Originally published in Principal Financial Group 2024 Sustainability Report
Our approach
For nearly four decades, Principal® Foundation has been supporting organizations that help eliminate barriers to a better financial future and expand access to essential resources and services that build stronger communities.
Specifically, our funding champions organizations working in three primary areas we consider foundational to moving people closer to the financial future they envision.
- Ensuring access to essential needs
- Fostering social and cultural connections
- Promoting financial inclusion
Ensuring access to essential needs
Meeting our most essential needs is where the path to a better financial future begins. Principal Foundation invests in organizations that help ensure families around the world don’t have to worry about whether they will have a roof over their head, food on the table, or the support needed to recover following a disaster.
Fostering social and cultural connections
Arts and culture bind communities together. They shape our lives in innumerable ways—inspiring creativity, sparking collaboration, nurturing social and cultural connections. This creates space for individual growth and economic development. The aim of Principal Foundation is to see the arts and creative sectors embraced as a critical social, economic, and development partner.
Promoting financial inclusion
Access to financial education, services, and resources remains out of reach for too many around the world. By addressing the gaps and systemic barriers that prevent access to these tools and resources, Principal Foundation can help shape a financial system that works for everyone.
Principal® Foundation community investments
Our actions and performance in 2024
In 2024, Principal® Foundation provided $18.8 million to our communities around the globe. The missions of these recipient organizations fall under at least one of our focus areas.
- $18.8M Total community investments in 2024
Featured impact stories
DataSetGo
Principal® Foundation and Everfi joined together in 2022 to launch DataSetGo, a first-of-its-kind digital education program designed to introduce youth to data science fundamentals and exposure to new career opportunities. Since its launch, DataSetGo has reached over 560 schools and impacted more than 40,100 students nationwide. The program not only provides critical knowledge but also opens doors for students through the Distinguished Scholar Award, a competitive essay contest that awards 10 national scholarships each year.
- 40,100 students impacted by DataSetGo
These scholarships help students pursue their ambitions, from cancer research to fashion design, demonstrating the endless possibilities that data science can unlock.
For more information visit: principal.everfi.com
Cities for Financial Empowerment Fund (CFE): Small Business Boost
Small businesses are the backbone of local economies, yet nearly half fail within their first five years. To address this challenge, Principal Foundation committed to funding organizations like CFE that are providing innovative program support to small business owners. The Small Business Boost program was created with the goal of improving entrepreneur personal finances so they could better position themselves to achieve their business goals.
Through the Small Business Boost initial pilot, more than 1,200 financial counseling sessions were provided to more than 430 clients who reduced their debt by over $860,550 and built their savings by more than $235,120. Many of these clients established credit, opened new bank accounts and showed a higher retention rate than those using traditional support programs.
- >1,200 financial counseling sessions provided
Beyond direct assistance to entrepreneurs, CFE Small Business Boost worked with national research organization Urban Institute to evaluate the pilot’s impact and share key findings across the sector.
The study highlighted three key insights:
- The Small Business Boost pilot demonstrated the salience of financial issues like credit, debt, and separating business and personal finances to small business owners, particularly Black and Latina women.
- Successful engagement participants saw a clear link between personal and business financial well-being.
- The pilot demonstrated how free, one- on-one financial counseling as a public service could support small business owners and small business support ecosystems, when built upon robust partnerships that recognize evolving client pathways.
Building on this success, CFE is now preparing to launch Phase 2 of the program in 2025, expanding to additional cities and deepening the impact.
To follow along and find more impact stories visit principalfoundation.org
To learn more, read the Principal Financial Group 2024 Sustainability Report.
Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Company®. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., member SIPC and/or independent broker/dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392.
About Principal® Foundation
Principal® Foundation is a duly recognized 501(c)(3) non-profit entity focused on providing philanthropic support to programs that build financial security in the communities where Principal Financial Group, Inc. (“Principal”) operates. While Principal Foundation receives funding from Principal, Principal Foundation is a distinct, independent, charitable entity. Principal Foundation does not practice any form of investment advisory services and is not authorized to do so.
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