Financial Coaching Network Bi-Monthly Peer CallWeds, 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 comments 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 BaylorDirector of Field EngagementProsperity Now

Prosperity

Now’s mission

is to ensure

everyone in our

country has a

clear path to

financial stability,

wealth and

prosperity.

▪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!

The Financial Coaching Network…

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

Lebaron SimsSenior Research Manager

Prosperity Now

Shenell ThompsonFounder

Brick by Brick Consulting

Today’s Guest Speakers

Welcome

Hiba HaroonSr. Program Manager, Savings & Financial CapabilityProsperity 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

Lebaron SimsSenior Research Manager,

Applied Research

Prosperity Now

Hiba HaroonSenior Program Manager,

Savings & Financial Capability

Prosperity Now

Exploring Today’s Topic

Financial Coaching Network Racial Equity Survey Results

▪ 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 #1How do you identify? (Select all that apply)

▪ Majority (51%) People of Color

▪ Majority (51%) White

▪ Unknown

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…?

Comfort discussing internalized and interpersonal racism with peers

▪ 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 #5aIf 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 #5bIf you don’t feel comfortable—What factors contribute to you feeling comfortable discussing internalized & interpersonal racism with your peers? (Select all that apply)

Comfort discussing institutional and structural racism and their impacts on economic equality with peers

▪ 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 #6aIf 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 #6bIf 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)

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.

▪ Participant recruitment

▪ Participant engagement

▪ Participant behaviors/values

▪ Participant retention

▪ Coach recruitment

▪ Coach retention

▪ Funding/resources

▪ Data tracking

Primary challenges of financial coaching programs

Lebaron SimsSenior Research Manager Applied ResearchProsperity Now

▪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

Defining Racial (Wealth) Equity

1st level: Internalized Racism▪ Private beliefs, prejudices, and ideas that people have about the

inherent superiority of whites and inferiority of people of color

2nd level: Interpersonal Racism▪ The external expression of racism between individuals

3rd 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

4th 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

How Does Racial Inequality Manifest?

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

Ranks

1 – 10

11 – 20

21 – 31

32 – 41

42 – 51

DC

RI

WA

OR

CA

ID

NV

MT

WY

UT

AZ

CO

NM

AK

HI

TX

OK

KS

NE

SD

ND

MN

IA

MO

AR

LA

MS ALGA

FL

SC

NC

TN

KY

ILIN

OH

MIWI

PA

WV VA

NY

ME

MA

CT

MD

DE

NJ

VT

NH

Race Influences State Outcomes

Why does the racial wealth divide matter?

▪ 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.

A Systems Approach

Shenell ThompsonFounder

Brick by Brick Consulting

@BrickbyBrickNC

Peer Panel Discussion

Today’s Topic:

Financial Coaching and Racial Equity

Group Discussion

Group Discussion Technology

▪ This is a group discussion! However,

all webinar attendees are muted at the

start to ensure sound quality.

▪ Share comments 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

Next Steps

▪ Please complete the survey!

▪ Sign up for other Networks and Campaigns to stay in the

know about issues you care about

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▪ Start planning now for the 2018 Prosperity Summit(formerly Assets Learning Conference)

Plug into the Prosperity Now Community

Financial Coaching Network

Racial Wealth Equity Network

Affordable Homeownership Network

Financial Coaching Network

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Taxpayer Opportunity Network

Campaign for Every Kids Future — Children’s Savings Accounts

Medical Financial Partnerships (Health/Wealth)

Innovations in Manufactured Housing (I’M HOME) Network

Visit any of the networks above at prosperitynow.org/getinvolved to get started.

Sign up for listservs and working groups, volunteer to facilitate

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Take action with Prosperity Now Campaigns!

Homeownership is

key to building

wealth. Together, we

will advocate for

products and policies

that provide more

affordable homes to

more people.

HOMEOWNERSHIP

Consumer

protections create

fairer, more

transparent financial

markets. Together,

we will ensure

consumers keep the

safeguards they

deserve.

CONSUMER

PROTECTIONS

Safety net programs

help protect

vulnerable individuals

and families from

falling deep into

poverty. Together, we

will protect programs

like SNAP, IDAs and

more to help those in

need when they need

it most.

SAFETY NET

The vast majority of

tax incentives go to

those at the top, not

to those who need it

most. Together, we

will turn our upside-

down tax code right-

side up.

TURN IT

RIGHT-SIDE UP

Visit any of the Campaigns above at https://prosperitynow.org/take-action to learn more and join.

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action by joining one of our four federal policy campaigns.

Registration for the 2018 Prosperity Summit is now open!

Visit the Summit website at summit.prosperitynow.org

to learn more and to register!

Financial Coaching NetworkBi-Monthly Peer Call Series

Join us for the next call in August—and for the

rest of the series!

▪ August 8

▪ October 3

▪ December 12

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