Scaling Financial Coaching: Critical Lessons and Effective Practices
June 2013 | Report/Brief
Citi Foundation and NeighborWorks America
Released by NeighborWorks America and the Citi Foundation, this report highlights the impact financial coaching has on creating financial and economic autonomy for all Americans. By offering the information and support that helps consumers reduce debt and increase savings, coaches can help individuals reach their financial goals. The report summarizes the findings of the Financial Capability Demonstration Project, a $5 million, 2.5-year initiative begun in mid-2010.
A high-level roundtable of senior representatives from federal offices, researchers, funders and practitioners found that financial coaching helped ensure greater financial security for low- and moderate-income individuals and families. The group also found that women and those who had a longer coaching relationship were more likely to increase their credit scores. For women, who are often not only the primary caregiver, but also the breadwinner, the research also suggests financial coaching can help can inform and support them in a powerful, long-term way that benefits not only them, but their families.