financial counseling & y vulnerable · ment, the n banco popu invaluable their guida f the...

Findings from the Assessing Financial

Capability Outcomes (AFCO) Adult Pilot

FINANCIAL COUNSELING &

ACCESS FOR THE FINANCIALLY

VULNERABLE

April 2014

1

FINDINGS FRO

This repor039 for the AuthorsKasey WiNathalie J. MichaeAnita Dre

AcknowThis pilotand MonEmpower(formerlyprovidedCFED fordrafting o We woulimplemenshare wit New York• E• D Popular C• B• D• W New York• P• Jo• A All of theconclusioTreasury

OM THE ASSES

rt was preparee U.S. Depart

s iedrich Gons el Collins ever

wledgementt would not hnica Copelandrment, the Ny Banco Popud invaluable r their guidaof the finding

ld also like tntation of thth us their ex

k City Deparlizabeth Ehrl

Davida Rowle

Community Brian Doran, R

Dawn M. CarrWendy Scarle

k City Finanedro Salazaroseph FrewerAdalberto Jaim

e findings, coons and recom.

SSING FINANC

ed by the Corpment of the Tr

CFED NYC DepaCenter for CFED

ts have been pod from the NNew York Cular). Micharesearch assiance and inpugs and implic

to thank the he AFCO piloperiences wi

rtment of Parlich, Chief, Pey, Superviso

Bank Region Execurillo, Vice Prett , Vice Pres

cial Empower, Phipps Comr, Neighborhmes, Neighbo

onclusions anmmendation

CIAL CAPABILI

poration for Ereasury.

artment of CoFinancial Sec

ossible withoNew York CitCity Parks Oael Batty, andistance. Thanut throughoucations.

following reot for their cith the pilot.

rks & RecreaParks Opportor of Client S

utive, New Yesident, NY Msident, forme

erment Centemmunity Devhood Trust Fiorhood Trust

nd recommenns contained

ITY OUTCOME

Enterprise Dev

onsumer Affacurity, Unive

out the contrity DepartmenOpportunity d Karen Wank you also ut the design

epresentativecooperation i

tion, Parks Ounity PrograServices, Divi

York Metro RMetro Markeer Branch Ma

er Counselorvelopment Cinancial Partnt Financial P

ndations are in this repor

ES (AFCO) ADU

velopment (CF

airs Office ofersity of Wis

ibutions andnt of ConsumProgram an

alsh from UWto Ida Rademn and implem

es from the in this resear

Opportunity Pam ision of Educ

Region & Direeting Managanager

rs Corporationners

Partners

those of the rt are those o

ULT PILOT

FINANCI FOR T

FED) under c

f Financial Emconsin‐Madi

d cooperationmer Affairs Ond Popular CW‐Madison amacher and mentation of

organizationrch and for t

Program

cation and Tr

ector of Goveger

authors. Nonof the U.S. D

IAL COUNSELINTHE FINANCIAL

contract TOS‐

mpowermenison

n of Amelia EOffice of FinaCommunity and Kerry GLeigh Tivol f the pilot an

ns involved itaking the tim

raining

ernmental A

ne of the findDepartment o

NG AND ACCELLY VULNERAB

‐11‐F‐

nt

Erwitt ancial Bank

Griffin from

nd the

in the me to

Affairs

dings, of the

ESS BLE

2

FINDINGS FRO

DEPARTWASHIN April X, 2 Dear Coll The Depfinancial assesses taged chilstudents’actions. The findigovernmfinancial economy We are vWisconsinIndepend(TCEE), aparticipat As the Dability toWisconsinpractices Presidentagencies across othsimilarly

DEPARTMEWASHINGT April, 2014 Dear Colleag The Departmcounseling conducted oand financiamanage thei

These imporwell as the Americans s

We are veryWisconsin‐MParks Oppocontribution

These findinworking peoladder. We wAmericans, we encouraorganizationevaluation o

Best regards

Melissa KoidDeputy AssiU.S. Departm

OM THE ASSES

MENT OF TNGTON, D.C

2014

leagues:

artment of tknowledge the interplaydren. The re financial kn

ings in this ent, as well capability o.

very pleased n‐Madison, dent School and financialted in the pro

epartment coo make sounn‐Madison’sin this are

t’s Advisory in the Finanher levels of use the asses

ENT OF THE TON, D.C. 20

gues:

ment of the and financiaover two yearal counseling ir financial res

rtant findingsefforts of theso they are be

y pleased to Madison, the ortunity Progns of everyone

ngs will expaople manage will share theand our partge policy mans and social sof similar proj

s,

de istant Secretament of the Tr

SSING FINANC

HE TREASUC. 20220

the Treasuryand capabil

y of classroomsearch examnowledge, sa

report will as the effortsof young peo

to have wothe Eau CDistrict, Op institution poject.

onsiders polnd financial Center for Fea. MoreovCouncil on Fcial Literacy governmentssment, and

TREASURY 0220

Treasury is al access to rs, takes a rigo– that hold prsources and m

s will inform e private andtter prepared

have workedCity of New ram in the de involved in

and understatheir money, e findings wittner federal aakers across service providjects.

ry for Consumreasury

CIAL CAPABILI

URY

y is pleasedlity of younm financial e

mines how theavings pract

inform Treas of the privople and bet

rked with CClaire (Wiscopportunity Tpartners, and

icies that hedecisions, tFinancial Secver, the DepFinancial Capand Educatit, employersconsider furt

pleased to improve unorous look atromise to helpmove up the e

Treasury’s wd non‐profit sd to fully parti

d with CFEDYork’s Office

design and imthe project, in

anding of bestransition bath the Presideagencies in thall levels of ders to simila

mer Policy

ITY OUTCOME

to have cong people. Teducation anese two impotices, and at

asury’s workvate and nontter prepare

CFED, the Ceonsin) AreaTexas, the Td are grateful

lp young pethe findings curity shouldpartment wipability for Yion Commisss, financial inther research

have comminbanked Amtwo importap a populatioeconomic ladd

work and the wsectors, as weicipate in our

D, the Centere of Financialmplementationcluding the

st practices ack into the went’s Advisorhe Financial Lgovernment,arly use this a

ES (AFCO) ADU

ommissionedThe researchnd access to aortant strategttitudes and

k and the wn‐profit sectothem to ful

enter for Fina School DiTexas Councl to the teach

eople manageissued by Cd help expanll share theYoung Amersion. Finally,nstitutions, ah and evaluat

issioned this mericans’ finaant strategies on of particulader.

work of othere all seek to r nation’s econ

r for Financial Empowermon of the studstudy particip

as the Departworkforce, andry Council onLiteracy and , employers,assessment, an

ULT PILOT

FINANCI FOR T

d this reporth, conducteda savings accgies can affeconfidence

work of others, as we all lly participat

nancial Securistrict, the cil on Econohers, parents a

e their moneCFED and tnd our undee authors’ firicans, and ou, we encouraand social sertion of simila

report on lancial capabi– access to a arly vulnerab

r agencies acrbuild the finnomy.

al Security oment, and the dy, and we apants.

tment considd strive to mon Financial CEducation Cofinancial insnd consider f


t on buildind over two ycount for schct elementarin their fina

er agencies aseek to builte in our na

rity, UniversAmarillo (Tomic Educaand students

ey and growthe Universierstanding oindings withur partner feage policy mrvice providear projects.

everaging finility. The retransaction able Americans

ross governmnancial capab

of the UniverCity of New are grateful f

ers policies tove up the ecoapability for ommission. Fstitutions, adfurther resear


ng the years, hool ‐ry‐age ancial

across ld the ation’s

ity of Texas) tion’s s who

w their ity of f best h the ederal makers ers to

nancial search, account s better

ment, as ility of

rsity of York’s for the

to help onomic Young Finally, vocacy rch and

ESS BLE

3

FINDINGS FRO

Conte

Introduct

Prior Stud

Pilot Desi

Bankin

Financ

Data ........

Analysis

Credit

Bankin

Financ

Summa

Insights f

Accoun

Accoun

Counse

Insights f

Reference

Appendix

Appendix

Appendix

Appendix

Appendix

Appendix

Appendix

OM THE ASSES

ents

tion ...............

dies ..............

ign and Impl

ng Access ......

ial Counselin

......................

and Results

Outcomes ...

ng Outcomes

ial Planning

ary of Findin

from Implem

nt Take‐up ...

nt Use and M

eling Take‐U

for Practice a

es ..................

x A: Full Sum

x A‐2: Indice

x A‐3: First S

x A‐4: Percen

x B: Compari

x C: Popular

x D: Survey I

SSING FINANC

......................

......................

lementation .

......................

ng ..................

......................

......................

......................

......................

Outcomes ...

ngs .................

mentation ......

......................

Maintenance .

Up ...................

and Policy .....

......................

mmary Table

es Created .....

Stage IV Estim

nt Missing D

ison of Samp

Community

Instruments .

CIAL CAPABILI

.......................

.......................

.......................

.......................

.......................

.......................

.......................

.......................

.......................

.......................

.......................

.......................

.......................

.......................

.......................

.......................

.......................

es ....................

.......................

mates .............

ata by Period

ple Demograp

y Bank Check

.......................

ITY OUTCOME

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

d ....................

phics to US P

king Account

......................

ES (AFCO) ADU

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

Population a

t and ID Req

......................

ULT PILOT

FINANCI FOR T

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

nd Populatio

quirements ...

......................


......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

......................

on in Poverty

......................

......................


