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Published byJulie Horton Modified over 9 years ago
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Financial Coaching Sue Rogan MD CASH Campaign
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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.
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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
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Financial Coaching Grew from Financial Education classes Group Coaching One on One Coaching
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Group Coaching 10 Groups 42 participants 4 Groups were studied by the University of Wisconsin @Madison’s Center for Financial Security 2-8 people per group Met weekly for 8 weeks Group accountability and support Serve more clients
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Group Coaching Participants Recruited by media stories, newsletters, partners Online application Phone interviews 113 People Expressed interest
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Group Coaching Coaches Staff Volunteer Co-Coaches Trained by Central New Mexico and in-house Coaching Agreement
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Group Coaching Meeting Locations Originally where group agreed Changed to a set location Email only not successful Online group
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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
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Group Coaching Goals Create and maintain budget Save money Not use credit cards Increase retirement savings Start a new business
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One on One Coaching Developed via an opportunity Expanded the limited one on one coaching program MyBudgetCoach Online tool, “Plug and Play”
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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
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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
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Coaching Works Coaching Client who is ready Behavior Change
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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
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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
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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
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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
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Considerations for Coaching Programs Support for Coaches during program Delivery Model for Coaching Group One on One Online Logistics Location? Food? Library? Office? Restaurant?
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Considerations for Coaching Programs Format of Session Set Agenda? Financial Content? Partners allowed? Length of program? When does it end? Celebration Follow Up Graduation
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Questions? Sue Rogan Director of Financial Education MD CASH Campaign 443-692-9425 sue@mdcash.org
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