Especially Now - Building Financial Security for the Future: A Conversation with Tim Flacke, CEO of Commonwealth

Tim Flacke, Chief Executive Officer and Cofounder of Commonwealth.

In this first leadership interview of our Campfire series, we’re excited to share some very fresh thinking from Tim Flacke, Chief Executive Officer and Cofounder of Commonwealth.  For 30 years he’s focused on solutions that help workers and families in US become more financially secure. Five years ago we talked about what the retirement system would be, if it could be. Today we’re talking about benefits for the future. Will it surprise you to hear the two are linked?  Cool stuff ahead. In case you’re meeting Tim here for the first time, we’ll start with an intro.

Tim, thank you for joining us. To start, could you briefly introduce yourself and what Commonwealth is focused on right now?

Sure. I'm Tim Flacke, co-founder and CEO of Commonwealth. We're a national nonprofit committed to building financial security and opportunity for people living on low and moderate incomes. We do this by innovating and partnering with market actors, policymakers, and social sector organizations to design and scale solutions that help financially vulnerable families. We’re not a direct service provider—instead, we work behind the scenes to help systems work better for these families.

One of the key areas where you’re doing that is savings—especially emergency and education savings. Can you tell us more about that work?

Absolutely. From the start, we’ve believed that it's not just income people need—it’s assets. Wealth can feel like a tricky term when talking about families living paycheck to paycheck, but building assets is critical to long-term stability. Over the years, we’ve realized you can’t talk about long-term wealth without acknowledging the financial anxiety people feel in the short term.

That’s why we focus on both ends of the spectrum: helping people build liquid savings for emergencies and helping them start down the path of long-term investing. We've been deeply involved in BlackRock's Emergency Savings Initiative, which has made real strides in normalizing the idea that employers, retirement providers, and even state treasurers have a role in supporting liquid savings.

In parallel, we’re working to make education savings more accessible. One way we’re doing that is by integrating short-term savings features into 529 plans—making these accounts more flexible and appealing to families worried about liquidity. We’re also encouraging employers to drive use of 529 accounts by building awareness, offering payroll deduction, and considering contributions to employees’ accounts  - making investing for education credible, convenient, and in some cases, even incentivized.

That brings us to your Benefits for the Future initiative. What is it, and why is it important now?

Benefits for the Future – made possible by generous support from JPMC - is our effort to identify, test, and refine what the next generation of workplace financial benefits could and should look like—especially for hourly workers and those living paycheck to paycheck.

We’ve already seen encouraging momentum from employers and recordkeepers who’ve

embraced short-term savings, and we think that’s just the beginning. There are other financial benefits—like student debt support, 529 accounts, and employee stock purchase plans—that could provide real value if adapted with these workers in mind.

We’re also big believers in the role employers can play in tax-time support. For many low- and moderate-income families, tax season is the most significant financial moment of the year, driven by credits like the EITC and CTC. Employers can help workers access high-quality, low-cost tax prep services, which not only helps workers claim their credits but can also set the stage for other savings behaviors.

You mentioned working directly with employers and through partners. Can you talk a bit about your recruitment efforts for Benefits for the Future?

Yes—we're actively recruiting employers, both national employers and those with a strong presence in Chicago and Columbus, Ohio. We're exploring a full ecosystem approach. We understand that providers are crucial here too. Many already have the technical capabilities to support the next wave of financial benefits but need market demand and proof points to prioritize development. That’s where we come in—to broker those conversations and reduce perceived risks.  And through real-world pilot tests, build evidence of how new benefits or features can be implemented, and what impact they can have on workers’ and firms’ success.

Employer interest? Here’s a collab inquiry form, or you can reach out to Tim directly.

Let’s look ahead. What are some high-impact opportunities you see in 2025 and 2026?

Great question. First, this is a volatile time, and any institution—especially employers—that can help workers manage that volatility is creating real value. It might not feel revolutionary, but simple, thoughtful benefits can have outsized effects. I’ll give you one example: a healthcare employer we spoke with recently began offering roadside assistance to its mobile workforce of CNAs. It’s low-cost for the employer but incredibly reassuring for workers.

Second, I think this is a moment to elevate the wealth-building conversation. Ownership—whether it's a home, savings, or investments—provides stability and self-determination. We’re seeing political momentum around wealth creation, and state-level solutions like 529 and Auto IRA expansions are particularly ripe. They don’t rely on federal action and can be scaled locally.

What other themes or innovations are you excited about right now?

I’ve got to say we’re excited about AI. I know it sounds cliché, but we’ve been exploring AI’s impact on financial services for several years. Our research with families earning LMI has shown us that trust is key. We're especially interested in how AI can support financial decision-making—for example, simplifying the experience of selecting workplace benefits or demystifying investing for first-time investors.

We’re also thinking about how financial institutions can use AI to better serve customers with complex financial lives. A lower-income household might have multiple part-time jobs and irregular schedules. Their questions don’t fit neatly into traditional customer service menus. AI could enable more responsive, human-centered support that actually meets people where they are.

That’s a powerful vision. To close us out, what’s keeping you motivated in 2025?

Honestly, it’s the people we serve. So many families are doing everything right, and yet the system makes it hard for them to get ahead. If we can shift that—even a little—by making savings accessible, benefits smarter, and institutions more responsive, then we’re helping build the kind of economy we all want to live in.

Thank you, Tim. This has been a deeply informative and inspiring conversation.

Want to connect with Tim? You can here on LinkedIn. You can also follow Tim and Commonwealth’s work on X @buildcommwealth and LinkedIn. . 

Timothy Flacke is Chief Executive Officer and Cofounder of Commonwealth. Under his leadership Commonwealth has grown into a national nonprofit that builds financial security and opportunity for all, including underserved people living on low and moderate incomes, through innovation and partnerships.  Commonwealth collaborates with leading financial service firms, employers, benefit providers, fintechs, and government agencies, and is supported by some of the world’s most respected philanthropies. The efforts of Flacke and his teams have repeatedly impacted the federal tax code, spawned new financial products and public policies that have resulted in nearly $8 billion saved by over 2 million households.

This piece was also featured in the June 12, 2025, edition of Retirement Security Matters. For more fresh thinking on retirement savings innovation, check out the newsletter here.