....... 4

....... 6

....... 8

....... 8

..... 10

..... 12

..... 15

..... 16

..... 18

..... 20

..... 21

..... 22

..... 23

..... 23

..... 24

..... 25

..... 29

..... 31

..... 34

..... 34

..... 34

y .... 35

..... 36

..... 37

ESS BLE

4

FINDINGS FRO

Introd

Approximamong vfour.1 Nobuild themanagemEnterprisMadison Empoweran averagtransition(AFCO) ppublic pr

Research financial these stufinancial strategiescounselinwhich ofunbanked

The AFCworkforcemploymservices Programsemploymtheir clienfinancial

1 Federal Dhttp://www2 For more Integrated Working FE25E‐4B20Domestic Vhttp://drup

OM THE ASSES

duction

mately one inery low‐incot only do theeir financialment of monese Developm(CFS), and rment (OFE)ge of one to ning off of pupilot study pogram.

suggests thknowledge, dies). Howeaccess as a

s. The AFCOng on the finfers personad population

CO pilot wae program:

ment programto a programs working ment, domestnts are givenfutures. Sim

Deposit Insuranw.fdic.gov/houon the potentiaApproach to Families Appro‐A005‐0DE98CViolence Advocpaldev.poverty

SSING FINANC

n twelve Amome househoese low‐incoml capability—ey. With sup

ment (CFED), the New Y partnered otwo hours oublic benefitsrovides uniq

hat the combbehavior, anver, researcha single treaO pilot assesnancial capaalized assistan.

as an effort the New

m for adults m already inwith clientstic violence an tools to bettmilarly, progr

nce Corporatiouseholdsurvey/2al impact of anFostering Familach.” http://ww

C2FA82C%7D., cacy.” Clearingylaw.org/sites/d

CIAL CAPABILI

merican houseolds the propme househol—the abilitypport from tthe Center f

York City Dn a pilot proof financial cs in New Yoque evidence

bination of find outcomesh to‐date largatment, withsses the comability and wance, seemed

to integratYork City moving off n place mays in financiand prisoner ter manage trams offerin

on. (2012). 20112012_unbanken integrated serly Economic Suww.aecf.org/Knand Kovach, Aghouse Review 43default/files/file

ITY OUTCOME

eholds do noportion that lds lack basicy to make the U.S. Depfor Financial

Department oogram to test counseling ork City. The of the causa

inancial edus (see Baker gely examinehout attemptmbined and well‐being ofd an appropr

e financial Parks Oppoof public asy improve tial transitionre‐entry pro

their money, ng financial c

1 FDIC Nationadreport.pdf rvices model seuccess: How ThnowledgeCenteAndrea. 2009. “3 (148). es/webinars/ass

ES (AFCO) ADU

ot have a cheis unbanked

c financial toinformed dpartment of tl Security at of Consumethe effect of

on the financAssessing F

al effects of co

cation and fand Dylla [2es the impacts to untangseparate imf unbanked riate interven

empowermeortunity Prossistance. Adthe odds of n such as ograms may improve thecounseling a

al Survey of Un

ee: The Annie Ehree Model Siteer/Publications“Integrating As

sets‐dv/kovach

ULT PILOT

FINANCI FOR T

ecking or savd jumps to mools, but theyecisions abothe Treasurythe Univers

er Affairs Oparing of fincial capabilityFinancial Capounseling pr

financial acc2007] for a rcts of financgle interactiompacts of fina

adults. Finantion for a h

ent services ogram (POPdding financiboth intervwelfare‐to‐wachieve stro

eir credit scoand bank acc

banked and Und

E. Casey Foundes are Implemes.aspx?pubguidsset‐Building S

h.pdf.


vings accountmore than oy may also neout the usey, Corporatiosity of Wiscoffice of Finanancial accesy of a populpability Outcrovided throu

cess may impreview of somial educationons or ‘bundancial accessancial counshistorically h

into an exP), a transitial empowerentions’ sucwork, transitonger outcomres and plancount access

derbanked Hous

dation. 2010. “Aenting the Centd=%7BF0C4C2Strategies into


t, and one in eed to e and on for onsin‐ancial ss and lation comes ugh a

prove me of n and dling’ s and eling, highly

isting tional rment ccess.2 tional mes if n their s may

seholds.

An ter for 227‐

ESS BLE

5

FINDINGS FRO

also be msystems o

POP parttotal of 1accounts counselinnot offerethey wish

• Tfi

• T

Administcollected interviewimplemenintegrated

The primclients arpaymentscounselindebt thatPOP progsuggests they paidand thesecounselinleading inultimatelyfindings rates of instabilityAppendix

3 Accordinpopulationcredit (10% http://www

OM THE ASSES

more likely tof programs t

ticipants rep1,034 POP pwith direct dng and paid ted counselinhed. Using th

he general fnancial behahe use of a ch

trative data, at baseline

ws with progntation of thd into existin

mary finding ore more liks—specificallng is associatt is past duegram. This ithe counselid more attene behaviors wng was compndicator for y credit acceare especialunemploymy among x B for comp

ng to the Fair Isn, the largest o%) and types of w.myfico.com/

SSING FINANC

to have highthat clients tr

present a popparticipants deposit. Just time off fromng through Phis research d

financial capavior and finahecking acco

credit reporand then sixgram stakehhis pilot and ng programs.

of this studykely to stay ly, accessted with a loe 12 monthsis an importing services ntion to finanwere maintaipleted. Payingimproving

ess over the lly importan

ment, high dthe study

parisons to na

saac Corporatioof any componcredit used (10/CreditEducati

CIAL CAPABILI

her take‐up rust.

pulation thattook part inunder half (4

m work to attePOP, but couldesign, this st

pability and ancial attitudount.

rts and scorex and 12 moholders and examine how.

y is that councurrent on

s to finower percentaafter startin

tant outcomefocused cliencial manageined even aftg bills on timcredit historlife course.3

nt given thedebt and hopopulation

ational avera

on, payment hinent, including0%). For more ion/WhatsInYo

ITY OUTCOME

if they are

t is undersern this study 49%) of the pend counselinld still accestudy examin

well‐being des;

s, self‐reportonths followPOP particiw financial c

nseling n debt nancial age of ng the e as it nts so ement, ter the me is a ry and These e high ousing

(see ges).

istory contributg the amount oinformation, seourScore.aspx

0%

5%

10%

15%

20%

25%

30%

35%

40%

ES (AFCO) ADU

integrated i

rved by maiand were o

participants wng. The remass counselingned the impac

of participa

t surveys anwing enrollmeipants were counseling a

tes 35% to FICOowed (30%), leee:

37% 37%

%

%

%

%

%

%

%

%

%

Initial

FIG 1. PE

C

ULT PILOT

FINANCI FOR T

nto the stru

instream finaoffered safe,were also offeaining half og services in ct of financia

ants, includin

nd bank transent in the stconducted

and access ca

O score calculaength of credit

37%%34%

6 mo

ERCENTAGE PAST DUE

Control Treatm


ucture or del

ancial servic, affordable ered free finaf participantthe communal counseling

ng credit hi

saction data tudy. In addto documenan be succes

ations for the gt history (15%

35%%30%

12 mo

OF DEBT

ment


livery

ces. A bank ancial ts was nity if g on:

story,

were dition, nt the sfully

general ), new

%

ESS BLE

6

FINDINGS FRO

The data significanthat can counselinparticipanfrom abohelped tobarriers tbe instrucprograms

This studbenefits aEducation

• Idof

• Eefkn

• Idin

• Idp

The remaof the prprogram analyzed documen

Prior

In the Un1970s, mureview). Mnon‐randcounselinnot partic

OM THE ASSES

in this studnt improvembe causally

ng, althoughnts being baout a third to document ato enrolling ctive to others.

dy offers a uand addressn Commissio

dentify and ef high qualityvaluate the ffective appnowledge, pdentify, evaluncluding meadentify oppolatforms for

ainder of thisior research and study din this rep

ntation of the

Studies

nited States, uch of whicMany evaluadom comparing, comparincipate in cou

SSING FINANC

dy do not suments in bank

linked to ah the overallanked increato over half.a range of perin bank accor public and

unique look es several oon in 2012:

evaluate the y financial prdelivery of roaches, delroducts, anduate, and buasures of knoortunities anfinancial cap

s paper is orgon financial

design, Sectioport, Sectionimplementa

s

there is genh focuses onations are desson group. Fng clients whunseling. Whi

CIAL CAPABILI

upport statistking access oaccess to finl rate of allased dramat This projecrceived and aounts, whichcommunity‐

at the finanf the researc

relationship roducts. financial ed

livery channd behaviors) tuild consensuowledge, behnd roles forpability.

ganized into l counseling on 4 describn 5 describeation, and Sec

eral literaturn mortgage scriptive andFor example, o received coile the initial

ITY OUTCOME

tically or use ancial l POP tically ct also actual h may ‐based

ncial lives ofch priorities

between fin

ducation fornels, and otthat enhance us on “key mhavior, and wr local, state

the followingand use of es the data ces the researction 7 offers

re on financipayment issd lack a compElliehausen ounseling to l analysis ind

0%

15%

30%

45%

60%

75%

ES (AFCO) ADU

f a populatioidentified b

nancial educa

r youth andther factors effectivenesmetrics” for fwell‐being. e, and fede

g sections: Sefinancial sercollected durrch findingss insights for

ial counselinsues (see Colparison groupet al. (2007) a non‐randodicated that c

40%

36%

Initial

FIG 2

ULT PILOT

FINANCI FOR T

on transitionby the Finan

ation and acc

d adults in (such as th

ss. financial edu

eral governm

ection 2 provrvices, Sectioring the pilos, Section 6 practice and

ng that dates llins & O’Rop, or they coevaluated th

om compariscounseling le

67%

57%

6 mo

. PERCENTA

C

T


ning off of pncial Literacy

cess to and d

order to idehe interactio

ucation/capab

ments as sca

vides an overon 3 describeot and the sasummarize

d policy.

back to the ourke, 2010, ompare clienthe effects of con group thaed to conside

57%

56%

12 mo

GE BANKED

Control

Treatment


public y and

design

entify on of

bility,

alable

rview es the ample es the

early for a ts to a credit at did erable

ESS BLE

7

FINDINGS FRO

improvemafter conta random

Studies oplanning 2008). Thhigher rastudies ofinancial

No prior a checkinoverdraftidentificaor have ninvolved,eligibility(Prescott concerns Unbankebanked h(Agarwalunexpect

Direct derecurring(Beverly spend “cpersonallawarenes

Overall, focused) direct deemployeenone inclquasi‐expprovides foundatiovulnerabl

OM THE ASSES

ments in credtrolling for wmized design

of workplaceand saving

hese studies ates of particif workplace‐managemen

studies haveng or savingts or unauthoation (Fine, Lnot gotten aro, while othey for public & Tatar, 199contribute td householdhouseholds, l et al., 2011)ed negative i

eposit has bg, potentiallyet al., 2003; cash in handly (Bertrandss, understan

the financiacounseling aeposit functioes. But few slude a combiperimental frseveral uni

on of new resle population

SSING FINANC

dit scores thrwhich clients that allows f

e‐based finans education are suggestipation and c‐based financnt outside of r

e examined tgs account). Porized use (BLeimbach, & ound to openrs are hampassistance p99; O’Brien, to the indivds may find as lenders . Without acincome or ex

been describy difficult decBeverly et ad,” it also r et al., 2006nding, and tru

al capabilityand access toon—are disctudies examination of coramework toique potentisearch on intns.

