{"id":829534,"date":"2025-03-25T10:03:25","date_gmt":"2025-03-25T14:03:25","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/new-money-smart-financial-coaching-program-msfcp-organization-empowers-college-students-to-take-control-of-their-financial-futures-with-support-from-jpmorganchase\/"},"modified":"2025-03-25T10:03:25","modified_gmt":"2025-03-25T14:03:25","slug":"new-money-smart-financial-coaching-program-msfcp-organization-empowers-college-students-to-take-control-of-their-financial-futures-with-support-from-jpmorganchase","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/new-money-smart-financial-coaching-program-msfcp-organization-empowers-college-students-to-take-control-of-their-financial-futures-with-support-from-jpmorganchase\/","title":{"rendered":"New Money Smart Financial Coaching Program (MSFCP) Organization Empowers College Students to Take Control of Their Financial Futures with Support from JPMorganChase"},"content":{"rendered":"

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New Money Smart Financial Coaching Program (MSFCP) Organization Empowers College Students to Take Control of Their Financial Futures with Support from JPMorganChase<\/b><\/p>\n

MSFCP.org combines financial coaching and education into one course at colleges and universities to improve students\u2019 credential completion and financial health<\/i><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nJPMorganChase announced the launch of a new organization to improve financial health and academic outcomes built on the legacy of the Money Smart Financial Coaching Program (MSFCP). The new organization, MSFCP.org, is fiscally sponsored by FJC and supported by $1.9 million in philanthropic capital from JPMorganChase. It combines financial coaching and financial education into a post-secondary course with the potential to reach at least 1,500 students across the country, opening up new pathways to well-paying jobs after graduation.\n<\/p>\n

\nMSFCP was developed at the State University of New York Westchester Community College (SUNY WCC) and incubated by the National Council for Workforce Education (NCWE) with strategic guidance and funding from the firm that focused on improving financial health and academic outcomes. JPMorganChase is enhancing the impact of the course by introducing local Chase Community Managers as guest lecturers, coordinating with professors to reinforce financial education and providing students with practical application tips.\n<\/p>\n

\n\u201cMSFCP is a testament to the power of strategic partnerships and innovative educational models,\u201d said Darlene G. Miller, Ed.D., Executive Director of MSFCP.org<\/b>. \u201cWe are helping students learn essential financial skills, while fostering a supportive community that encourages academic and personal growth. MSFCP empowers students to make informed financial decisions, ultimately enhancing their academic performance and increasing their likelihood of graduation.\u201d\n<\/p>\n

In line with JPMorganChase\u2019s financial health strategy to advance financial stability, resilience, wealth building and wealth protection, MSFCP.org is well positioned to provide the individualized support students, including those from underserved communities, need to tackle common financial barriers and complete postsecondary education, such as budgeting, saving, and managing debt.<\/i><\/p>\n

\n\u201cDuring our work with SUNY WCC, we were impressed by the impact MSFCP had on student financial health and their academic pursuits. It was too good to be contained at just one school. So together with SUNY WCC and NCWE, the program was replicated at other institutions across rural, inner city and suburban communities and achieved similar results,\u201d said Jeanique Riche-Druses, Northeast Region Executive for Global Philanthropy at JPMorganChase.<\/b> \u201cWe couldn\u2019t be more pleased with the launch of the new organization, MSFCP.org, that will scale this program to even more schools to help all students improve their financial health and achieve their dreams.\u201d\n<\/p>\n

Incubating an Innovative and Impactful Approach to Financial Health<\/b><\/p>\n

\nJPMorganChase supported SUNY WCC between 2014 and 2021 to help shape and fund the original financial coaching program for students, with notable early success. One MSFCP student paid off two credit cards, built an emergency savings fund, and opted to stay in school at WCC within three months of joining the coaching program. After SUNY WCC reported a 91 percent persistence rate among MSFCP participants, JPMorganChase approached NCWE to help SUNY WCC scale the program at other community colleges, technical colleges, four-year universities and HBCUs across Michigan, New York state, North Carolina, and Washington state through a $2.5 million philanthropic investment in 2021.\n<\/p>\n

\n“Across the nation, colleges are forging powerful public-private partnerships to support their students and address workforce and community needs. We must elevate successful models like MSFCP and other practitioner-driven innovations\u201d said Kate Kinder, Executive Director of the National Council for Workforce Education (NCWE).<\/b> \u201cBy identifying and incubating these local solutions, we can scale their impact nationally. Investing in partnerships and peer learning is crucial to empower communities and propel college and career pathways that offer economic prosperity.”\n<\/p>\n

\nAccording to the latest independent evaluation, financial coaching at post-secondary education institutions is associated with stronger personal financial health among students and improved student graduations or transfers to a four-year institution. Among MSFCP students at Rockland Community College (RCC), SUNY Westchester Community College (WCC), Fulton-Montgomery Community College (FMCC), Mott Community College, Monroe Community College, Long Island University-Brooklyn (LIU-Brooklyn), Winston-Salem State University (WSSU), and Renton Technical College (RTC):\n<\/p>\n