Outcomes Summary

Transcription

1 Outcomes Summary FINANCIAL COACHING of Coaching customers of coaching sessions Total debt reduction Total increased Savings Average Credit score increase ,776 $3,892,670 $1,788, points Affordable banking 490 consumer friendly financial products were accessed of customers who Created Spending Plan to achieve goals of monthly on time payments and other goals. 4,584 Customer sense of financial stress and control: 61% report being constantly to somewhat worried about their finances.( 1-5 on a scale of 1 to 10) 49% report having little to no control over their finances. (1-5 on a scale of 1 to 10) Coaching Outcomes (Customers may be working on more than one goal) TARGET: Credit and debt position improved o RESULT: 82% are working on credit and/or debt through debt repayment plans, correcting credit reports, and increased credit scores TARGET: Financial skills and personal money management improved o RESULT: 74% of coaching customers have improved personal money management by creating a household budget (spending plan), adding savings to their budget plan, opening credit building accounts, and accessing expert support through community referrals. TARGET: Income and earning potential improved o RESULT: 15% increased income and earning potential by improving their employment situation and by accessing post-secondary education Financial Coaching Process (see below) 1. Establish Financial Goal and 2. Develop an Action Plan to Achieve Goals 9717 clients established 24,416 goals in 12 different financial areas. Some clients established multiple goals. Establish Financial Goals: 1

2 Client Financial Goal (Clients may work on multiple goals) Access Financial Products/Services Asset Development Budgeting Credit Improvement CMIS questions/fields queried for these outcomes Obtained All Documents Needed; Discussed Benefits of Different Products Available; Researched/Compared Bank Accounts; Applied for Bank Account; Received decision on app; Identified alt to prod service; Identified credit builder loan; Acct opened; Approved for credit builder Create And Use a Financial Budget; Reduce Existing Expenses; Access Mortgage Lending Services; Increase Savings; Establish / Build Credit; Improve Credit Score; Access Small Business Lending Resources; Reduce Debt; Access Financial Products / Services; Initiated Updated Plan to Achieve Long-term Savings Plan; Purchase a Motor Vehicle; Purchase a Home; Save a Home from Foreclosure; Opening an Investment Account; Opening / Expanding a business; Obtain an Educational Degree or Certificate; Retire; Filed for Home retention; Sold Property. Completed Realistic Budget; Reviewed Budget with Coach; Identified Opportunities to Reduce expenses; Identified opportunities to increase income; Identified Opportunities to Increase Savings & Update the Budget worksheet; Identified a Need for Financial Products / Services; Client created financial goal Initial Credit Score; Reviewed credit history; Identified Ways to Improve Credit Score / Establish Credit ; Created a Plan To Improve / Establish credit; Alerted Credit Bureau / Lender to Errors on Credit Report; Opted Out of Solicitations From Potential lenders ; Increased Existing Credit Line; Increase Score. 2 working on it who achieved at least one milestone Percenta ge who achieved at least one mileston e % % % % Debt reduction Contacted creditor; Negotiated with %

3 Improve Employment Situation Increase Income Increase Savings Credit Bureau; Filed a Dispute With the Credit bureau; Alerted the Creditor to Identity Theft; Entered Into a payment plan with Creditor; Contacted Debt Counseling Or for Intense Assistance; Approved for Forgiveness Plan; Approved for Income-based Repayment plan; Refinanced/ Consolidated/or Lowered Interest Rate on Loans; Negotiated Lower Interest Rate of Credit Card; Identified Goal of refinancing/ consolidating/ lowering interest Rates; Researched refinancing/ consolidation/ Lower Interest Rate Options; Create Debt Mgmt Worksheet; Identified Opportunities to Decrease Expenses; Developed a Payment Plan; ID incorrect info credit report; Interested In Refinancing to Reduce the Interest, Change Terms, or Consolidate with Other Loans; Applied For Refinancing/ Consolidation/ Lower Interest Rate Options; Applied for Income-based Repayment Plan; Applied for Forgiveness Plan. Identified Goal Related To Changing Their Employment Situation; Requested Assistance In Improving Employment Situation; Review existing resume with coach; Referred To Workforce Development Referral Source - Complete Referral; Identified Opportunities to Increase Income Through Referral to WD Program; Update Resume; Enrolls In New Workforce Development/ Training Program; Customer Completes Workforce development / Training Program; Improves Job Situation; Obtains Career certification; Increased Incomed via New Employment. Identified Opportunities for Non-Cash Benefits Eligibility; Applied for Noncash Benefits; Received Non-cash benefits; Updated Budget/Income Information; Accessed Free Tax Prep Services Identified An Opportunity to Save; Established savings goal; Obtained the Documents Needed to % % %

4 Post-secondary Access (These are coaching customers only-9,200 additional helped in high schools through College Funding Project) Referrals Retirement Plan Development Open a Savings account; Researched / Compared Bank Accounts; Established Auto-deduction to Savings Account; Make First Deposit Into Savings Account; Savings meet emergency fund level; Maintained an Active and Compliant Bank Account; Started Savings On a Monthly basis; Opened a CD; Opened a Savings Bond; Client Opened Savings Account; Reactivated A Savings Account. Client decides to pursue postsecondary education; Applied to an Education Program; Accepted to an education Program; Client Enrolled In Education Program; Reviewed Funding Options; Selected Funding Resources Desired; Completed FAFSA; Client Received Student Aid Report / Award Letter; Client Met with Coach to Review Options; Client received award; Total Resources Obtained To Pay For Education. Identify a Need Not Provided by SBM; Referred to a Partner Agency; Followed Up With Referral Agency to Ensure Connection Was Made; Working With Referral Agency on Identified Need; Achieved Goal. Created Forecasted Budget for Retirement Including Income and Expense Information; Identified opportunities to increase income ; Researched Amount of Income Needed for Retirement; Researched Impact of Age at Retirement on Social Security Benefits and Amount of Savings Needed for Retirement; Update new target date for retirement; Identified Opportunities to Apply for Reduction in Taxes Associated with Home; Applied for Tax Reduction for Property, School, or Sewer taxes; Received Tax Level Reduction; Created a Will; Updated an Existing Will; Opened Life Insurance Policy; Updated Life Insurance Policy; Granted Power of Attorney; % % % 4

5 ALL $TAND BY ME SERVICES Service Provided 2012 (first 12 months) Personal Financial Coaching (# of unduplicated clients) Interactive workshops of workshop participants 2013 (second 12 months) May 2013 April 2014 May 2014 April 2015 May 2015 Present Total , ,744 FAFSA Applications ,850 Financial Aid Workshops 2,521 3,888 6,409 Free Self-Help Tax 0 2,700 3,042 3,500 2,473 11,715 Preparation Total 50,117 5