financial coaching sue rogan md cash campaign. md cash (creating assets, savings and hope) campaign...
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![Page 1: Financial Coaching Sue Rogan MD CASH Campaign. MD CASH (Creating Assets, Savings and Hope) Campaign A network of organizations from across Maryland that](https://reader036.vdocuments.site/reader036/viewer/2022062421/56649ce45503460f949b0aa5/html5/thumbnails/1.jpg)
Financial CoachingSue Rogan
MD CASH Campaign
![Page 2: Financial Coaching Sue Rogan MD CASH Campaign. MD CASH (Creating Assets, Savings and Hope) Campaign A network of organizations from across Maryland that](https://reader036.vdocuments.site/reader036/viewer/2022062421/56649ce45503460f949b0aa5/html5/thumbnails/2.jpg)
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.
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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
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Financial Coaching
Grew from Financial Education classes
Group Coaching
One on One Coaching
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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
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Group Coaching
ParticipantsRecruited by media stories, newsletters,
partners
Online applicationPhone interviews
113 People
Expressed interest
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Group Coaching
CoachesStaffVolunteer Co-CoachesTrained by Central New Mexico and in-
houseCoaching Agreement
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Group Coaching
Meeting LocationsOriginally where group agreedChanged to a set locationEmail only not successfulOnline group
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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
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Group Coaching
GoalsCreate and maintain budgetSave moneyNot use credit cardsIncrease retirement savingsStart a new business
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One on One Coaching
Developed via an opportunity
Expanded the limited one on one coaching program
MyBudgetCoachOnline tool, “Plug and Play”
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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
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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
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Coaching Works
Coaching
Client who is ready
Behavior
Change
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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
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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
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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
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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
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Considerations for Coaching Programs
Support for Coaches during program Delivery Model for Coaching
GroupOne on OneOnline
LogisticsLocation?Food?
Library?Office?
Restaurant?
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Considerations for Coaching Programs
Format of Session Set
Agenda?
Financial Content?
Partners allowed?
Length of program?
When does it end?
Celebration
Follow UpGraduatio
n
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Questions?
Sue Rogan
Director of Financial Education
MD CASH Campaign
443-692-9425