Financial Coaching Network Bi-Monthly Peer Call Weds, June 27, 2018, 11-12:00 PT/ 2-3:00 ET Today’s Topic: Financial Coaching & Racial Equity
Housekeeping ▪ This call is being recorded and will be mailed to registrants and available online within one week. ▪ This is a group discussion ! However, all webinar attendees are muted at the start to ensure sound quality. ▪ Share comment s or ask questions at any time by raising your hand to be unmuted or typing the question into the text box on the control panel. Tip: Phone audio works best. Be sure to enter your audio PIN! ▪ If you experience any technical issues, email gotomeeting@prosperitynow.org.
Welcome Fran Rosebush Baylor Director of Field Engagement Prosperity Now
Prosperity Now’s mission is to ensure everyone in our country has a clear path to financial stability, wealth and prosperity.
The Financial Coaching Network… ▪ Is a broad community of practitioners from around the country who are interested and engaged in financial coaching and counseling ▪ Seeks to keep practitioners and other stakeholders informed and connected on the latest information, research and tools available ▪ Is collaborative in nature and seeks partnership of other national and local partners to design and facilitate activities ▪ Has partnered with Change Machine to offer FCN members free access to SHARE for a full year ▪ Is Free!
Today’s Agenda ✓ Introduction of Today’s Guests ✓ Getting to Know You – Opening poll question ✓ Exploring Today’s Topic – Financial Coaching & Racial Equity ✓ Panel Discussion – we’ll hear from one of your peers ✓ Group Discussion – What’s your experience? ✓ Closing & Next Steps
Today’s Guest Speakers Lebaron Sims Shenell Thompson Senior Research Manager Founder Prosperity Now Brick by Brick Consulting
Welcome Hiba Haroon Sr. Program Manager, Savings & Financial Capability Prosperity Now
Getting the Most Out of Today’s Call ▪ Join from a quiet space ▪ Grab a coffee or snack and settle in ▪ Engage! Send us your questions and comments as you listen ▪ Reflect on ways to apply what you learn today to your own work
Exploring Today’s Topic Lebaron Sims Hiba Haroon Senior Research Manager, Senior Program Manager, Applied Research Savings & Financial Capability Prosperity Now Prosperity Now
Financial Coaching Network Racial Equity Survey Results
Poll Question #1 How do you identify? (Select all that apply) ▪ Black ▪ Latino/a ▪ White ▪ Asian ▪ Native American ▪ Other ( share more in the chat box!) Use the Comment Box to let us know more!
Poll Question #2 Are the leadership staff at your organization…? ▪ Majority (51%) People of Color ▪ Majority (51%) White ▪ Unknown Use the Comment Box to let us know more!
Poll Question #3 Are the staff at your organization…? ▪ Majority (51%) People of Color ▪ Majority (51%) White ▪ Unknown Use the Comment Box to let us know more!
Poll Question #4 Are the individuals to whom you offer financial coaching…? ▪ Majority (51%) People of Color ▪ Majority (51%) White ▪ Unknown Use the Comment Box to let us know more!
Comfort discussing internalized and interpersonal racism with peers
Poll Question #5a If you feel comfortable — What factors contribute to you feeling comfortable discussing internalized & interpersonal racism with your peers? (Select all that apply) ▪ Racial composition of peers ▪ Leadership support/encouragement to have these discussions ▪ Relationships with peers outside of work ▪ General organizational culture ▪ Other (share more in the chat box!) Use the Comment Box to let us know more!
Poll Question #5b If you don’t feel comfortable — What factors contribute to you feeling comfortable discussing internalized & interpersonal racism with your peers? (Select all that apply) ▪ Racial composition of peers ▪ Leadership support/encouragement to have these discussions ▪ Relationships with peers outside of work ▪ General organizational culture ▪ Other (share more in the chat box!) Use the Comment Box to let us know more!
