J.P. Morgan today announced, in collaboration with YouChange China Social Entrepreneur Foundation (YouChange), the launch of the second phase of Power Up Women Program. This new three-year phase will provide comprehensive E-Commerce skills training, financial coaching and resource matching services for women in rural China to help them improve income and build financial resilience of their families.
“J.P. Morgan is committed to promoting economic resilience and inclusion around the world, and women are a critical force to achieve this goal. We believe that our strengthened partnership with YouChange will provide underprivileged women with greater access to in-demand skills training and entrepreneurial support in order to help them generate income and grow their businesses. In turn, this will ultimately improve the financial wellness of their families and broader communities in the long run,” said Lily Zou, President of J.P. Morgan Chase Bank (China) Company Limited.
“Over the next three years, 6,300 women from over 80 counties across Sichuan, Gansu, Henan, Ningxia, Shaanxi, Yunnan and Guizhou province are expected to benefit from this philanthropic program. J.P. Morgan has been growing with China for over 100 years and it is critical for us to continue contributing to and helping our local communities, which demonstrates our steadfast commitment to this important market,” Zou added.
According to a study entitled Women's Economic Empowerment in Rural China, approximately 250 million women with working abilities reside in China’s vast rural areas. This large group of women carry out domestic and agriculture work, while facing multiple development and, in some cases, survival challenges.
“With the strong support from J.P. Morgan, we were able to focus on women's economic empowerment in China’s poverty-stricken areas, which contributed to our goal of poverty alleviation. With this new chapter of our partnership, we believe that by bringing together private sectors, NGOs and local governments, the new initiative will help build a deeper talent pool for rural vitalization and achieve common prosperity in the long run, ”said Dr. Tang Min, Deputy Director of YouChange.
J.P. Morgan and YouChange launched the Power Up Women Program in 2019. From 2019 to 2020, the program was rolled out to 1,874 women across five provinces, including Gansu, Sichuan, Guizhou, Hubei and Anhui. All the enrolled trainees completed the financial literacy courses, with 91.7% finishing the whole training program. This has been translated into a 66.6% employment rate and an average monthly salary increase of 40%. For those who started their own businesses, their monthly income increased by RMB 1,000 yuan on average. In addition, the program recruited 96 financial coaches, including J.P. Morgan employee volunteers, who provided 877 participants with six-month financial consultation sessions. 637 participants achieved their pre-set goals after the consultation.
Drawing on experience from the first phase, the renewed program will offer additional entrepreneurial skills training, incubation support and resource around key topics including internet psychology and behavior, E-Commerce livestreaming, micro and small business management, psychological health and female leadership to help underprivileged women to achieve all-round development and better income.
J.P. Morgan made the grant via Give2Asia to YouChange.
China is a strategically important market for J.P. Morgan globally. Over the last three years, the firm has been supporting programs and initiatives that have benefited over 260,000 people across 24 provinces in China, focusing on improving workforce readiness, boosting small businesses, creating new opportunities for young people and disadvantaged communities, and contributing to poverty alleviation and rural vitalization in the country.