Financial Coaching

Financial CoachingSue 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

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

Financial Coaching

Grew from Financial Education classes

Group Coaching

One on One Coaching

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 supportServe more clients

Group Coaching

ParticipantsRecruited by media stories, newsletters,

partners

Online applicationPhone interviews

113 People

Expressed interest

Group Coaching

CoachesStaffVolunteer Co-CoachesTrained by Central New Mexico and in-

houseCoaching Agreement

Group Coaching

Meeting LocationsOriginally where group agreedChanged to a set locationEmail only not successfulOnline group

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

Group Coaching

GoalsCreate and maintain budgetSave moneyNot use credit cardsIncrease retirement savingsStart a new business

One on One Coaching

Developed via an opportunity

Expanded the limited one on one coaching program

MyBudgetCoachOnline tool, “Plug and Play”

Coaching One on One

My BudgetCoach 12 sessions

2 Cohorts9 sites for Cohort 115 sites for Cohort 2Randomly assigned to online or in-person

coaching

150 members = target

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

Coaching Works

Coaching

Client who is ready

Behavior

Change

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

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

Coaching Works

Neighborworks America30 organizations across 17 states54% 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

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

Considerations for Coaching Programs

Support for Coaches during program Delivery Model for Coaching

GroupOne on OneOnline

LogisticsLocation?Food?

Library?Office?

Restaurant?

Considerations for Coaching Programs

Format of Session Set

Agenda?

Financial Content?

Partners allowed?

Length of program?

When does it end?

Celebration

Follow UpGraduatio

n

Questions?

Sue Rogan

Director of Financial Education

MD CASH Campaign

443-692-9425

sue@mdcash.org