NCWE successfully completed its Money Smart Financial Coaching Program (MSFCP), a four year project to boost financial wellness and college success.
MSFCP was developed at SUNY Westchester Community College (WCC) to support learners to realize their college and career goals, and improve their financial wellbeing. Thanks to the generous investment and strategic guidance of JPMorganChase, the National Council for Workforce Education (NCWE) was able to incubate, scale, and expand this effective model.
“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.
Incubating an Innovative and Impactful Approach to Financial Health
JPMorganChase partnered with SUNY WCC between 2014 and 2021 to help shape and fund the original financial coaching program for students, with notable early success. After WCC reported a 91 percent persistence rate and realization of financial goals among MSFCP participants, JPMorganChase approached NCWE to help 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.
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 completions. Among MSFCP students at Rockland Community College (RCC), Westchester Community College (WCC), Fulton-Montgomery Community College (FMCC), Mott Community College, Monroe Community College, Renton Technical College (RTC), Long Island University-Brooklyn (LIU-Brooklyn), and Winston-Salem State University (WSSU):
- 72 percent of First-Time Full-Time two-year college students returned to their school (nine points higher than the national average).
- 35 percent saved over three consecutive months ($2,016 on average).
- 67 percent achieved at least one financial goal by the end of year two.
- 27 percent reduced debt ($2,263 on average)
- 18 percent increased their credit score (52 points on average).
MSFCP students are more likely than their peers nationally to return to school or complete an academic program. This was true among both 2-year and 4-year institutions. Coupled with findings from site visits during the past two years, such data indicate that MSFCP students are gaining confidence about finances and building stronger ties to their college or university, which in turn may positively impact retention. (See the Exec Summary)
Scaling Practitioner-Driven Solutions
The promising results of MSFCP illustrate the importance of investing in holistic student support and coaching. It also underscores the value of scaling innovative models that center learners, and are designed by practitioners and those closest to the work. Public-private partnerships that support local innovation and peer learning are essential for improving college and career pathways that increase financial stability and wellbeing.
NCWE will continue to elevate work and foster future projects that advance community college workforce education practice, partnerships, and policy.