New Money Smart Financial Coaching Program (MSFCP) Organization empowers college students to take control of their financial futures with support from JPMorganChase

JPMorganChase 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.

MSFCP 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.

“MSFCP is a testament to the power of strategic partnerships and innovative educational models,” said Darlene G. Miller, Ed.D., Executive Director of MSFCP.org. “We 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.”

In line with JPMorganChase’s 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.

“During 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,” said Jeanique Riche-Druses, Northeast Region Executive for Global Philanthropy at JPMorganChase. “We couldn’t 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.”

Incubating an innovative and impactful approach to financial health

JPMorganChase 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.

"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” said Kate Kinder, Executive Director of the National Council for Workforce Education (NCWE). “By 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."

According 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):

• 35 percent saved over three consecutive months ($2,016 on average).
• 67 percent achieved at least one financial goal.
• 27 percent reduced debt ($2,263 on average).
• 18 percent increased their credit score (52 points on average).
• 72 percent of First-Time Full-Time two-year college students returned to their school (nine points higher than the national average).
• 85 percent and 82 percent retention for four-year college students at Long Island University and Winston-Salem State University, respectively.

Leveraging JPMorganChase’s extensive community banking network to support student financial health

JPMorganChase strengthens the financial foundation of clients, customers, and communities through a network of 150 Community Managers and nearly 5,000 branches nationwide. The firm plans to hire 75 more Community Managers by 2030, and open more than 500 new branches, and renovate 1,700 locations across the country over the next two years.

JPMorganChase is deploying local Chase Community Managers—who are dedicated to improving financial health in communities—as guest lecturers. Community Managers coordinate with professors to reinforce financial education lessons and share tips for practical application.

“Our mission is to ensure every community we serve has access to the tools they need to be financially strong and resilient—and this support for MSFCP.org and local colleges is another way we can help people understand and manage their financial lives,” said Diedra Porché, Managing Director and Head of Community and Business Development at JPMorganChase. “At JPMorganChase, we know that when we equip students with the tools and knowledge they need to take control of their financial futures, we are setting them up for success in school and beyond, and we are proud to support the launch of this expanded initiative.”

MSFCP.org is currently working with Chase Community Managers at 10 post-secondary institutions—including a pilot with the City University of New York to offer the course at colleges and universities across the five boroughs. MSFCP.org plans to make the program available at four more colleges to be on target to reach at least 1,500 students from the east to west coast by 2027.

For more information about the Money Smart Financial Coaching Program and its national expansion, please visit MSFCP.org or contact press@msfcp.org.

To learn more about how JPMorganChase helps improve access to resources for financial health, visit https://www.jpmorganchase.com/impact/financial-health-wealth-creation.

About Money Smart Financial Coaching Program (MSFCP)

Students at the City College of New York, Bronx Community College, Medgar Evers College, Long Island University, SUNY Westchester Community College, Rockland Community College, and Fulton Montgomery Community College in New York; Renton Technical College in Washington; Mott Community College in Michigan; and Winston Salem State University in North Carolina began enrolling in MSFCP courses as of January 2025.

Founded in 2024, MSFCP.org is dedicated to scaling financial coaching programs to colleges and universities across the United States. Originally created at SUNY Westchester Community College, the program has been funded by JPMorganChase since 2014 and has demonstrated significant success in increasing retention rates among participants. For more information about the Money Smart Financial Coaching Program and its national expansion, please visit MSFCP.org or contact press@msfcp.org.

About JPMorganChase

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.0 trillion in assets and $345 billion in stockholders’ equity as of December 31, 2024. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

JPMorganChase is supporting MSFCP.org through funding provided to FJC, which is serving as the fiscal sponsor for MSFCP.org. FJC is a 501c3 organization.

To learn more about how JPMorganChase helps improve access to resources for financial health, visit https://www.jpmorganchase.com/impact/financial-health-wealth-creation.