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Who We Are Our mission at CFED is to make it possible for millions of people to achieve financial security and contribute to an opportunity economy. UW-Extension Financial Coaching

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  6. Who We Are Our mission at CFED is to make it possible for millions of people to achieve financial security and contribute to an opportunity economy.

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  8. UW-Extension Financial Coaching Strategies Website: http://fyi.uwex.edu/financialcoaching/ Center for Financial Security School of Human Ecology 1300 Linden Drive Madison, WI 53706 cfs@mailplus.wisc.edu http://www.cfs.wisc.edu/

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  12. ST LT Inputs Activities Outputs Impacts Outcomes Outcomes

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  14. Check all that apply.    POLL & DISCUSSION  

  15. Speakers

  17. Hallie Lienhardt, Outreach Specialist Center for Financial Security University of Wisconsin-Madison

  18. HO HOW IS IS THE HE FIE FIELD LD TRA RACKING CLI LIENT PROGRESS OR OR SU SUCCESS SS THR HROUGH FIN FINANCIAL IND INDICATORS?

  19. IS IS FIN INANCIAL COACHING EFFECTIV IVE?

  20. WHAT IS ISSUES ARE CIT ITED AS KEY BARRIERS? COACHES: MANAGERS: FUNDERS: • • • LACK OF INTEREST LACK OF DEDICATED LACK OF STANDARDIZATION AND FUNDING FOR CLEAR BEST PRACTICES IN THE OR BUY-IN COACHING — 45% FIELD — 51% FROM CLIENTS — 52% • COMPETING DEMANDS • • LACK OF INTEREST IMPLEMENTATION OR PROGRAM OR BUY-IN FROM INTEGRATION CHALLENGES — 43% ON MY TIME — 38% CLIENTS — 39% • DIFFICULTY • LACK OF DATA SUPPORTING • COMPETING DOCUMENTING AND EFFECTIVENESS OF DEMANDS ON MY FINANCIAL COACHING — 27% TRACKING CLIENT TIME — 29% PROGRESS — 32%

  21. WHAT RESOURCES ARE CONSIDERED MOST HELPFUL? COACHES: MANAGERS: FUNDERS: • IN-PERSON TRAINING • IN-PERSON • DIGITAL OR WEB- OR PROFESSIONAL TRAINING OR BASED TOOLS — 60% DEVELOPMENT — 70% PROFESSIONAL • IN-PERSON DEVELOPMENT — • OUTCOME TRAINING OR 67% PROFESSIONAL MEASUREMENT • DIGITAL OR WEB- DEVELOPMENT — GUIDE — 70% BASED TOOLS — 62% 54% • STANDARDIZED • ONLINE TRAINING • OUTCOME COACHING TOOLS — 54% MEASUREMENT COMPETENCIES — 59% GUIDE — 54%

  23. • • • @CFED facebook.com/CFEDNews cfed.org/blog/inclusiveeconomy

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  27. Inputs Activities Outputs: Outcomes What is What is produced, What is done What results invested Who is reached     @CFED facebook.com/CFEDNews cfed.org/blog/inclusiveeconomy

  28.    the number of clients who make a deposit into their savings account at least once a month the total number of clients whose goals include savings @CFED facebook.com/CFEDNews cfed.org/blog/inclusiveeconomy

  29.     @CFED facebook.com/CFEDNews cfed.org/blog/inclusiveeconomy

  30.        @CFED facebook.com/CFEDNews cfed.org/blog/inclusiveeconomy

  33. Measuring Client Outcomes: The Financial Capability Scale (FCS) Demonstrating Success: Identifying Metrics to Measure Financial Coaching & Counseling Impact COLLIN O’ROURKE AUGUST 10, 2016

  34. Overview  Purpose and development of the FCS  How the FCS fits in housing counseling  FCS questions and rationale  Data: Examples and processes  Other measures  Financial Well-Being  Concluding thoughts  Q+A

  35. Background  Short set of questions to track client outcomes  Useful across organizations focused on “financial capability”  Ability and Opportunity : Knowledge, skills, confidence, motivation, and access (Sherraden 2010)  Use in coaching, counseling, education, and other services  Complement existing practices  Interactions with clients  Organizational processes including data collection  Generates a score