CIAL CAPABILI

ree years aftesought helpfor estimating

ncial capabilseminars (Btive that emcontribution cial counselinretirement sa

the effects of People may Barr, 2004; RJacob, 2006) ning an accoupered by theprograms (O2012). Addi

vidual’s deciit more diffhave limite

ccess to finanxpenditure sh

ed as a “prcisions into aal., 2008). Neduces the 6). Offering ust of direct

strategies io low‐fee trancussed in priine a populaounseling ano facilitate aial contributtegrated fina

ITY OUTCOME

er counselinp. Other studg causal effec

lity interventernheim & G

mployer‐baserates for retng on lower‐avings.

counseling obe unbankeomich et al.,or because tunt. Some pee perception O’Brien, 2006tionally, distsion to remficult to acceed means bncial liquidityhocks.

re‐commitmea single, perhot only mayfinancial andirect depodeposit by p

included in nsactional acior studies aation as finand banking aca causal anations to the ancial capabil

ES (AFCO) ADU

g, the estimaies follow a cts of counse

tions have mGarrett, 2003d financial tirement acco‐income peop

on being unbed due to re, 2010), lack they either ceople do not hn that having6) or could ttrust of finanain unbankeess or receivby which toy, people ma

ent” constrahaps easier, y direct depond time‐relatosit to partiroviding exp

this study—ccounts, incluas potentiallncially distreccess. Prior salysis of finaliterature ality and acce

ULT PILOT

FINANCI FOR T

ated effects dsimilar patteeling.

mainly focus3; Bayer, Bereducation isounts. But thple related to

banked (definestrictions suof accepted fchoose not tohave accoung formal savtrigger collencial instituted (Barr & ve a line of o determine ay become m

aint that condecision to uosit reduce tted costs of icipants couperience with

—financial (uding an emy being appessed as POPstudies also ancial counsand ideally ess focused in


decreased shern, largely d

sed on retirernheim & Scs associated here have beeo basic house

ned as not huch as unresoforms of pero open an accnts due to thevings could ections judgmtions and prSharraden, 2credit relaticreditworth

more vulnerab

nverts a seriuse direct dethe temptatimaking dep

uld increase h its use.

(primarily cmployer‐supppropriate forP participantslack a formaeling. This scan serve an low‐incom


harply due to

ement cholz, with en no ehold

aving olved rsonal count e costs harm ments rivacy 2005). ive to hiness ble to

ies of eposit ion to posits their

credit‐ported r POP s, and alized study as the e and

ESS BLE

8

FINDINGS FRO

Pilot D

POP is onCity’s Decoupled w6,000 aduplaygrouThroughohorticultuservices a11,000 tra

POP partFamilies AdministPOP proghealth anDuring themployeesecure emParticipanjob‐readinand comp

The Newmanagedspecialistformer POscript usethe studysite at POand impl

BANKING

All particCommun

4 One borohave brancfor the pur

OM THE ASSES

Design a

ne of the naepartment ofwith job searults receivingnds and recout the progure, adminisand career cainees into fu

ticipants are (TANF) at

tration, the agram who hnd substancehe six‐ mones of the Parmployment dnts cycle thrness trainingputer classes

w York City d the implemts” to assist wOP participaed in the offey to POP empOP locations ement the pi

G ACCESS

cipants enronity Bank (fo

ough – Staten Iches in that borposes of the stu

SSING FINANC

and Imp

tion’s largesf Parks and rch counseling public assisreation centegram, POP stration, macounseling. Sull‐time posit

heads of houthe time

agency that aave been scre abuse issueth program,rks Departmduring the prough the prg. Participantin preparati

Departmententation of thwith the enronts on what er of bank acployees. Betwacross four ilot.

olled in the ormerly Banc

Island – was exrough; this is audy.

CIAL CAPABILI

plement

t transitionaRecreation,

ng and other stance annuaers, with theparticipants

aintenance aSince its incetions.

usehold whoof POP enadministers treened for “wes, physical c participants

ment. The parprogram, androgram buildts may also eon for privat

t of Consumhe research pollment in anmessages anccounts, finaween JanuaryNew York C

study were co Popular).

xcluded from also the smalle

ITY OUTCOME

tation

l employmenPOP providhuman capi

ally. POP pare goal of tras gain transfand customeeption in 199

o have been rnrollment. Ththe City’s TAwork‐readinecapability ans work 35 hrticipants’ god transition ding their skenroll in edute sector emp

mer Affairs Opilot and hirend implemennd real‐life exancial counsey and early MCity borough

offered checThe account

this study in pest POP site an

ES (AFCO) ADU

nt programsdes six monital enrichmerticipants woansitioning toferable skiller service w94, the traini

receiving Temhe New YoANF programess,” which ind the abilityhours per weoal is to prefrom public kills in weekucation (GEDployment.

Office of Fined three formntation of thixamples resoeling and theMay 2012, thhs4 to enroll P

cking account offered to p

part because Pnd was unlikely

ULT PILOT

FINANCI FOR T

s. Administernths of full‐tent activities ork in New Yo private secs in fields while receiving program

mporary Assork City Hm, refers eligincludes screy to take direek earning epare for, seaassistance t

kly specializeD, adult basi

nancial Empmer POP paris study. Feenated with the opportunityhe POP speciPOP particip

nts by a locparticipants i

Popular Commy to provide en


red by New time employto approximYork City’s pctor employmsuch as secving employm has placed

sistance for NHuman Resogible clients teening for mrection in En$9.21 an hoarch for andto self‐sufficied vocationaic education,

powerment (rticipants as edback from hem informey to participaialists workepants in the s

cal bank, Pois a ‘safe’ acc

munity Bank donough client v


York yment mately parks, ment. curity, yment d over

Needy ources to the mental nglish. our as d find iency. al and ESL)

(OFE) “POP these ed the ate in ed on‐study

opular count

oes not volume

ESS BLE

9

FINDINGS FRO

with no dunintentirequiremCommunpast probanother employeeflexibilitiethe POP p

During thaccounts participanopening atheir accoaccounts.individuaaccount oparticipan

Study paopportunprofessiotouch” finthe termsaccounts.deposit, i

The respoParks Depup for dimplemendeposit. Tbanked w 5 Without insufficientinsufficient6 Take‐up obanked sigone‐third othe month

OM THE ASSES

direct markeionally incur

ment, and fenity Bank alsblems with ainstitution be addresses tes are an impopulation.

heir POP oriand direct dnt already haand answer qount number. At the bankal’s ability toopening wasnts received

rticipants whnity to open anal developmnancial educs of the Pop. At this secoin to any type

onse to the bpartment expdirect depositntation of thThe high takewhen given a overdraft prott funds in thet funds fees weof direct deposgned up for dirof the study saprior to POP.

SSING FINANC

eting of an orring overdrw other reqso agreed to a transactionbelow $100 to suffice as “

mportant featu

entation daydeposit of thead a card). Aquestions abr that day ank branch follo open the as not possiblbasic inform

ho did not oan account anment day. Acation focusepular accounond offer, ale of account

bank accountpected. A tott and 49% ahe AFCO pe up of accouaccess to an tection, point‐oe account, limere applied. sit is higher tharect deposit tomple had a ba

CIAL CAPABILI

overdraft proraft fees.5 Thquirements provide flex

n account. Inwere forgiv“proof of addure of this p

y, the POP speir City paycA Popular staout the accound were abllowing the oaccount and le (for examp

mation about d

open an accound enroll in dAt this second on short tet. Popular stll participantat any financ

t and direct dtal of 55% of applied for ilot, approxiunts suggestsaccount with

of‐sale purchasmiting the accr

an take‐up of to their existingank account in

ITY OUTCOME

otection optihe accounts (see Appenxibility in opn most casesven. The badress,” a requrogram give

pecialists offechecks to eithaff member wunt and banke to fill out pening on‐sinotified theple, due to adirect deposi

unt with Popdirect deposind presentatierm and longtaff was agats were offercial institutio

deposit offersthe total POPa new checkimately 15%s unbanked ph agreeable

ses or ATM wrual of overdr

the Popular accaccount (checthe month prio

ES (AFCO) ADU

ion, intendedalso had no

ndix C for tpening accous, those withank also alluirement when the histori

ered all POPher a bank awas present oking more gedirect deposite, the banke client by pha negative Cit and accoun

pular at orienit approximaion, the POPg term financain on‐site tored a $25 incon, not just th

s was more eP participantking accoun% of POP paparticipants terms. Howe

withdrawal reqraft fees. How

counts as somecking account oor to joining P

ULT PILOT

FINANCI FOR T

d to protect o minimum the account unts for POPh outstandinowed emplohen opening ically under‐

P employees account or pron‐site to facenerally. Parsit forms whk representatihone or letteChexSystemsnt benefits an

ntation wereately two weP specialistscial goals, ano answer qucentive for ehe Popular ac

enthusiastic ts enrolled innt with Popuarticipants ehad a strongever, even w

quests were dewever, there w

e participants tor a prepaid cOP and 31% h


participants monthly baterms). Po

P employeesng funds owoyer letters an account. T‐banked natu

Popular cherepaid card (ilitate the accrticipants rechile opening ive confirmeer in cases w report). Allnd use.

