Financial Coaching in CT- - PowerPoint Presentation

Financial Coaching in CT- 12/7/16Survey- N=13 CT Asset Building Collaborative

Where Financial coaching is offered

Where programs are reaching* * No site responded with countywide as an option

Financial Coaching Program Size* * No programs were operating with more than 10 new clients/month

Categories of Clients Served Clients Served Responses Percent of Cases N Percent   Low and Moderate Income 12 20.3% 92.3% Single Parent Families 9 15.3%69.2%Youth or Young Adults58.5%38.5%Persons with disabilities58.5%38.5%Unemployed46.8%30.8%Re-entry46.8%30.8% IDA participants35.1%23.1%Income above a stated minimum amount35.1%23.1%Income below a stated maximum amount35.1%23.1%Public Housing Residents35.1%23.1%Shelter Residents23.4%15.4%Veterans23.4%15.4%Small Business Owners23.4%15.4%Senior Citizens11.7%7.7%Domestic Violence Victims11.7%7.7%Total59100.0%453.8%

Number of different Populations served by each agency

Coaching Programs Service Delivery Model # Sites Percent As part of a comprehensive financial capability program (incl. financial workshops, VITA etc.) 5 38.5% As part of a comprehensive economic development set of programs (workforce development, entrepreneurship, home ownership 3 23.1% Integrated with other social service programs ( eg . part of eviction prevention, utility arrearage, benefits screening, 323.1%As a stand alone Financial Coaching program17.7%As part of a study on financial health17.7%Total13100.0%Years Operating# SitesPercentLess than 1 year323.1%1-3 years430.8%3-5 years323.1%More than 5 years323.1%Total13 

Agency Coaches: source and size Coaching Sources Responses Percent of Cases N Percent Full time paid staff 11 50.0% 84.6% Interns/Vistas 1 4.5% 7.7%Part time paid staff522.7%38.5%Volunteers522.7%38.5%Total22100.0%169.2%Coaching Pool# sitesPercentOne17.7%Two-Three646.2%Three - Five323.1%Six-Ten17.7%More than Ten coaches215.4%Total13100.0%

Coach Training and client Contact Coaching Contacts Responses Percent of Cases N Percent Email 1 4.8% 7.7% Group 4 19.0% 30.8%In Person1361.9%100.0%Phone314.3%23.1%Total21100.0%161.5%Coach TrainingResponsesPercent of CasesNPercentCFPB Your Money Your Goals735.0%53.8%NeighborWorks America315.0%23.1%Central New Mexico210.0%15.4%AFCPE15.0%7.7%The Financial Clinic15.0%7.7%University of Wisconson15.0%7.7%In house training/train the trainer315.0%23.1%No formal training210.0%15.4%Total 20 100.0% 153.8%

Client outcomes tracked Outcomes Tracked Responses Percent of Cases N Percent Achievement of financial goals 11 11.2% 91.7% Budgeting and expense tracking 11 11.2% 91.7%Change in the amount of savings1111.2%91.7%Credit improvement1010.2%83.3%Debt reduction99.2%75.0%Change in client attitude, confidence or perceived financial well being88.2%66.7%Change in savings habits (increase in the number of deposits)88.2%66.7%Pre and post test of financial knowledge77.1%58.3%Better use of financial products77.1%58.3%On time bill payment55.1%41.7%Change in income55.1%41.7%Improved job or job related income44.1%33.3%Change in net worth22.0%16.7%Total98100.0%816.7% # site outcomes Sites Percent 0 1 7.7 3 1 7.7 6 2 15.4 7 2 15.4 8 1 7.79215.410215.41117.71217.7Total13100.0 # of Outcomes

Identified Barriers Program Barriers Responses Percent of Cases N Percent Lack of client follow through once in the program 10 34.5% 76.9% Lack of client interest 5 17.2% 38.5%Unreliable or insufficient funding517.2%38.5%Competing demands on coaches time to devote to financial coaching310.3%23.1%Difficulty in tracking client outcomes or program impact310.3%23.1%Inability to integrate into other programs and services26.9%15.4%Client's low income levels13.4%7.7%Total29 100% 223% 

Questions ????? Andrew Geisert LifeBridge 203-368-5562 ageisert@LifeBridgeCT.org Sheryl HorowitzCT Association for Human Services 860-951-2212 x 246 shorowitz@cahs.org