Celebrating a Decade of Financial Empowerment: 10 Years of Financial Coaching at SUNY Westchester Community College
BACKGROUND:
Statistics show that 48% of students who dropout do so due to finances; 46% of all students continue to report difficulty concentrating because of money worries. Recognizing that financial hurdles are a major barrier to completion, the College was an early advocate of providing Financial Wellness education by establishing its Center for Financial and Economic Education. In partnership with JPMorgan Chase we developed and launched a comprehensive financial wellness program that had at its core one-on-one financial coaching.
PROGRAM DEVELOPMENT
This is a cornerstone of our innovative Money Smart Program. Over the past 10 years, our professional financial coaching, integrated within the comprehensive Money Smart framework (which also includes financial education, forums and peer activities), has empowered countless students. It helps them build financial wellness, budget effectively, save for the future, avoid costly mistakes, and ultimately, persist in their education and prepare for their careers. Over the past several years, our model of Financial Education has been replicated at ten Colleges nationwide.
RESULTS
The impact is clear: Since 2014/15 the Center has supported over 3,400 students with financial education. Over the past decade, over 1,020 students received intensive one-on-one coaching:
- An astounding 100% of those completing the program achieved a financial goal.
- 44% saved for three consecutive months, averaging $1,342 in savings and $2,218 in debt reduction!
- Furthermore, as a direct result of coaching students over a semester, on average students increased their credit scores by nearly 39 points.
Building on a decade of experience, in the 2023/24 academic year alone, over 100 students received intensive one-on-one coaching.
- Of those completing the program, an astounding 100% achieved a financial goal
- They averaged $2,300 in savings and $606 in debt reduction.
- 23% secured jobs or increased their salaries as a direct result of coaching.
YOU can make a difference in a student’s by participating in Financial Education, either through volunteering for, advising in, and/or providing financial support to the program.
For more information, contact: [email protected]
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