e offered a seeeks later at a provided “nd again reviuestions and enrolling in dccounts.

than OFE ann the study siular.6 Prior tenrolled in dg desire to bewith the flexi

enied in the cwere instances

that were prevard). Approximhad a prepaid c


from alance opular s with wed to

with These ure of

cking (if the count ceived their ed the where l POP

econd a POP “light‐iewed open direct

nd the igned to the direct ecome ibility

case of when

viously mately card in

ESS BLE

10

FINDINGS FRO

Popular third of tmany casBank conparticipansome prinegative $38 to $6,

FINANC

As part oto attendprovidedoffer finaparticipanmoney mdebt manthis clientmight adnegotiateclients’ emfull finanplan of arepair, reand partisession. Psessions m

At the POfacilitatedfinancial randomizuse indivconcerns comparisrandomlycorrelatedapproximoffer counof site‐sp

OM THE ASSES

Community the participanses, due to nenducted on tnts or 46% hor misuse obalances ow,423. Only 33

CIAL COUN

of the field ex one‐on‐one

d by New Yorancial counsents. Center cmanagement,nagement. Fot group withddress transie problems wmployment sncial health action for addeducing debt icipants offerParticipants may also hav

OP professiod the scheducounseling

zed by monthvidual randothat co‐work

sons. During y assigned tod with diffmately half thnseling becaecific effects,

SSING FINANC

Bank provints who appegative Chexhe 175 partichad ChexSystf an account

wed on previo3 profiles in C

SELING

xperiment, afinancial courk City’s Fineling at over counselors a budgeting, or the purpoh reference toitioning fromwith prior basituations chassessment thdressing a raand planninred counselinalso had theve been comp

nal developmuling of appotreatment ih of hire andom assignmekers would cthe first halo offer finanferences bethe participanme the sites , as well as ʺt

CIAL CAPABILI

ding in openplied for a chxSystems repcipants whotems profilest, e.g., owingous accountsChexSystem r

bout one‐halunseling durnancial Empo20 locations

are trained toselecting sases of this pio direct depom the use oanks, or thehange. Howehat looked atange of needsng for future ng were crede option to rpensated at th

ment day, thintments forin this studd by boroughent for severcommunicatf of the studncial counselitween sites,nts were recroffering coutreatmentʺ ef

ITY OUTCOME

ning accounhecking accouports. Accord there was ns. Most of thg a balance s were less threported frau

lf of the POPring their prowerment Ce citywide to o help clientafe and afforilot, counseloosit and the Pf alternativee maintenancever, the count their financs such as: buneeds. Sessiodited a full dreturn for a he counselor

he POP specir those particdy was not h in which thal reasons, ie about whady period, POing to partic, the counruited. At thunseling as shffects, in isola

ES (AFCO) ADU

nts through tunt on‐site ading to an anano record of he negative Con a previohan $500, buudulent activ

P employees escribed worenters, whichall New Yorts on a rangrdable financors were infoPopular accoue financial sce of accounnselors also ces overall anudgeting for ons lasted beay of work wsecond sessir’s recommen

ialists introducipants who offered to

he POP site wincluding logat they learneOP sites in twcipants. Becaseling assighis point, thehown in Tabation.

ULT PILOT

FINANCI FOR T

the pilot, apat POP couldalysis by Popan account

ChexSystem ous account. ut the range ovity on a prev

were offeredrk hours. Thh were establrk City residge of financiacial productsormed of theunts. For exaervices, hownts and direcengaged witnd helped thtransitions, etween 30 mwith pay to aion on workndation.

uced financisigned up foevery part

was located. Tgistical comped in counsewo of the fouause treatmegnment wase sites that dble 1. This pe


pproximatelyd not open onpular Commbeing openeprofiles indiOver 60% oowed varied vious accoun

d the opporthe counselinglished in 200dents at no coal issues, sus, and credie unique neeample, counsw to addressct deposit shth each clienhem to estabcredit review

minutes to an attend their ik time. Addit

al counselingor counselingticipant, butThe study diplexity as weling and biaur boroughs nt effects ms switched did not previermits an an


y one‐ne, in

munity ed, 81 icated of the from

nt.

tunity g was 8 and ost to uch as t and eds of seling s and hould nt in a blish a w and hour, initial tional

g and g. The t was id not

well as as the were ay be after

iously alysis

ESS BLE

11

FINDINGS FRO

TABLE 1.

Borough

Bronx

Brooklyn

Manhatta

Queens

Accordincounselinparticipancounselinfour and the compacross thepart. Becathat woucounselinpresentatbeing offe

TABLE 2.

AttendedNo CounTotal

The unbiaccount aemployeetime periinherent i

7 This estimwho were month of sprior knowpredict if ait is the est

OM THE ASSES

FINANCIAL

Janua

an

ng to adminng actually ants in the cng session, 3213 sessions. parison (or ce counselingause the choiuld bias the ng using a twtion of averagered counsel

TAKE UP OF

d FEC seling

iased effects access cannoes and there od. There is in which clie

mate is more pmost likely to starting in POPwledge of the all clients particimated effects

SSING FINANC

EDUCATION

R

ary-February

FEC offer

FEC offer

No FEC offer

No FEC offer

nistrative daattended coucomparison 2% attendedTable 2 showcontrol) groug group are dice to seek coresults, we iwo‐stage leage ʺintent to ing and actu

F COUNSELIN

Counseling G

186 319 505

of counselint be estimatewas no varianot a way toents selected

precisely the Lobe induced intP. It is valid asoffer of counscipated in counof for the marg

CIAL CAPABILI

N CENTER CO

ecruitment Pe

y 2012

r

r

ata, approxiunseling at agroup. Just

d two or threws the numbeup by counsdiffused by tounseling is ninstead use st square instreatʺ as we

ually receivin

NG AT NYC F

roup C

ng can be esed in a similation in acceo identify theto open and

ocal Average Tto counseling b long as peoplseling‐‐which snseling, nor theginal client ind

ITY OUTCOME

OUNSELING O

eriod

March-May

No FEC o

No FEC o

FEC offe

FEC offe

imately 186 Financial Eover half

ee sessions, aer of clients iseling attendthe nearly twnonrandom acounseling gstrumental vll as estimate

ng counseling

FINANCIAL E

Comparison

2527529

stimated usinar way. Accoess to accoune effects of acuse accounts

Treatment Effecby assignment be did not seekseems highly pe effect just amuced into coun

ES (AFCO) ADU

OFFER TREAT

y 2012

offer

offer

er

er

(37%) parEmpowermenof participaand the remain the counsedance. The awo‐thirds of cand correlategroup membvariable appred ʺtreatmeng.7

MPOWERME

To

188410

ng this reseaounts were onts or the proccount accesss.

ct (LATE). It rebased on the r

k out POP serviplausible. It is

mong clients monseling by assig

ULT PILOT

FINANCI FOR T

TMENT ASSI

rticipants whnt Center, asnts (53%) aaining 15% aeling (or treaaverage effeclients (63%)ed financial obership to proach (2SLS‐nt on treatedʺ

ENT CENTERS

otal

8846034

arch design, offered univomotion of as that can ov

epresents the erandom nature ices and locatis not the sameost interested ingnment (hence


GNMENT

ho were ofs well as jusattended justattended betatment) groupects of couns) who do notoutcomes in predict take u‐IV). This peʺ effects relat

S

but the effeersally to allaccounts by svercome the b

effects among of POP locatioons because ofe estimate we n counseling. R the ʺlocalʺ labe


ffered t two t one tween p and seling t take ways up of ermits ted to

cts of l POP site or biases

clients on and f some might

Rather, el).

ESS BLE

12

FINDINGS FRO

Data

The data baseline ajuncture participanis summparticipatadministrbanking characterparticipanparticipatdata collenrollmenparticipansurvey byremaininsurveys wrate was 4pre‐incenbasis andthrough J

Data regathen at siwere accebaseline pparticipan

Credit restatus, avThese repon negatiof study Appendixaddition, those wit 8 The repor

OM THE ASSES

for this studand six and 1as it coincidnts it marks

marized in Ttion, demogrrative data status and firistics was ants between te. These clielection. A font at POP ents’ employmy mail. Apprg 61% admiwas 58%. All48%. Mailed ntives and $1d the last clJuly 2013.

arding debt ix and 12 moessed througparticipant sntʹs Social Se

eport recordsvailable crediports represeive items sucparticipantsx A‐4), but ojust over hath a credit r rts were condu

SSING FINANC

y consists of 12 months frodes with thetheir entry in

Table 3. Theraphic charaon counselininancial situadministeredJanuary an

ents also receollow‐up suexit seminarment with Proximately 3nistered thro 12‐month fo12‐month su

10 metro cardlient was rec

levels, delinonths after engh TransUniosurvey data uecurity numb

s used in thiit, as well as ent a snapshoch as delinqu at baseline.only 80% of alf (55%) of streport availa

ucted as “soft pu

CIAL CAPABILI

a combinatioom enrollmee end of parnto unemploe Parks Depcteristics andng attendancation, behavd on‐site dud May 2012eived a $25 grvey was ars, as the siPOP. Partici39% of the siough the maollow up survurveys used d post‐incentcruited in ea

quencies, annrollment usion, read intousing a combber.8

is project conpublic recordot of credit auency and ban The rate ofparticipantstudy participable, as man

ulls” and were

ITY OUTCOME

on of self‐repnt in the studrticipants’ enoyment. The partment prod post‐progrce. In additiviors, and atturing study were recruigift card to codministered ix‐month dapants not atix‐month surail, and the cveys were ala three‐wavetives. Becausarly May 20

nd credit utiling extracts fo a machine bination of d

ntain data ond informatioat a point in tnkruptcy. Crf missing reps have credipants do not ny as 40% d

e not recorded a

ES (AFCO) ADU

ported and addy. Six montnrollment innumber of rovided admram employmtion, a baseltitudes as wrecruitmentited, and 1,0ompensate that all POP

ata collectionttending therveys were acombined rell completed e design withse participan012, follow‐u

lization ratesfrom printedreadable fordate of birth

n outstandinon such as batime, but alsredit reports ports overallt report datahave a credi

do not have

as an inquiry th

ULT PILOT

FINANCI FOR T

dministrativths post‐enron POP and frecords from

ministrative dment data, anline survey

well as collectt. Approxim034 participahem for theirP sites six mn coincided e exit seminadministeredesponse rate via the mailh two remindnts were recrup data colle

s were collecd credit reporrmat and theand the last

ng debt, payankruptcy filiso contain hisare unavailal declines ova in all perioit score repora credit sco

hat could harm


e data collectollment is a crfor two thir

m each data sdata on prond OFE provassessing cuting demogrmately 1,300 ants consentr time involvmonths followith the en

nar were send on‐site, witfor all six‐ml and the respder postcarduited on a roection took

cted at intakerts. Credit reen matched tfour digits i

yment historyings and tax storic informable for abouver the studyods examinerted. Even amore reported

m credit history


ted at ritical rds of ource ogram vided urrent raphic POP

ted to ved in owing nd of nt the th the month ponse s, $10 olling place

e and eports to the in the

y and liens.

mation ut 15% y (see ed. In mong from

y.

