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Financial Coaching

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.

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Financial Coaching

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  1. Financial Coaching Sue Rogan MD CASH Campaign

  2. 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. 

  3. 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

  4. Financial Coaching • Grew from Financial Education classes • Group Coaching • One on One Coaching

  5. 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

  6. Group Coaching • Participants • Recruited by media stories, newsletters, partners • Online application • Phone interviews 113 People Expressed interest

  7. Group Coaching • Coaches • Staff • Volunteer Co-Coaches • Trained by Central New Mexico and in-house • Coaching Agreement

  8. Group Coaching • Meeting Locations • Originally where group agreed • Changed to a set location • Email only not successful • Online group

  9. 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

  10. Group Coaching • Goals • Create and maintain budget • Save money • Not use credit cards • Increase retirement savings • Start a new business

  11. One on One Coaching • Developed via an opportunity • Expanded the limited one on one coaching program • MyBudgetCoach • Online tool, “Plug and Play”

  12. Coaching One on One 150 members = target • My BudgetCoach • 12 sessions • 2 Cohorts • 9 sites for Cohort 1 • 15 sites for Cohort 2 • Randomly assigned to online or in-person coaching

  13. 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

  14. Coaching Works

  15. 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

  16. 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

  17. 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

  18. 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

  19. Considerations for Coaching Programs • Support for Coaches during program • Delivery Model for Coaching • Group • One on One • Online • Logistics • Location? • Food? Library? Office? Restaurant?

  20. Considerations for Coaching Programs • Format of Session • Set Agenda? • Financial Content? • Partners allowed? • Length of program? • When does it end? • Celebration • Follow Up Graduation

  21. Questions? Sue Rogan Director of Financial Education MD CASH Campaign 443-692-9425 sue@mdcash.org

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