identifying & tracking meaningful financial counseling outcomes 2015 annual conference on...
TRANSCRIPT
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Identifying & Tracking Meaningful Financial Counseling Outcomes
2015 Annual Conference on Financial Education
Holly FrindellCity of San
Antonio
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Key Topics:
Basic, quantifiable outcomes that show impact of financial counseling
Additional outcomes important to your community
Structuring a program to measure chosen outcomes
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What are Financial Empowerment Centers?
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NYC Financial Empowerment Center Implemented in 2008
Over 19,000 clients served
$9 million in reduced debt
$1 million in increased savings
Expanded from 5 to 30 centers
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San Antonio Financial Empowerment Center ResultsMarch 2013 – December 2014
3,102 clients served
$3.2 million in reduced debt
$360K in increased savings
Began operations in 2 Centers
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Basic ‘Building Block’ Outcomes
CREDIT DEBT SAVINGS
BANKING
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‘Building Block’ Outcomes
Banking
Credit
Debt
Savings
Open safe, affordable bank account
Account open for 6 months
Establish credit
Improve credit score by 35 points
Maintain savings habit for 3 months
Increase savings by 2% of net income
Reduce debt by 10%
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What are you trying to build?
BANKING
SAVINGS
DEBT
CREDIT
BUYING A HOUSE
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What are you trying to build = Additional Outcomes
ADDRESSING CRISIS PLANNING FOR THE FUTURE
Student Loan Repayment Plan
Began saving for college
Obtained Mortgage Loan Modification
Saved for a special event – wedding, vacation
Avoided Bankruptcy Saved for a down payment
Avoided Eviction/Foreclosure
Qualified for home loan
Resolved Federal Tax Issues
Qualified for a car loan
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Structuring Program and Partnerships
Pairing financial counseling with other social services to help
clients achieve their goals more quickly and
permanently
SUPERVITAMIN EFFECT
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Types of Partnerships
Education/Workforce
Development
• SAHA Jobs Plus• Haven for Hope• Goodwill Good Careers
• P16 Opportunity Youth
• SAISD Early Childhood Centers
• George Gervin Youth Build
Housing
• SAHA Homebuyers Program
• SAHA Early Engagement
• Salvation Army Rapid Re-housing
• Habitat for Humanity• COSA Homebuyers Club
• SAMMinistries • Rapid Re-housing• Emergency Assistance
• Long-term Housing
Family Economic Stability
• VITA• SaveUSA• Methodist Hospital • Bexar County Emergency Services
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Telling the Story of Your Success
Basic credit, savings, debt and
banking outcomes
Additional outcomes that
matter to YOUR community
Partnerships to Maximize
‘Supervitamin Effect’
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Identifying & Tracking Meaningful Financial Counseling OutcomesContact Information:
Holly Frindell, Special Projects ManagerDepartment of Human ServicesCity of San Antonio