Developing CSA Programs wit ith Families in in Min ind April 26, 2017 www.savingsforkids.org
Welc lcome Monica Copeland Senior Program Manager Children’s Savings CFED www.savingsforkids.org
Housekeepin ing • This webinar is being recorded and will be available online and emailed to those who registered • All attendees are muted to ensure sound quality • Ask a question any time by typing the question into the text box of the GoToWebinar Control Panel • If you experience any technical issues, email gotomeeting@cfed.org www.savingsforkids.org
About CFED Our mission at CFED is to make it possible for millions of people to achieve financial security and contribute to an opportunity economy. www.savingsforkids.org
How Do We e Do o It We push to expand innovative practical solutions that empower low- and moderate-income people to build wealth. We drive policy change at all levels of government. We support the efforts of community leaders across the country to advance economic opportunity for all. www.savingsforkids.org
Campaign for Every Kid’s Future Join today to help achieve our vision of 1.4 million Children’s Savings Accounts by 2020! www.savingsforkids.org
Webin inar Overvie iew • Goals • Provide information to help organizations assess the needs of families before starting a CSA program • Share examples of how to engage with families in a CSA program and how to keep them involved once a program is up and running www.savingsforkids.org
Webin inar Overvie iew • Agenda • Background information – CSAs and engagement • Presentations – Commonwealth and City of Boston • Questions and Answers • Resources www.savingsforkids.org
Presenters Kerri Schmidt Kimberly Lucas Deputy Director, Director of Civic ReadBoston and Research, Mayor’s Boston Saves, Mayor's Office of New Urban Office of Workforce Mechanics Development City of Boston City of Boston www.savingsforkids.org
What Are CSAs? • Long-term savings or investment accounts for children (0-18) • Usually used for postsecondary education expenses • Provide incentives to build savings (e.g., seed deposit and matches) • Account withdrawals are restricted www.savingsforkids.org
How Do CSAs Work? www.savingsforkids.org
Famil ily Engagement • Savings participation • High-touch vs. low-touch engagement • Deciding on an engagement strategy www.savingsforkids.org
We build solutions to make people financially secure.
D2D Fund is now Commonwealth At Commonwealth, we believe lasting social and economic prosperity requires that everyone has wealth – of opportunity, of tools, and of financial assets. We need to grow our common wealth and make wealth more common.
Commonwealth’s Work with CSAs
What Does Engagement in CSA Programs Mean to You? Knowledge of Program Open Accounts Family Deposits Interaction with Post-Secondary Preparation Activities
Creating Action Requires Motivation, Ability, Triggers High Triggers work! Motivation Triggers Fail Low Ability Hard to Do Easy to Do Behavior = Motivation*Ability*Triggers B.J. Fogg Behavioral Model
Developing Engagement Starts with Programmatic Decisions Program Communication Design Design
Using Consumer Centric Design to Understand Engagement • Commonwealth worked with Eos Foundation and the City of Boston to do in- depth interviews and focus groups with over 100 families • Interviews conducted with families representative of those in the Boston Pubic Schools • Four Types of Family Interviews: • What do people do right now? • What do they say they want? • What design do they prefer? • How do they want to be communicated with?
What Families are Doing and Feeling Right Now? Doing : Feeling : • • Don’t trust public institutions Making their own “committed” savings products • Don’t trust most financial • Depositing/banking in a institutions variety of ways • Unsure of future prospects • Using multiple financial • Overwhelmed by financial institutions management • Few users or automated • Overwhelmed by future cost deposits of college • Online banking • Desiring to express agency • Using flexible withdrawals • Low future orientation
Programmatic Design Decisions – How are you Making it Easier or More Motivating for People to Engage? Account Type Deposit Locations Opt-In vs. Opt-Out Community Primary Distribution Partners Channel Rules and Incentives (Type, Regulations Seed, Amount, (Location, Limits on Behaviors Family Participation, Rewarded, Limits on Deposits) Frequency)
Programmatic Designs • Ability to link any account • Universal seed • Incentives that understand financial volatility • Rewards that are exciting and eye catching • Ability to access money with some restrictions
Communication Design • Through channels families trust • With an offer that triggers action • Opportunities to reduce emotional or real barriers
Use of Family Insights in CSA Programs Any Account • Prizes • Universal Seed • Any Account • Integrated into Public • Deposit Anywhere • Schools Based in Communities • Incentives that Allow for • Financial Volatility
Amanda Hahnel Associate Innovation Director Ahahnel@buildcommonwealth.org @buildcommwealth @Amanda_Hahnel 114 WESTERN AVENUE BOSTON, MA 02134 buildcommonwealth.org
Boston Saves Family Engagement Model The City of Boston’s children’s savings account program Kerri Schmidt + Kim Lucas Boston Mayor’s Office of Workforce Development • 04.26.17
Overview Boston Saves Family Engagement Model Pilot Success and Learnings Advice for Other CSA Programs
Boston Saves Program Overview
By the Numbers Pilot Year 1: 2016-2017 5 pilot schools, 11 classrooms, 246 K2 students $50 seed, up to $50 bonus, $5 incentive / quarter Year 1 engagement target: 15% in 90 days
BostonSavesCSA.org
Family Engagement Model Strategies for Engaging Families in the Boston Public Schools
Family Engagement Roadmap Focus on Schools Focus on Families Focus on Community
Family Engagement via Schools Collaborative Learning Cohort CSA Champions School-Centered, School-Led Approach Teacher-Inclusive Design
Family Engagement with Families Incentive Structure Parent Ambassadors Family-Inclusive Design
Family Engagement via Community Invitation to Financial Institutions + Business Community to Sponsor Incentives + Events Invitation to Community Organizations to Participate in Design, Events, + Evaluation
Measuring Success Boston Saves Engagement Goals: Metrics and Success Pilot Year 1
Measuring Success: Pilot Year 1 Goal #2: Innovative Engagement Goal #1: Innovative Technology What Worked? What Worked? School-Centered Program Delivery Model Technology Platform Developed with Family-Focus Groups What Did We Learn? What Did We Learn? Requires a Long Informational Period for Families Slow Technology Rollout
Advice for Other CSA Programs
Boston Saves BostonSavesCSA.org @BostonSavesCSA Kerri Schmidt Kerri.Schmidt@Boston.gov Kim Lucas Kimberly.Lucas@Boston.gov
Questio ions & Answers What questions do you have for the presenters? Please share them in the chat box! www.savingsforkids.org
Contact In Information • Monica Copeland , CFED - mcopeland@cfed.org • Amanda Hahnel , Commonwealth - Ahahnel@buildcommonwealth.org • Kerri Schmidt , City of Boston - Kerri.Schmidt@Boston.gov • Kimberly Lucas , City of Boston - Kimberly.Lucas@Boston.gov www.savingsforkids.org
CSA Resources Investing In Dreams (CSA design guide) cfed.org/programs/csa/investing_in_dreams.pdf www.savingsforkids.org
Join in th the Campaig ign for Every Kid’s Futu ture Join today to help achieve our vision of 1.4 million Children’s Savings Accounts by 2020! www.savingsforkids.org
Thank You! Next Webinar: Understanding the “Account” in Children’s Savings Accounts May 16, 2017 (2-3 pm EDT) www.savingsforkids.org
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