Jump$tart Coalition for Personal Financial Literacy

Jump$tart Coalition for Personal Financial Literacy
Name	Jump$tart Coalition for Personal Financial Literacy
Formation	1995
Type	Nonprofit coalition
Headquarters	Washington, D.C.
Leader title	President
Leader name	Unknown

Jump$tart Coalition for Personal Financial Literacy

Jump$tart is a U.S.-based nonprofit coalition established in 1995 to promote personal financial literacy among teens, students, and educators through partnerships among public, private, and nonprofit sectors. Founded with participation from major financial institutions and philanthropic organizations, Jump$tart has engaged stakeholders across civic, corporate, and academic spheres to develop standards, curricula, and assessment tools aimed at improving financial capability. Over time, the coalition has worked alongside national agencies, professional associations, and advocacy groups to influence practice and policy.

History

The coalition emerged from initiatives involving the Board of Governors of the Federal Reserve System, the National Endowment for Financial Education, and the Securities and Exchange Commission in the mid-1990s, drawing early support from organizations such as American Bankers Association, AARP, and Junior Achievement USA. Early convenings included representatives from foundations like the Ford Foundation, the Charles Schwab Foundation, and the Annie E. Casey Foundation, as well as associations such as the Consumer Federation of America and the National Association of State Treasurers. In the 2000s, Jump$tart released national standards influenced by work from Council for Economic Education and research from institutions such as Harvard University, Stanford University, and University of Chicago. Collaborations with federal entities like the U.S. Department of the Treasury and informal consultations with the Federal Deposit Insurance Corporation marked a period of expansion. The coalition’s activities intersected with policy debates involving lawmakers from the U.S. House of Representatives and the United States Senate, and with initiatives by nonprofit networks including Youth.gov and the Aspen Institute.

Mission and Programs

Jump$tart’s stated mission aligns with advocacy advanced by groups such as National Endowment for Financial Education, Consumer Financial Protection Bureau, and AARP Foundation to increase financial capability among young people. Core programs historically included the development of national financial literacy standards, partnerships to support classroom instruction with organizations like Council for Economic Education, Jumpstart Coalition for Personal Financial Literacy – linked entities avoided, and the creation of teacher professional development in conjunction with National Council for the Social Studies and Association for Supervision and Curriculum Development. Assessment initiatives have paralleled work by researchers at RAND Corporation, Urban Institute, and Brookings Institution to evaluate outcomes. Programmatic collaborations also involved corporate partners such as Wells Fargo, Bank of America, and Visa Inc. and philanthropic engagement from the Gates Foundation and Rockefeller Foundation.

Membership and Partners

Membership historically spanned a broad array of organizations including financial firms like Goldman Sachs, JPMorgan Chase, and American Express; nonprofits such as Junior Achievement USA, Girl Scouts of the USA, and Boys & Girls Clubs of America; academic departments from Columbia University, New York University, and University of Michigan; and professional associations including National Association of Secondary School Principals and National Association of State Boards of Education. Governmental and quasi-governmental partners included Office of the Comptroller of the Currency, U.S. Department of Education, and the Consumer Financial Protection Bureau. Media and content collaborations involved outlets and publishers like PBS, Scholastic Corporation, and McGraw-Hill Education. International linkages were formed with bodies such as the Organisation for Economic Co-operation and Development and philanthropic networks like the Rockefeller Brothers Fund.

Research and Impact

Jump$tart commissioned and cited research alongside scholars at Columbia Business School, Harvard Kennedy School, and University of Pennsylvania Wharton School to document youth financial knowledge gaps, aligning with surveys by Pew Research Center, Gallup, and NORC at the University of Chicago. Studies compared outcomes to benchmarks used by Programme for International Student Assessment and cited methodologies from National Center for Education Statistics. Impact narratives referenced program evaluations similar to those by Mathematica Policy Research, Abt Associates, and SRI International. The coalition reported results to stakeholders such as the U.S. Congress and philanthropic funders, and informed curricular frameworks used by state education agencies represented through the Council of Chief State School Officers.

Governance and Funding

Governance structures included board representation from major partner organizations, mirroring practices at coalitions like United Way Worldwide and Philanthropy Roundtable. Funding sources combined corporate sponsorships from firms like Mastercard Incorporated and American Express Company, foundation grants from entities like the Ford Foundation and Bill & Melinda Gates Foundation, and program grants from federal agencies such as the U.S. Department of the Treasury. Financial oversight echoed standards advocated by accounting bodies such as the American Institute of Certified Public Accountants and nonprofit compliance organizations like Independent Sector. Leadership over time included executives with backgrounds in organizations similar to National Endowment for Financial Education and Council for Economic Education.

Criticism and Controversies

The coalition faced critiques comparable to debates involving Chamber of Commerce-affiliated education efforts and corporate-supported nonprofit initiatives, with commentators from Consumer Reports, Public Citizen, and academic critics at Cornell University and University of California, Berkeley questioning potential conflicts of interest when financial firms sponsor curriculum. Policy analysts at Demos and Center for American Progress raised concerns about efficacy and measurement, echoing critiques in reports by Government Accountability Office and investigative coverage in outlets like The New York Times and ProPublica. Debates also referenced standards disputes similar to those involving Common Core State Standards Initiative and discussions of privatization raised by groups such as National Education Association and American Federation of Teachers.

Category:Nonprofit organizations based in Washington, D.C.