiplier in communities around the world,” said Tia Hodges, President and CEO of MetLife Foundation and Head of Corporate Giving and Employee Volunteerism at MetLife.
As part of this strategic shift, MetLife Foundation has issued its first wave of grants totaling more than $25 million. Select examples include:
A grant to digitalundivided to help Black and Latina women create, launch and grow their enterprises.
An expanded relationship with Girls Who Code to increase inclusion of girls, women and nonbinary individuals in the tech talent pipeline by launching a new mentoring platform and embedding financial education in its curriculum.
Renewed support for Living Cities for the Closing the Gaps network to address the racial wealth gap in the U.S.
A new collaboration with the National Disability Institute to support the financial health and well-being of Black, Latinx and small- and medium-size business owners with disabilities.
A new relationship with Planet Water Foundation to bring access to clean, safe drinking water to communities in six states across Mexico.
A collaboration with Village Capital to launch the ADAPT: Social Innovation for a More Resilient Future accelerator program, which will identify and elevate next-generation innovations that address financial well-being and career mobility, as well as create environmental resiliency.
A new relationship with Vision to Learn to reach more than 200,000 low-income young people with critical eye care.
An expanded relationship with Women’s World Banking to increase access to financial services for low-income women and women entrepreneurs in India.
Metlife Foundation provides financial support to help India and Bangladesh fight Covid-19 spread
MetLife Foundation announced that it is donating USD1.5 million to fund targeted support in India and Bangladesh as both countries struggle to cope with the devastating wave of COVID-19 cases.
The Foundation will channel funds through its partners, including:
– Habitat for Humanity (India) – to deploy additional beds, equipment, and set-up costs for COVID-19 emergency facilities in Delhi, Maharashtra, Karnataka and Uttar Pradesh- Healing Fields Foundation (India) – to provide tele-consultation, food supplies, medicines, and other home-isolation and management support across 300 villages in some of the most vulnerable states and districts in India- Sajida Foundation (Bangladesh) – to support low-income families, predominantly in the capital city of Dhaka, with access to healthcare and other basic needs
Kishore Ponnavolu, President, Asia for MetLife, said: “We have all watched in grief as India and Bangladesh have been engulfed by this wave of infections and deaths. We pray that MetLife Foundation’s donations will help to alleviate some of the strain on healthcare services and bring hope to those who need it most.”
In addition to MetLife Foundation’s USD1.5 million donation, MetLife employees will be able to donate to relief efforts in India, Bangladesh and countries in Latin America facing severe spread of COVID-19 and have their contributions matched by the Foundation.
Ashish Kumar Srivastava, Managing Director & CEO, PNB MetLife, said: “The pandemic is an unprecedented crisis and India has been severely impacted by this latest wave of COVID-19. There is an immediate requirement to support medical infrastructure for those affected and we at PNB MetLife thank MetLife Foundation for supporting India during these testing times with aid across key impacted regions. We are humbled by MetLife standing by us, our society and our nation.”
Ala Ahmad, CEO of MetLife Bangladesh, noted: “We are very proud of the efforts of MetLife Foundation in mitigating the impacts of the ongoing COVID-19 situation in Bangladesh. We stand with our fellow citizens at this time of need and will do our very best to give necessary assistance to the health and wellbeing needs of the people affected by this pandemic.”
Metlife Foundation commits $500,000 to Lebanon relief effort
MetLife Foundation announced today a commitment of $500,000 to help Lebanon recover and rebuild from the Beirut port explosion.“We were heartbroken to see the destruction in Beirut, and we want to do everything possible to help the people of Lebanon,” said MetLife President and CEO Michel Khalaf. “This financial support from MetLife Foundation will provide for immediate needs and help put the country on the path to recovery.”Through its heritage company Alico, MetLife has operated in Lebanon for more than 65 years and is the country’s leading life insurer.
Metlife Foundation donates $425,000 to provide cash support to families impacted by Covid-19
MetLife Foundation announced that it will provide a $425,000 grant to SaverLife, a national nonprofit fintech company that helps low-income working families achieve prosperity through savings. SaverLife will use the grant to give cash support to around 800 SaverLife clients facing economic instability as a result of COVID-19. The grant is part of MetLife Foundation’s $25 million commitment to the COVID-19 global response.
Most of SaverLife’s online platform members are low-income women and people of color, who represent some of the groups hard hit by the pandemic. MetLife Foundation’s grant will support SaverLife members who have lost their regular paychecks, along with those using food stamps, with $500 “emergency savings boosts” through SaverLife’s existing digital platform.
Since the start of the pandemic, SaverLife has surveyed its members to better understand the real-life impact of COVID-19 on families. Not only did many lose jobs and incomes, but expenses also rose as families rushed to stock up on essentials.
“SaverLife creates solutions to help low-income people build financial resilience,” said Dennis White, president and CEO of MetLife Foundation. “With this grant, we want to help SaverLife’s members maintain a degree of resilience in the face of the severe challenges posed by the pandemic.”
“With MetLife Foundation’s support and by leveraging our existing technology, SaverLife is uniquely poised to provide effective and rapid economic support to working families facing unprecedented financial uncertainty,” said Leigh Phillips, CEO of SaverLife.
On top of the donation to SaverLife’s COVID-19 Emergency Response Fund, MetLife Foundation has provided $3.25 million in grants since 2016 to help SaverLife expand its user-centric savings platform and support low-income people in stabilizing their finances, including through tools provided in the workplace.