financial coaching
DESCRIPTION
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. - PowerPoint PPT PresentationTRANSCRIPT
Financial CoachingSue 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 Wisconsin @Madison’s Center for Financial Security
2-8 people per group Met weekly for 8 weeks
Group accountability and supportServe more clients
Group Coaching
ParticipantsRecruited by media stories, newsletters,
partners
Online applicationPhone interviews
113 People
Expressed interest
Group Coaching
CoachesStaffVolunteer Co-CoachesTrained by Central New Mexico and in-
houseCoaching Agreement
Group Coaching
Meeting LocationsOriginally where group agreedChanged to a set locationEmail only not successfulOnline 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
GoalsCreate and maintain budgetSave moneyNot use credit cardsIncrease retirement savingsStart a new business
One on One Coaching
Developed via an opportunity
Expanded the limited one on one coaching program
MyBudgetCoachOnline tool, “Plug and Play”
Coaching One on One
My BudgetCoach 12 sessions
2 Cohorts9 sites for Cohort 115 sites for Cohort 2Randomly 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 America30 organizations across 17 states54% 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
GroupOne on OneOnline
LogisticsLocation?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 UpGraduatio
n
Questions?
Sue Rogan
Director of Financial Education
MD CASH Campaign
443-692-9425