identifying & tracking meaningful financial counseling outcomes 2015 annual conference on...

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Identifying & Tracking Meaningful Financial Counseling Outcomes

2015 Annual Conference on Financial Education

Holly FrindellCity of San

Antonio

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Key Topics:

Basic, quantifiable outcomes that show impact of financial counseling

Additional outcomes important to your community

Structuring a program to measure chosen outcomes

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What are Financial Empowerment Centers?

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NYC Financial Empowerment Center Implemented in 2008

Over 19,000 clients served

$9 million in reduced debt

$1 million in increased savings

Expanded from 5 to 30 centers

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San Antonio Financial Empowerment Center ResultsMarch 2013 – December 2014

3,102 clients served

$3.2 million in reduced debt

$360K in increased savings

Began operations in 2 Centers

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Basic ‘Building Block’ Outcomes

CREDIT DEBT SAVINGS

BANKING

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‘Building Block’ Outcomes

Banking

Credit

Debt

Savings

Open safe, affordable bank account

Account open for 6 months

Establish credit

Improve credit score by 35 points

Maintain savings habit for 3 months

Increase savings by 2% of net income

Reduce debt by 10%

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What are you trying to build?

BANKING

SAVINGS

DEBT

CREDIT

BUYING A HOUSE

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What are you trying to build = Additional Outcomes

ADDRESSING CRISIS PLANNING FOR THE FUTURE

Student Loan Repayment Plan

Began saving for college

Obtained Mortgage Loan Modification

Saved for a special event – wedding, vacation

Avoided Bankruptcy Saved for a down payment

Avoided Eviction/Foreclosure

Qualified for home loan

Resolved Federal Tax Issues

Qualified for a car loan

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Structuring Program and Partnerships

Pairing financial counseling with other social services to help

clients achieve their goals more quickly and

permanently

SUPERVITAMIN EFFECT

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Types of Partnerships

Education/Workforce

Development

• SAHA Jobs Plus• Haven for Hope• Goodwill Good Careers

• P16 Opportunity Youth

• SAISD Early Childhood Centers

• George Gervin Youth Build

Housing

• SAHA Homebuyers Program

• SAHA Early Engagement

• Salvation Army Rapid Re-housing

• Habitat for Humanity• COSA Homebuyers Club

• SAMMinistries • Rapid Re-housing• Emergency Assistance

• Long-term Housing

Family Economic Stability

• VITA• SaveUSA• Methodist Hospital • Bexar County Emergency Services

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Telling the Story of Your Success

Basic credit, savings, debt and

banking outcomes

Additional outcomes that

matter to YOUR community

Partnerships to Maximize

‘Supervitamin Effect’

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Identifying & Tracking Meaningful Financial Counseling OutcomesContact Information:

Holly Frindell, Special Projects ManagerDepartment of Human ServicesCity of San Antonio

210-207-5288holly.frindell@sanantonio.govwww.SanAntonioFEC.org