ESS BLE

13

FINDINGS FRO

TransUniaccounts.

For particprovidedaccount dto the 49%is due topreviousl

TABLE 3.

Credit Re

Credit Sc

Survey

Bank Rec

Table 4 scomparisvery finaexpected and one‐ithe montmoney orconsider report did

TABLE 4:

AttendedMale Age Married Have ChiPublic HoHomelesBanked Use AlterSelf-RepoIn ControSavings ($Debt (excCredit Sc

OM THE ASSES

ion. This is l.

cipants who d data on modata is availa% of clients wo several factly reported b

SAMPLE SIZE

eport

core

cord

summarizes son groups. Bncially vulnefor a populain‐five live inth prior to enrders and cha good credid not have en

BASELINE C

d FEC

ildren ousing/Stayins

rnative Finanorted Financiol of Finance$) cluding mortcore

SSING FINANC

largely due t

opened a Ponthly accouable for apprwho applied tors: the numbut also the in

E BY DATA S

selected aspeBaseline dataerable population transitin a homelessnrolling in Pheck cashers. it score, althnough credit

HARACTERIS

ng with Frien

ncial Servicesial Literacy (s (5pt)

tgage) ($)

CIAL CAPABILI

to people ha

opular checkunt balances roximately 32to open accomber of POPnability to m

SOURCE

Baseline

884

415

1034

ects of the oa on the POPlation from toning off of s shelter. AppOP, and 74%The averageough as statt history or ac

STICS OF STU

nds

s 5pt)

ITY OUTCOME

aving little fo

king accountand fees fro2% of study ounts with PoP participantatch records

6-Mo

99

44

59

334

overall study participantsraditionally public benefproximately % report usine credit scoreed above, almctivity to hav

UDY PARTIC

Total18.2%22%35.58.5%76%24%20%34%74%3.32.8122

5,316558

ES (AFCO) ADU

ormal credit

t and signedom January 2participantsopular Commts who weredue to missi

onth

98

49

99

y population s enrolled in disadvantagfits. Most areone‐third repng alternative of 558 is wemost half of ve a credit sc

IPANTS

Counseling 36.8%27%35.68.3%73%25%19%33%72%3.32.888

4,817561

ULT PILOT

FINANCI FOR T

activity or h

d a data relea2012 throughs, a relativelymunity Banke unable to ing data field

12-Month

997

449

499

and then ththe study pa

ged commune single womport having ve financial sell below whthe particip

core.

Group C%

%6%%%%%%

7


having few a

ase form, Poh June 2013. y low rate rek. The lack ofopen accounds.

he counselingaint a portrainities, as woumen with chila bank accouervices, incluhat lenders wants with a c

Comparison G0.4%16%35.48.7%79%23%21%35%75%3.42.8156

5,901555


active

opular Bank lative f data nts as

g and it of a uld be ldren, unt in uding would credit

roup

ESS BLE

14

FINDINGS FRO

Looking comparishousing, gender, smore savhold up effects wo

Table 5 ssources. Tpercent mnon‐respocomparabpeople wthese oth

TABLE 5.

CounselinAttendedMale Age Married Have ChiPublic HoFriends HomelesBanked Use AlterServices In ControSelf-RepoSavings ($Debt (excCredit ScOBSERVA* = baseline

The final trajectoryinstitutionparticipanmonths aprogram:assistance

OM THE ASSES

at the characson group arbeing bank

savings and vings and deto common ould be appr

summarizes The last linemissing in Aonse bias. Thble in most r

who indicate ter factors are

BASELINE C

ng Group d Counseling

ildren ousing/Stayin

s

rnative Finan

ol of Financeorted Fin. Lit$) cluding mortcore ATIONS e data

aspect of they in terms of ns (See Tabnts who repand still ove: employmene with the g

SSING FINANC

cteristics of tre comparablked and selfdebt levels, ebt (and perhstatistical teropriate.

these same e shows the tppendix A‐4his table shoespects. The they are home statistically

HARACTERIS

ng w/

ncial

s (5pt) teracy (5pt)

tgage) ($)

e data worth improving c

ble 6). The mport being ber half at 12 nt. POP is a tgoal of movin

CIAL CAPABILI

the participanle on some vf‐reported finappear skewhaps more fiests, but do

variables batotal numbe4). One conceows that that12‐month fo

meless. Surpr different.

STICS BY SUB

Total

48.8% 18.2% 22% 35.5 8.5% 76%

24%

20% 34%

74%

3.3 2.8 122

5,316 558

1,034

noting is thacredit scores, most dramatanked, movmonths. Tabtransitional eng people in

ITY OUTCOME

nts by treatmvariables, sunancial literawed such thainancial activsuggest that

ased on whicr of participern with higt selected asollow up wasrisingly, give

BPOPULATIO

Credit Report*

49.4% 18.3% 22% 35.6 8.5% 76%

24%

20% 34%

73%

3.3 2.8 119

5,316 558 879

at all POP embeing banketic change oing from onble 6 also deemploymentnto unsubsid

ES (AFCO) ADU

ment group, uch as age, macy and attiat the compavity in genert including c

ch participanpants in eachgh rates of mspects of the s (predictablyen the magni

ON WITH EA

Credit Score*

6

44.6% 19% 17% 35.7 9.8% 76%

23%

16% 45%

75%

3.3 2.7 105

9,761 558 415

mployees seeed and reducover the stune‐third at bemonstrates t program fodized employ

ULT PILOT

FINANCI FOR T

the counselimarital statusitudes. Othearison groupral). These dcontrol varia

nts are incluh form of datmissing data ioverall study) less likely itude of miss

ACH DATA SO

6-Month Survey

12S

45.7% 17.5% 22% 37.5 7.2% 73%

24%

15% 37%

73%

3.3 2.7 87

6,496 562 599

m to be on aced use of altudy period ibaseline to athe key pur

or people comyment. The


ng group ans, living in per items, sup appears to differences dables in estim

uded in eachta (also showis the potentdy populatioto be reportsing data, no

OURCE

2-Month Survey

BD

48.5% 418.6% 125% 38.5 8.0% 870%

25%

12% 37%

77%

3.3 2.8 124

5,977 4562 499

a positive finaternative finais the percealmost 60% arpose of theming off of psix‐month su


nd the public ch as have

do not mated

h data wn as tial of on are ed by one of

Bank Data

45.8% 7.4% 15% 34.2 8.4% 81%

25%

20% 28%

76%

3.3 2.7 81

4,960 555 334

ancial ancial ent of at six e POP public urvey

ESS BLE

15

FINDINGS FRO

was colleseminar fAbout onThis selfparticipanother tran2012 for lin this stustill beneexpectatiocheck.11

TABLE 6.

Credit ScBanked Uses alteEmployedEmployed

Analy

This analworked inof financunbiasedadjusted Our estimthe two‐tOur estim

9 Through temploymenumber ofwas includ10 See: GretUnsubsidiz http://www11 We do nhave not at

OM THE ASSES

ected just asfrom the prone‐third repof‐reported emnts entering nsitional jobslow‐wage woudy. Populatfit from finanons about th

CHANGES IN

core

rnative finand full time d part time

ysis and

lysis uses a n POP) to thcial counseli impacts of or estimatedmates of overthirds of POmates of just

the Parks Depant outside of f days worked ded in the analytchen Kirby, Hzed Employmew.mathematicanot find statisticttended financi

SSING FINANC

s employmenogram), and ort being emmployment unemployms programs,10

orkers. Nevetions who lacncial counsehe degree to

N POP POPUL

nce

Results

POP employhe counselingng. This practually atted treatment‐orall average P participanthose clients

artment, we wePOP. The aveduring the stuysis, there was Heather Hill, Laent.ʺ Mathmatica‐mpr.com/PDcal differences ial counseling,

CIAL CAPABILI

nt through Ponly 18% re

mployed at 12rate is in

ment after the0 especially gertheless, it isck employmeling and accewhich these

LATION OVE

Baseline558 34% 74% 100% 0%

yeeʹs ʺassignmg group as a rovides a vaending a finaon ‐treated (Teffects of ass

nts who weres who took p

ere able to collrage hourly wudy period wano significant aDonnaPavetti ca Policy Resea

DFs/transitionalin the likelihoonor assignmen

ITY OUTCOME

POP was eneported havin2 months, sixline with Pe program. Itgiven the extrs critical to keent and face ess to mainste services can

ER THE 12-MO

6 M55761

mentʺ (definrandom evenalid instrumeancial counseTOT) impactsignment to e offered coupart in couns

lect additional wage was $11.1as 229 days. Wdifference in thand Jon Jacobsarch. lreport.pdf od of finding wnt to sites wher

ES (AFCO) ADU

nding (and fng found othx months aftPOP’s overalt is also a reremely pooreep the conteextreme levetream financn resolve lar

ONTH STUDY

Months561 59% 70% 6.9% 1.5%

ned here simnt that can beent to identeling sessiont. Other app(intent to treunseling but seling were b

hourly wage d10 with a max

When a control he estimated trson. (2002). ʺTr

work outside ofre/when counse

ULT PILOT

FINANCI FOR T

for many ather employmter exiting thll statistics easonably higr job market bext of unempels of financicial productsrger issues n

Y

12 Mont570 54% 64%

12.1% 23.1%

mply as whene then used ttify counselin. This is somproaches proveat, or ITT) wdeclined to

biased since t

data on 244 parximum of $28.for income earreatment effectsransitional Job

f POP betweeneling is offered


t their actuament at that he POP progof two‐thirdgh rate relatibetween 201ployment in ial instabilitys and serviceneed to be he

hs

n and whereto predict taking and estmetimes calleved less effewere swampetake up serthese clients

rticipants who .90, and the avrned outside os. s: Stepping Sto

n those who havd.


al exit time.

gram.9 ds of ive to 0 and mind y may s, but eld in

e they ke‐up imate ed an ective. ed by vices. were

found verage of POP

ones to

ve and

ESS BLE

16

FINDINGS FRO

motivatedcrisis atte

All analyvariable dependenthe estimavailable

Estimatesthe best eup. The imestimatedinto attenattending f

Each regrinitial valvariables alternativthe POP particular(left colucolumn).

