Financial Coaching Sue Rogan MD CASH Campaign

MD CASH (Creating Assets, Savings and Hope) Campaign A network of organizations from across Maryland that seeks to improve the financial stability of working families.

MD CASH Campaign  Advocates on behalf of low-and moderate-income taxpayers throughout the state  Assists partners in capacity building and training— VITA sites  Provides financial education classes, programs and training

Financial Coaching  Grew from Financial Education classes  Group Coaching  One on One Coaching

Group Coaching  10 Groups  42 participants  4 Groups were studied by the University of Center for Financial Security  2-8 people per group  Met weekly for 8 weeks  Group accountability and support  Serve more clients

Group Coaching  Participants  Recruited by media stories, newsletters, partners  Online application  Phone interviews 113 People Expressed interest

Group Coaching  Coaches  Staff  Volunteer Co-Coaches  Trained by Central New Mexico and in-house  Coaching Agreement

Group Coaching  Meeting Locations  Originally where group agreed  Changed to a set location  only not successful  Online group

Group Coaching  Meeting Format  Guidelines/Agreement  Agenda for each session  Opening inspirational quote  Check on progress towards goals  Financial content  Money Values/Habits, Budget, Credit  Action Steps/Homework  Celebration at End WON = We Owe No One

Group Coaching  Goals  Create and maintain budget  Save money  Not use credit cards  Increase retirement savings  Start a new business

One on One Coaching  Developed via an opportunity  Expanded the limited one on one coaching program  MyBudgetCoach  Online tool, “Plug and Play”

Coaching One on One  My BudgetCoach  12 sessions  2 Cohorts  9 sites for Cohort 1  15 sites for Cohort 2  Randomly assigned to online or in-person coaching 150 members = target

One on One Coaching  Pilot being studied by Univ of Wisconsin  Trained coaches-coaching and online tool  Financial content in half the sessions  Provides data on behavior  Helps provide volunteer oversight

Coaching Works Coaching Client who is ready Behavior Change

Coaching Works MD CASH Small Group Coaching  64% of respondents were saving more money at end of coaching than before  80% were confident or relatively confident they would achieve their next financial goal  100% were using a budget after coaching  40% opened a checking or savings account with financial institution  40% obtained their credit report

Coaching Works LISC one on one coaching in combination with workforce development services  44% improved credit score  72%increased net income  48% increased net worth Median credit score increase = 39 points

Coaching Works Neighborworks America  30 organizations across 17 states  54% of participants who had no savings in beginning of program had savings at the end. Median savings = $668  48% of participants who had savings at beginning of program increased savings. Median increase savings = $938  55% with unsecured debt at beginning of program decreased debt. Median decrease = $3005

Considerations for Coaching Programs  Funding  Recruiting and training Coaches, volunteers/staff  Clear definition of financial coaching for marketing  Recruiting and selecting clients  Not all clients are a good fit for coaching  Data Collection/Outcomes

Considerations for Coaching Programs  Support for Coaches during program  Delivery Model for Coaching  Group  One on One  Online  Logistics  Location?  Food? Library? Office? Restaurant?

Considerations for Coaching Programs  Format of Session  Set Agenda?  Financial Content?  Partners allowed?  Length of program?  When does it end?  Celebration  Follow Up Graduation

Questions? Sue Rogan Director of Financial Education MD CASH Campaign