Money Management International Launches Initiative to Reach Underserved Communities with Grant from JPMorgan Chase
Funding will enhance online service delivery nationally and support one-on-one financial counseling in ten select cities
STAFFORD, Texas, June 11, 2024 (GLOBE NEWSWIRE) -- Money Management International (MMI), a leading nonprofit organization dedicated to improving lives through financial education, is pleased to announce the launch of Operation Onward: Inspiring Action, a groundbreaking project supported by a generous grant from JPMorgan Chase.
This initiative aims to significantly enhance MMI’s digital outreach capabilities, particularly focusing on underserved, low-to-moderate income (LMI) and minority communities. The project will motivate and inspire website visitors engaging with MMI’s online counseling platform to take positive action, particularly those challenged with budgeting, saving, credit, debt, and housing instability.
MMI’s Consumer Distress Dashboard shows a significant increase in the average unsecured debt among consumers contacting the agency, with an alarming spike in consumers seeking financial counseling in 2024. The increase mirrors a national trend, as new data from the Federal Reserve shows overall outstanding debt in the U.S. exceeded $5 trillion in 2024, marking an unprecedented high. Concurrently, delinquency rates have surged to levels not seen since 2012.
Over the last three years, MMI has experienced a 72% increase in BIPOC clients using its web-based services, up from 33% to 57%.
“In working to reach and serve these consumers effectively, we have found that our BIPOC clients diverge from other users of our web-based services,” said Michelle Jones, Chief External Affairs Officer at MMI. “Our LMI clients, who are disproportionately Black or Hispanic, are more likely to use mobile devices to access our assistance, gravitating toward the flexibility, accessibility, and privacy afforded by online counseling.”
Reaching and serving both LMI and minority communities is a priority for MMI, as communities nationwide continue to feel the impact of rising housing prices, interest rate increases, and inflation. “Almost 60% of MMI’s clients self-identify as a racial or ethnic minority,” added Jones. “In some of MMI’s counseling services, such as rental counseling, that percentage can skew as high as 74%.”
In addition, MMI will provide one-on-one counseling in-person and online via credit clinics in ten select cities throughout late 2024. Locations will include: Bronx, Brooklyn, Oakland, Los Angeles, Baton Rouge, Miami, Chicago, Houston, Phoenix, and Washington DC. The clinics are designed to improve creditworthiness and financial health by focusing on credit education, credit scoring, and debt management. Information will be available at local Chase Bank locations as event details are finalized.
About MMI
Money Management International (MMI) is at the forefront of changing how America overcomes financial challenges. With over 65 years of experience, MMI empowers individuals to achieve financial confidence through education, motivation, and informed choices. Named among the nation's best by Bankrate, ConsumerAffairs, Investopedia, Forbes, Fortune, and USA Today, MMI helps people overcome everyday and extraordinary financial challenges. Through nonprofit programs that offer expert guidance and timely solutions, MMI inspires action and fosters a life of financial wellness. Learn more at MoneyManagement.org.
For reporters seeking real people to interview, MMI has created a group of nearly 400 clients from across the country who are willing to share their experiences with the media in the hopes of helping others challenged with financial instability. Our peer advocates have paid off over $16 million of debt and now serve as MMI ambassadors. Hear from them on MMI’s podcast, Long Story $hort.
To schedule an interview with Michelle Jones or an MMI client, please contact:
Thomas Nitzsche, 404.490.2227, Thomas.Nitzsche@MoneyManagement.org
Lori Geary, 404.551.2151, lgeary@lexiconstrategies.com
Thomas Nitzsche Money Management International 404.490.2227 Thomas.Nitzsche@MoneyManagement.org Lori Geary Lexicon Strategies 404.551.2151 lgeary@lexiconstrategies.com
