Empowering our Youth with Financial Literacy Skills
Our partnership with JPMorgan Chase began in June 2023, when Carolyn Pagan, Financial Advisor, reached out to explore ways they could contribute to the financial literacy of our young people. As plans for the training took shape, employees from their Jersey City office joined us for a Service Day at our Youth Engagement Center in October 2023.
Thirteen employees spent half a day onsite, immersing themselves in our mission, meeting with our youth, and engaging in a hands-on financial literacy activity. The day concluded with a shared lunch with our staff and young people, providing valuable insights and connections. Inspired by this experience, a second group of fourteen JPMorgan employees participated in another Service Day in April 2024.
Building relationships with companies like JPMorgan Chase is crucial for our young people’s stability because it gives them access to real-world knowledge, financial resources, and professional networks. These connections provide the guidance and support they need to navigate life beyond Covenant House and set them up for long-term success,” says Shabana Hassan, head of our Dove Learning Center.
Since then, our partnership with JPMorgan Chase has deepened, especially with the support of Melissa Prashad, Vice President of Community Banking. In the past few months, the local Chase branch in Newark hosted numerous workshops on- and off-site, designed to build financial literacy skills and provide practical action steps for our youth. This fall, Melissa and her team facilitated two essential workshops:
- Chase Money Skills: Credit & Debt Management: Providing a comprehensive overview of credit management, this session addressed credit scores, interest rates, and responsible credit use, helping our youth understand the impact of credit decisions and build a solid foundation for informed financial choices.
- Chase Money Skills: Savings & Budgeting: Covering foundational banking services—such as opening and managing accounts, understanding fees, using ATMs, and navigating online banking—this workshop empowers youth to manage their personal finances with confidence.
According to Melissa, “At JPMorganChase, we believe that financial health is a vital skill that can empower young people to build brighter futures. By partnering with organizations like Covenant House, our team has the opportunity to share practical financial knowledge and empower youth to confidently manage their finances. It’s incredibly rewarding to see them develop skills that will support their growth and independence for years to come.”
In addition to practical knowledge, these workshops offer our youth participants opportunities to visit the Newark Chase branch and connect with local contacts there, building relationships that may support them in the future when they are ready to get their banking accounts set up. As one of our youth Sam P. noted, “At one of the sessions, Melissa introduced us to the actual bankers and managers who could help walk us through creating accounts. I don’t think I’ve ever considered why these things are important before this workshop.” In total to date, 22 CHNJ youth have participated in the JPMorgan Chase financial workshops.This collaboration is part of our broader mission to equip our youth with the tools and knowledge for financial independence, a crucial element of our five-pillar growth strategy. We are grateful for JPMorgan Chase’s commitment to empowering our young people on their journey toward a stable and successful future.
Corporate support is an important component of the work we do. If you are a company or corporation interested in supporting our work with youth facing homelessness, contact Corporate Partnerships & Foundation Officer, Mary Lonergan (mlonergan@covenanthouse.org).