Comfort discussing institutional and structural racism and their impacts on economic equality with peers
Poll Question #6a If you feel comfortable — What factors contribute to you feeling comfortable discussing institutional & structural racism and their impacts on economic equality with your peers? (Select all that apply) ▪ Racial composition of peers ▪ Leadership support/encouragement to have these discussions ▪ Relationships with peers outside of work ▪ General organizational culture ▪ Other (share more in the chat box!) Use the Comment Box to let us know more!
Poll Question #6b If you don’t feel comfortable — What factors contribute to you feeling comfortable discussing institutional & structural racism and their impacts on economic equality with your peers? (Select all that apply) ▪ Racial composition of peers ▪ Leadership support/encouragement to have these discussions ▪ Relationships with peers outside of work ▪ General organizational culture ▪ Other (share more in the chat box!) Use the Comment Box to let us know more!
Interest in learning more about institutional and structural racism and their impacts on economic equality
Knowledge alone changes behavior
Financial coaching is unable to address the racial wealth divide.
Primary challenges of financial coaching programs ▪ Participant recruitment ▪ Participant engagement ▪ Participant behaviors/values ▪ Participant retention ▪ Coach recruitment ▪ Coach retention ▪ Funding/resources ▪ Data tracking
Lebaron Sims Senior Research Manager Applied Research Prosperity Now
Defining Racial (Wealth) Equity ▪ Racial equity as a strategy: ▪ The elimination of policies, practices, attitudes, and cultural messages that reinforce or fail to eliminate differential outcomes by race ▪ Racial equity as an outcome: ▪ The condition that would be achieved if someone’s racial identity no longer predicted, statistically, their life trajectory and outcomes. ▪ Racial wealth equity as an outcome: ▪ The condition that would be achieved if, statistically, White households and households of color from the same background, with the same access to resources, accrued the same assets and intergenerational wealth holdings. Source: Interaction Institute for Social Change
How Does Racial Inequality Manifest? 1 st level: Internalized Racism ▪ Private beliefs, prejudices, and ideas that people have about the inherent superiority of whites and inferiority of people of color 2 nd level: Interpersonal Racism ▪ The external expression of racism between individuals 3 rd level: Institutional Racism ▪ Discriminatory treatment, practices, and opportunities within organizations and institutions that produce disproportionately positive outcomes for white people and disproportionately negative outcomes for people of color 4 th level: Structural Racism ▪ A system in which public policies, institutional practices, cultural representations, and other implicit and explicit norms work in mutually reinforcing ways to perpetuate racial group inequality Source: Applied Research Center
Findings from the 2018 Scorecard ▪ Racial and ethnic disparities exist across all dimensions of financial security and quality of life measures — and public policy is largely to blame. ▪ The critical elements of household financial security continue to be influenced — and ultimately determined — by racial bias and discrimination. ▪ Systemic racial wealth inequality compounds through its effects on employment, homeownership, education, business ownership, and access to local resources and networks.
2018 Scorecard Outcome Ranks ME WA VT ND MT NH NY MN MA OR WI MI RI ID SD PA WY CT IA OH NJ NE IN NV IL WV VA DE UT KY CA CO MD MO KS NC DC TN SC OK AR AZ NM GA AL MS LA TX FL AK Ranks 1 – 10 HI 11 – 20 21 – 31 32 – 41 42 – 51
Race Influences State Outcomes
Why does the racial wealth divide matter?
A Systems Approach ▪ System – “A system is an interconnected set of elements that is coherently organized in a way that accomplishes something.”– Donella Meadows ▪ E.g. engine, household, economy ▪ Systems Thinking – A conceptual way of seeing the world and exploring the interrelation between parts and wholes, so we can focus on adjusting systems in order to help improve outcomes.
Peer Panel Discussion Shenell Thompson Founder Brick by Brick Consulting @BrickbyBrickNC
Group Discussion Today’s Topic: Financial Coaching and Racial Equity
Group Discussion Technology ▪ This is a group discussion ! However, all webinar attendees are muted at the start to ensure sound quality. ▪ Share comment s or ask questions at any time by raising your hand to be unmuted or typing the question into the text box on the control panel. Tip: Phone audio works best. Be sure to enter your audio PIN! ▪ If you experience any technical issues, email gotomeeting@prosperitynow.org
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