  36. Question Rationale Concept Reasoning Budgeting Budgeting and planning signal future orientation about money Goal Confidence Subjective capability to engage in goal-focused financial behavior; another signal of future orientation Emergency Fund Anticipating contingencies signals capacity avoid economic hardships Auto Deposit Recognizing self-control failures and removing discretion is key into Savings to behavior change Spending < Signal of paying attention to spending behavior Income Late Fee (none) Signal of planning and paying attention; direct component of credit score

  37. FCS and Emergency Savings

  38. FCS and Financial Stress

  39. Five steps forward, one step back?

  40. Recommended Process  Administer at every session  Like blood pressure at doctor’s office  Can be a “survey” or a conversation starter  Best to ask questions “fresh” at each visit  To avoid assuming answers have stayed the same  Follow-up can be next/last session, or a survey  Typically very low response rates in post-service surveys  Ideally FCS goes into same database as other records  Does not replace case notes etc.

  41. Tracking Client Progress  Individual FCS responses provide useful information, but also produces a 0-8 score for each client  Combined data tell the story of the organization as a whole, and avoid “noisiness” within single clients  Compare data over time  Baseline vs. follow-up  Challenges in tracking clients over time  Follow-up could be last session or a post-service survey

  42. Measurement Moving Forward  Some measures are better than none  Don’t let the perfect be the enemy of the good or the practical  Balance strategies for collecting data  Self-reported data and administrative data  Not about ‘Winners’ and ‘Losers’  Measures are complements, not substitutes  Expect constant improvements and refinements

  43. Resources and Contact Information Online Resources Collin O’Rourke  Financial Capability Scale in cmorourke@wisc.edu English and Spanish cfs.wisc.edu fyi.uwex.edu/financialcoaching/m easures  Center for Financial Security’s Financial Coaching Website fyi.uwex.edu/financialcoaching  CFPB Financial Well-Being Scale consumerfinance.gov/data- research/research- reports/financial-well-being-scale

  45. How Cities Measure Financial Outcomes: tracking success at the Financial Empowerment Centers Nicky Grist ngrist@cfefund.org www.cfefund.org | 47

  46. Financial Empowerment Centers Initiated and led by city government as a public service Free, unlimited, 1-to-1, professional counseling based on technical expertise and coaching techniques Open to the public without restriction, focused on people with very low incomes Partner with wide variety of CBOs to reach their clientele Started in NYC (2008) replicated in Denver, Lansing, Nashville, Philadelphia, San Antonio (2013) www.cfefund.org | 48

  47. FEC successes Since inception of FEC initiatives in NYC and five replication cities • Over 62,000 people counseled • Savings increased $7.9 million • Debt reduced over $62 million www.cfefund.org | 49

  48. www.cfefund.org | 50

  49. Plan for success: set a high bar Focus on measurable, self-reported but verifiable outcomes Set targets for each outcome indicator • Open or transition to safe & affordable bank account • Establish credit score (for the unscored) • Improve credit score by 35 points • Reduce debt by 10% • Increase savings by 2% of annualized monthly income www.cfefund.org | 51

  50. Plan for success: set a high bar Targets are significant (in terms of their potential to positively affect clients’ financial health) and achievable (in terms of the typical timeframe for participation and baseline financial characteristics of clients). Counselors know the metrics up front, interpret clients’ personal goals through outcome lens, and look for opportunities to record changes that generate outcomes. www.cfefund.org | 52

  51. Success = Improved credit worthiness and access to affordable credit Increase credit score by at least 35 points Why? Meaningful and reasonable within likely data collection period What happened? Of FEC clients whose scores increased, 60.3% did so by 35+ points Move up a FICO category Why? Leads to documented savings, e.g. $1,104 less mortgage interest over 5 years in 3 states What happened? Of FEC clients whose scores increased, 39.3% moved up 1+ categories www.cfefund.org | 53

  52. Success = Improved ability to withstand financial shocks Increase savings by at least 2% of annualized monthly income Why? Percentage approach suits program with open eligibility and widely diverse clients What happened? Of FEC clients whose savings increased, 52% did by 2%+ income www.cfefund.org | 54

  53. Evaluation  better tracking ‼ Intense data system doesn’t guarantee uniform data collection and entry, especially in a multi-city, multi- site, large-scale service. ‼ Banking indicator represents 12 possible combinations of starting and ending banking status. ‼ Trade- offs between “more” outcomes (any positive change) and “meaningful” outcomes (targets and thresholds). www.cfefund.org | 55

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