CREDIT

TABLE 7.

Credit Sco

Counselin Attended Observatio Beginningcounselinreversed,made in t

12 An alterneffect size i13 In the tab

OM THE ASSES

d to attend cended).

sis shown in2‐stage leastnt variables a

mated coefficiupon reques

s of being asestimate of thmpact of actud using an innding counsefinancial coun

ression estimlue of that ouinclude (bas

ve financial psite by trea

r POP site armn), the firsStatistically

OUTCOM

CAUSAL EST

ore

ng Group (IT

d FEC (TOT)

ons

g with creding at six mo mostly the the first six m

native is a Blooif participationbles that follow

SSING FINANC

ounseling se

n this report it squares (2Sand those wients on the cst).

ssigned to finhe average efually receivinnstrumental veling, providnseling.12

mate measureutcome (wheseline) client products (sucatment groure likely corrst six‐monthsignificant ef

ES

TIMATES OF

0 to

TT)

)

it scores, Tabonths, but nresult of themonths. Both

om Estimator, wn had been comw: * = 0.05 signif

CIAL CAPABILI

essions due to

is regression SLS) or 2‐staith non‐normcounseling v

nancial counffects of making financial cvariable (or IVding an unbi

es the averagere possible) age, gender,ch as paydayup level (14 elated. Table

h period (cenffects are ma

COUNSELIN

o 12 months

0.206(0.965)0.454

(0.962)343

ble 7 shows not at stande control grouh the ITT and

which divides mplete. ficance level, **

ITY OUTCOME

o their partic

adjusted, ordage probit/tomal distributiariable (estim

seling (or ITng counselingcounseling (TV) to providased estimat

ge change in and limited marital statu loans). In allclusters) si

es show resunter column),arked with as

G ON CREDIT

0 to 6

6.(0.14

(0.3

some increaard levels oups catchingd TOT estima

the ITT estima

* = 0.01 signific

ES (AFCO) ADU

cular financia

dinary least sobit specificaions). Resultmated coeffic

TT) are labeleg available at tTOT) is labele an estimatete of the imp

the outcome set of baselius, ever havil cases, the stince employults separately, and the sesterisks.13

T SCORES

6 months

.363

.151)4.49.113)375

ase in scoresof significancg up to the pates are posit

ates by the part

cance level, ***

ULT PILOT

FINANCI FOR T

al situation (e

squares (OLSations (only ts displayed cients for con

ed ʺcounselinthe POP siteled as ʺAttene of effects fopact of client

e of interest cine controls ving a bank actandard erroyees and neiy for the fullecond six‐mo

6 to 12 m

-4.80(0.170-10.9(0.09

404

s for clients ce. At 12 mprogress the tive, with the

ticipation rate,

= .001 significa


e.g., those m

S) or instrumfor dichotohere only inntrol variable

ng groupʺ. Ts regardless ofnded FEC.ʺ Tor people indts being offere

controlling fovariables. Coccount, and uors are clusterighborhoodsl 12‐month ponth period

months

5 0) 1 1)

who took pamonths this rtreatment gre estimated e

as an estimate

ance level.


most in

mental mous

nclude es are

This is f take‐This is duced ed and

or the ontrol use of red at at a period (right

art in result roups effects

e of the

ESS BLE

17

FINDINGS FRO

of attendPOP part343 studyof these e

TABLE 8.

Pct Past D

Counselin Attended Observatio

The estimreports (nproducesattendingcould be specificatstatisticalindividuais past duconfidenc

OM THE ASSES

ing counselinticipants tooky participantestimates. No

CAUSAL EST

Due

ng Group (IT

d FEC (TOT)

ons

mates in Tabln=879 for alls a 5% reducg counselinga result of ttions such aslly significanals stay curreue. Figure 3 ce intervals o

SSING FINANC

ng about thrk part in cous had credit one of these f

TIMATES OF

0 to

TT)

)

e 8 on percen three periodction in fallin. Because ththe distributis a Tobit modnt. The resultent with theifurther displof the results.

FIGURE 3: I

10%

15%

20%

25%

30%

35%

40%

CIAL CAPABILI

ree times theunseling, conscores reporfindings mee

COUNSELIN

o 12 months

-0.0518**

(0.004)-0.140**

(0.002)879

ntage of debds). These esng behind onhis outcome iion of this vadel. The resus overall shoir debt paymlays these es.

INTENT TO T

31%

31%

Baseline

Contr

Treat

ITY OUTCOME

e level of thensistent withrted in all thrts standard s

G ON THE PE

0 to 6

-0.(0.-0.(0.

8

t past due usstimates indin debt paymis constraineariable. Howults at six monow a consistements, at leasttimates as a

TREAT PERCE

31%

29%

6 Months

rol (405 memb

ment (474 me

ES (AFCO) ADU

e overall averh Bloom estimree periods, statistical ben

ERCENTAGE

6 months

.0183.340).0494.305)879

ses the largeicate that, onments over 1ed to 0% to wever, the renths are direent pattern oft measured bline graph, i

ENTAGE PAS

29%

24%

12 Months

bers)

mbers)

ULT PILOT

FINANCI FOR T

rage effect (rmator resultsreducing thenchmarks for

E OF DEBT TH

6 to 12 m

-0.031(0.04-0.087(0.030

995

r sample of cn average, of12 months, a100%, we w

esults are robectionally apf financial coby the percenincluding da

ST DUE


recall about 1s). However,e statistical pr significance

HAT IS PAST

months

8* 1) 78* 0)

clients with cffering counsand 14% for worry this finbust to alternpropriate, buounseling, hentage of debashed lines fo


1/3 of , only power e.

DUE

credit seling those nding native ut not elping bt that or the

ESS BLE

18

FINDINGS FRO

Past due significanThis appthan halfbelow in people wwithout cLarge chendpoint 100%, or

TABLE 9. BY CREDI

Pct Past D Attended Observatio Attended Observatio

BANKIN

One objeunderstanshown inOne potehaving a

TABLE 10

Banked Counselin Attended ObservatioNote: marg

Table 10 savings aassociatedrelated tothe 6‐12 m

OM THE ASSES

debt is an int reductionsarent discrepf of this popuTable 9, the

who do have credit scores anges in perand positivvice versa).

CAUSAL ESTIT SCORE RE

Due

d FEC (TOT)

ons

d FEC (TOT)

ons

G OUTCO

ective of the nd how counn Table 6 aboential outcombank accoun

0. CAUSAL ES

ng Group (IT

d FEC (TOT)

ons ginal effects.

shows estimaccount) usid with a largo financial comonth period

SSING FINANC

important des in the percepancy stems ulation has sre are no sigcredit scores(without scorcentage pasve, but comp

TIMATES OF PORTING

0 to

)

)

MES

design of cnselors mighove, POP parme of counsent in follow‐u

STIMATES OF

0 to 12TT) -0.0

(0.) 0.0

(0.4

mated rates ing a Probitge increase iounseling. Cod (likely due

CIAL CAPABILI

eterminant oentage past dfrom the di

sufficient cregnificant redus. The reducores as of at st due are apletely past d

COUNSELIN

o 12 months

-0.0359(0.433)

343

-0.193**(0.006)

536

counseling anht aid clients rticipants shoeling wouldup surveys.

F COUNSELIN

2 months 00002.996)0004.997)495

of reportingt 2‐stage IVin being banounseling is ae to the persi

ITY OUTCOME

of credit scorue debt withifferent sampedit history ouctions in thctions in debleast one enlso dominatdue debt at t

NG ON THE P

0 to 6With Sco

-0.(0.

3Without Sc

-0.(0.

5

nd the offerin better maowed a dram be that cou

NG ON BANK

0 to 6 months-0.0370(0.166)-0.0948(0.214)

593

being bankV model. Alnked, there isassociated wstence of acc

ES (AFCO) ADU

re. Thereforehout similar mples availablon file to reche percentagebt past due andpoint necested by peoplthe other (e.

PERCENTAGE

6 monthsre Reported.0493.381)375core Reported.0426.411)504

r of a bank anaging bankmatic increaseunseling clie

KING STATUS

6 to 12 m0.035(0.190.097(0.218

362

ked (that is hlthough POPs no differen

with a positivcounts open

ULT PILOT

FINANCI FOR T

e, it may be movement inle for the twceive a credite of debt paare concentrassary to calcule who had g. went from

E OF DEBT T

6 to 12 m

-0.003(0.895

404 d

-0.126(0.016

591

account in tking services e in reportinnts are mor

S

months581)738)

having an aP participatintial increaseve increase inwhile emplo


surprising tn the credit scwo outcomes.t score. As shst due amonated in the pulate the chazero debt a

m 0% past d

HAT IS PAST

months

79 5)

6* 6)

this study wand product

ng a bank acce likely to r

active checkinion in genere in being ban bank accounoyed by POP


to see cores. . Less hown ng the people ange). at one due to

T DUE

was to ts. As count. report

ng or ral is anked nts in P), but

ESS BLE

19

FINDINGS FRO

the estimthe averahere maysurveys.

