JPMorgan Chase and CFSI Launch $30 Million Financial Literacy Partnership

The global financial literacy community is humming over the announcement by JP Morgan and the Center for Financial Services Innovation (CFSI) regarding their alliance designed to coalesce entrepreneurs and specialists in technology and finance to focus on building solutions in the financial education space. The five-year, $30 million initiative is focused on jump-starting the design and development of ground-breaking, high impact products and services aimed at driving the ability of consumers to effectively manage their personal financial affairs.

The joint effort by JP Morgan and CFSI will be centered in the Financial Solutions Lab, which will convene tech and finance leaders to help individuals and families better budget, save, invest and build assets. The Lab will host a series of competitions for social entrepreneurs to spur ideas for innovative financial literacy solutions. The best ideas will then be supported with financing, technical assistance and a broad range of other support to move from conception to development to implementation.

Both JP Morgan and CFSI have devoted many years to reviewing the financial behaviors of consumers and both entities are committed to leveraging their years-long know-how to scale influential ideas into products and solutions that will benefit millions of consumers.

A new white paper released by JP Morgan and the University of North Carolina at Chapel Hill underscores the importance of news solutions for the financial literacy industry. Specifically, it highlights the fact the low levels of financial education and financial capability impact only individual consumers but also the larger economy. As more research continues to shed light on the broader economic, societal and political impact of poor financial literacy, we can expect a more partnerships such as the CFSI-JP Morgan initiative to emerge, which bodes very well for the future prospects for financial literacy throughout the world.

More information on the CFSI-JP Morgan partnership can be found here.