Monthly POP partand afterusing thedelayed oparticipanwhich we

Account bdistributialso calcustatementʺcorrectʺ sound finsound of

14 Althoughevidence thare open.

OM THE ASSES

mates are not age rate of rey not be signi

statements pticipants, offer taking parteir bank accoopening accont for whome had accoun

balances in tions are highulated as tht. Any negatoutcome fornancial manaa financial d

h not shown, what counseling

SSING FINANC

significant steporting beinificant due to

FIGURE 4: AV

provided by er more detat in POP. Thounts. Not evounts or closm bank data nt data still ha

this analysis hly skewed whe average otive values ar participantagement, but decision.

we did test for significantly in

30%

35%

40%

45%

50%

55%

60%

65%

70%

75%

B

CIAL CAPABILI

tatistically. Fng banked ino the smaller

VERAGE RAT

Popular Comail in how thhis analysis pvery client hased them). Owas able toad open acco

are measurewith many nof the withinare recorded s might be. if a client pa

the effects of cncreased the ra

38%

38%

aseline

Contr

Treat

ITY OUTCOME

igure 4 showncreased starr number of r

E OF REPORT

mmunity Banhose people wprovides an ad a full yea

On average, w be matchedounts as of Ju

d in log dollnear zero andn‐month aveas zero. It shCarrying a lays down hig

counseling on aate of opening a

66%

58%

6 Months

rol (187 memb

tment (174 me

ES (AFCO) ADU

ws these resurkly for all Prespondents

TING BEING

nk, althoughwho have accindication o

ar of accountwe observe 7d, and only une 2013.14

lars (we use d a few veryerage balanchould be notlarger bank gh cost debt,

account openinaccounts or the

57

56%

12 Mon

bers)

embers)

ULT PILOT

FINANCI FOR T

ults graphicalPOP participawho comple

BANKED

h only availabcounts are uof how studyt statements 7.7 bank stat78 of the 33

the log of bay large valuece recorded ted that it is balance is olower balan

ng and terminae amount of tim

7%

%

nths


lly: the increaants. Effects eted the follo

ble for a subusing them dy participant(clients maytements per s4 participan

alance becauses). The balanin each mounclear wha

often attributnces may be ju

ation. We do nome the bank acc


ase in again ow‐up

bset of uring ts are have study nts for

se the nce is onthly at the ted to ust as

ot find counts

ESS BLE

20

FINDINGS FRO

TABLE 11

Average BCounselin Attended Observatio

Table 11 significanbalances translatesto be a reanalyses,

The averastudy, anpaid at leabout $47fees, and

TABLE 12

Account FCounselin Attended Observatio

The resulincrease fcounterinfor bill pa

FINANC

Six surveItems in establishisavings, awho inten

OM THE ASSES

. CAUSAL ES

Balance ng Group (IT

d FEC (TOT)

ons

shows the efnt differencein the 6‐12s into about aelationship bhowever.

age person innd $91 in 6‐12east one bank7 over the lifTable 12 sho

2. CAUSAL ES

Fees ng Group (IT

d FEC (TOT)

ons

lts in Table 1fees incurredntuitive resulayments.

CIAL PLANN

ey questions this index iing a new soand (6) incrend to make f

SSING FINANC

STIMATES OF

Full StTT)

()

(

ffects of finanes, but there2 month pera $41 decreabetween an i

n the bank d2 month perik fee: typicalfetime of theows the effect

STIMATES OF

0 to 12 TT) 0.4

(0.2) 1.0

(0.233

12 are not stad for insufficlt is counselo

NING OUTC

related to tainclude (1) rource of credeasing amounorward‐look

CIAL CAPABILI

F COUNSELIN

tudy Period0.117

(0.642)0.316

(0.609)334

ncial counsele is directionriod (post Pse in averagendividual pa

ata has an acod (post POPlly insufficiee account. Cots of counseli

F COUNSELIN

months 0 to400 243) 079 246) 34

atistically sigcient funds aors could pr

COMES

aking steps toreviewing a dit, (4) usingnts put into pking changes

ITY OUTCOME

NG ON AVER

0 to 6 mon0.118

(0.678)0.318

(0.650)334

ling on log anal evidencePOP). Lookine balance foraying down

ccount balanP). About 28%nt funds or rounseling coing on avera

NG ON AVER

o 6 months 60.379

(0.269)1.023

(0.274)334

gnificant, buand returnedomote the u

o managing credit repor

g a savings ppaying off dein their finan

ES (AFCO) ADU

RAGE BALAN

nths 6 mo

average balane that counsng at the acr counseled cdebt and ba

nce of $107 du% of the POPreturned itemould potentiaage fees.

RAGE BANK F

6 to 12 month0.364

(0.126)0.908

(0.112)216

ut suggestive d items. One use of autom

personal finart, (2) creatiprogram, (5)ebt. These quncial behavio

ULT PILOT

FINANCI FOR T

CE

onths to End -0.447(0.063) -1.115(0.053)

216

nces. There aseling actuactual (non‐loclients. Thereank balances

uring the firsP participantm fees. On aally help clie

FEES

hs

that counsepotential exatic electron

ances ʺin theing a debt p) increasing uestions couor.


are no statistally reduces og) balancese does not aps based on fu

st 6 months ots in the bankaverage, fees ents to avoid

eling may actxplanation fonic funds tran

e last six monpayment planamounts pu

uld capture p


tically bank s this ppear urther

of the k data were

d such

tually or this nsfers

nths.ʺ n, (3) t into people

ESS BLE

21

FINDINGS FRO

TABLE 13

Financial Counselin Attended Observatio

Table 13 Additioncredit repbaseline. employeetheir credmuch sm

The quessigning uonce, assuthat the ccompleteand this iplanning,clients are

SUMMA

Financial• A

esscd10

• Aemmsu

• Ath

• Ais

OM THE ASSES

3. CAUSAL ES

Plan Index ng Group (IT

d FEC (TOT)

ons

shows that cal analysis inport. Most suCredit repores in POP todit reports. C

maller, less sta

stions in thisup for a saviuming the pcredit report rd and the cliindex do not, or even chee reducing th

RY OF FIND

counseling iA decrease in stimated effecores and boriven by the00%). An increase mployment measurable efubset of studAn increase inhe six month A decrease ins significant.

SSING FINANC

STIMATES OF

0 to 12 TT) 0.0

(0.5) 0.0

(0.54

counseling isnto the compurvey responrts were como also be seeCreating a 5‐iatistically sign

s index ask aings programparticipant streview that iient exits POt reveal any ecking a crehe percentag

DINGS

is associated the percenta

ect is quite laorrow less the 10% of the

in credit scothrough POffect by the dy participann financial plpoint of the account bal

CIAL CAPABILI

F COUNSELIN

months 0 t0298 563) 0817 548) 94

associated wponents of thndents did nommonly usedeking credit item index enificant effec

about steps m or creatingicks with theis part of the OP. Further ainsights intodit report spe of debt pas

with: age of debt thrge and seeman the typicasample who

ores at the OP and a ret12 month fots, however.lanning behastudy. ances held a

ITY OUTCOME

NG ON FINAN

to 6 months0.0970*

(0.040)0.256**

(0.006)590

with positivehe index sugot report revd as part of cwhile emploexcluding revcts.

taken over tg a debt repem. The 6‐12counseling s

analysis of tho causal pathpecifically, asst due.

hat is past dums to be concal person in o experienced

six month mturn to unemollow‐up cred

aviors, especi

nd an increa

ES (AFCO) ADU

NCIAL PLAN

6 to 12 mo-0.0842(0.187)-0.234(0.124)

354

e changes forggest this is lviewing a repcounseling soyed and thviewing a cre

the past six payment plan2 month resusession but nhe relationshihways—that s contributin

ue for both scentrated in pthis populatd the maxim

mark, whichmployment fdit report. S

ially reviewi

ase in bank fe

ULT PILOT

FINANCI FOR T

NING onths2)

4)

r the zero to largely driveport in the pressions, and

herefore motiedit report q

months. Somn, may only ults primarilynot repeated aip between pis, we cannong directly to

six and 12 mpeople who dtion. In particmum change

h coincided for most parScores are on

ing a credit r

ees, although


six month peen by reviewrior six mond we might eivated to moquestion resu

me steps, suneed to be y capture thafter counselpaying downot isolate finao how couns

month periodsdo not have ccular, the effin this metri

with the enrticipants, bunly available

report, but on

h neither est


eriod. wing a ths at expect onitor ults in

uch as taken

he fact ling is n debt ancial seling

s. The credit fect is ic (+/‐

nd of ut no for a

nly at

imate

ESS BLE

22

FINDINGS FRO

Below is period anunits).

TABLE 14

Outcome

Credit Sc

Percent o

Balance iRevolvingAvailableBanked

Savings fr

Emergen

Have a fin

Financial

AltFinanc

Planning

ConfidenPopular CAverage Popular CEnding BaPopular CFees

Popular CNumber

Insigh

The lessointerestedfrom the insights iprogram

15 CFED covarying levparticipantParks Depa

OM THE ASSES

a summary tnd the first s

4. SUMMARY

e

core

of Debt Past

n Collectionsg Credit e

requency

cy savings

nancial goal

worry

ce Index

Index

ce Index Community BBalance Community Balance Community B

Community Bof Statemen

hts from

ons learned fd in integratiqualitative

into the findstakeholder

onducted in‐devels of participts a $50 incentiartment locatio

SSING FINANC

table showinsix months.

OF ESTIMAT

ExpeDirec

+

Due -

s -

+

+

+

+

+

-

-

+

+Bank

+

Bank +

Bank -

Bank ts

+

m Implem

from impleming financial research con

dings of the rs including

epth in personpation with theive for participon.

CIAL CAPABILI

ng the averagEach is show

ES OF THE E

cted ction Effe

+

+

+

+

+

+

+

+

+

+

+

mentatio

mentation of access and cnducted witstudy. ThroPOP partici

n interviews we banking accepating in the in

ITY OUTCOME

ge the effects wn as effect

FFECTS OF C

12-Month T

ct (sigma units) 0.01

-0.32

-0.18

-0.04

0.00

-0.04

0.18

-0.03

-0.26

0.18

0.12

-0.25

0.14

-0.16

0.51

0.15

on

the AFCO pcounseling inth program ough a seriesipants,15 POP

with 11 POP paess and financinterview, whic

ES (AFCO) ADU

of financial sizes or sta

COUNSELING

TOT

Significance

**

pilot may be nto their exisstakeholderss of one‐houP staff, finan

articipants whial counseling ch each lasted a

ULT PILOT

FINANCI FOR T

counseling oandard devia

G

6-Mon

Effect (sigmaunits) 0.24

-0.11

-0.15

0.00

-0.20

-0.07

-0.20

0.26

-0.04

0.45

0.38

-0.10

0.15

0.06

0.48

NA

of interest tsting servicess and particiur interviewsncial counse

ho enrolled in aspects of thean hour and w


over the full sation units (s

nth TOT

a Significan

**

to other progs, but the finipants also os conducted lors and Po

the study, wh pilot. CFED o

were held on‐si


study sigma

nce

grams dings offers with opular

ho had offered ite at a

ESS BLE

23

FINDINGS FRO

Bank stafexperienccounselin

ACCOU

The rate enrolling study appunmet deDepartmewithout timplemen

• Temdscrebropa C

• Mwbeapprethth

• Pdth

ACCOU

While theparticipanand the dfees on th

OM THE ASSES

ff, we documces of the png take‐up.

UNT TAKE-U

of participain AFCO to plied to openemand for saent had worthe same levntation were

The timing of mbedded inevelopment chedule, butepresentativeranch after wpening was tdelay in pe

ChexSystems Messaging of twere former enefits of ppreciation fresentations.elevant to POhat the bankehe accounts. roviding inceeposit, and shey decided t

UNT USE AN

e demand fonts used thedata demonshe account. O

SSING FINANC

mented the participants i

UP

ants being ba59% at six mn an account afe, affordabrked with OFvel of take‐u a factor. Key

the offer andnto the POPdate severalt was built es were also work to comthat the Chexeople being ireport. the banking ofPOP particibank accoufor the speci. Peer‐to‐peeOP participaers on‐site co

entives: Partiseveral partito open an ac

ND MAINT

or the accounir accounts sstrated that tOnly 28% of

CIAL CAPABILI

strengths anin three key

anked jumpemonths and stwith Popula

ble financial pFE and finanup, which ay elements w

d convenience P orientationl weeks laterinto the oron‐site to op

mplete the prxSystems verinformed th

ffer: The accoipants. The unts and dalists’ experier educationants, and thaould provide

cipants wericipants citedccount with P

ENANCE

nts was highsuccessfully. the accounts f accounts ge

ITY OUTCOME

nd weaknessy areas: acco

ed from apptill 55% a yeaar Communiproducts amncial institutlso suggests

were:

of the accounn day and rr. It was notrientation thpen accounts ocess. Howerification couat their acco

ount offer wspecialists udirect deposience with Pn and suppoat approach we when parti

e offered a d wanting toPopular.

h, the accounAccounts wcould be reenerated fees

ES (AFCO) ADU

ses of the piount‐take up

proximately ar later. Just oity Bank, whimong this potions to offers that elemen

nt opening: Trepeated agt treated as ahat all partiso that partiever, one dowuld not be conount could n

was deliveredused real‐lifesit. ParticipPOP and theirt was criticwas coupledicipants had

$25 incentivo take advan

nt data fromwere open forelatively expes, but for tho

ULT PILOT

FINANCI FOR T

lot’s implemp, account u

one‐third thover half of pich suggests pulation. Hor similar pronts of the p

The offer of gain at the an optional cicipants wenicipants did nwnside of thnducted on snot be opene

d by the POPe examples tants interviir down‐to‐ecal in makind with the exquestions ab

ve if they entage of that

m Popular sur an averageensive for those that did,


mentation anuse and fina

he month priparticipants ithat there wowever, the oducts in thepilot’s design

the accountfirst professcomponent ont through. not have to vhe on‐site accsite, which caed if there w

P specialists,to talk abouiewed exprearth demeanng these proxpert informbout banking

enrolled in doffer as a re

uggest that ne of eight mohose that incu, the average


nd the ancial

ior to in the

was an Parks e past n and

t was sional of the Bank visit a count aused was a

, who ut the ressed nor in oducts mation g and

direct eason

not all onths, urred e fees

ESS BLE

24

FINDINGS FRO

charged wthe 334 ac

The interfound thethe accoutransactioreported that cameOne partithirds of not surpr

Howeverthe particnumber opercentagopened aimpressiohigh profthe bank’though inwas a geboth in ininstitutionreputatiobanking r

COUNS

POP partand could37% of pedata fromcounselin

16 This levretention rLouisville hpopulationa research

OM THE ASSES

were approxccounts open

views with pe Popular acunt. They remons such as that she close up several icipant put itPOP participrising.

r, the fact thacipants wereof participange points. Paaccounts withons of and exfile with man’s locations, nformation oeneral imprenterviews anns that had on in the comrelationship a

ELING TAK

ticipants werd access oneeople offeredm implemenng was sched

vel of account ates reported fhave reported n participating pilot and is lik

SSING FINANC

imately 50% ned through t

participants sccount featurmembered thuse of out‐osed her Poputimes in the t simply, “I cpants were u

at many the Pe unbanked ants banked fearticipants mh other finanxperiences wny participanbranches or on locations assion amongnd at POP pra larger pre

mmunity mayafter the pilo

KE-UP

re offered a e‐on‐one coud financial contation, it apduling appoi

retention was

for other accouaccount retentin Bank On in ely not as high

CIAL CAPABILI

of the averathe pilot, 23%

shed some lires appealinge account beof‐network Aular accountinterviews w

can’t use a baunemployed

Popular bankat the end ofell between say have stopncial institut

with Popular nts. Some peATMs (possand the ATMg participantresentations,sence in they have playeot.

full eight honseling withounseling attppears that tintments. Wh

s considered gunt access progtion rates of 86these commun

hly financially v

ITY OUTCOME

age balance th% were still o

ight on the isg, it seems thing “free” an

ATMs were tt because of was the link ank if I’m notafter POP, t

k accounts wf the study. six and 12 mpped using thtions. The inCommunity eople had nosibly contribuM network wts that Popu expressed a New York d a role in w

ours of paid h a trained cotended counsthe first majhen the pilot

good by Popugrams, such as l% and 85% aftnities chose to ovulnerable or u

ES (AFCO) ADU

hey carried oopen as of Jun

ssues with achat not all unnd so were cotaken out of the fees she between bant working.” Kthe number

were closed dAccording tmonths after heir Popularnterviews revBank were m

ot heard of thuting to the

was providedlar wasn’t aa strong prefCity market

whether or no

work time tounselor at nseling. After jor challenget was launch

ular Communitlocal Bank On ter one and twoopen accounts unemployed as

ULT PILOT

FINANCI FOR T

over the life ne 2013.16

ccount use. Wnderstood thonfused whethe accountwas chargednk accounts Knowing thaof closed acc

does not neceto the particienrollment,

r accounts anvealed that smixed. Popuhe bank or wfees incurre

d during the oa convenient ference to bat. Popular Coot participan

to attend finno charge. Nr examining te in getting hed, the POP

ty Bank. It is programs. Bano years, respecvoluntarily ra

s the POP popu


of the accoun

While particihe fee structuen fees for vat. One particd. Another tand employmat as many ascounts is per

essarily meanipant surveybut only by

nd instead ussome participlar did not hwere not awaed by some), orientation. Tbank, and s

ank with finaommunity Bnts maintaine

nancial counsNevertheless,the programparticipants

P specialists a

lower than acnk On Savannactively. Howevther than as a pulation.


nt. Of

ipants ure of arious cipant theme ment. s two‐rhaps

n that ys, the y four sed or pants’ have a are of even There some, ancial Bank’s ed the

seling , only matic s into asked

ccount ah and ver, the part of

ESS BLE

25

FINDINGS FRO

each partcould follable to comade to participanthe transidid schedsimilar grwas onlyon two sbenefits o

The finantwo or thsomeone’showed t25% attenPOP partof counse

Insigh

The leadedetails repromisinscores an

Howeverstudy mabarriers asuch as aDespite tfinancial

17 We testegeneral, mand bankinsignals wil

OM THE ASSES

ticipant wholow up to schontact the mareach each pnts proved uient nature odule an apporoups, accord made once bseparate occaof counseling

ncial counselhree, are usu’s personal that 53% of pnded three oticipants to aeling on the o

hts for P

ership at POelated to comg signs that

nd measures o

r, the level ofay not be genand challenga lack of exphese qualificaccess that a

d the effect of

more sessions, eng status. Thesllingness or mo

SSING FINANC

o expressed ihedule the finajority of thoparticipant bunreachable aof this populaointment, theding to severby the speciaasions. Repetg, may have h

lors interviewually necessarfinances. Thparticipants aor more sessttend multipoutcomes of i

Practice

OP and OFE mmunication the offer of of financial p

f financial vuneralizable toges that mayerience withcations, the pare instructive

attending mu

especially threese results are notivation to ma

CIAL CAPABILI

interest in conancial counose that signeby phone anand didn’t reation, one in e attendanceral financial alists, as opptition of the helped increa

wed pointed ry in order fhe attendanattended jussions. Had thple financial cinterest in th

and Pol

carefully deand timing ocounseling

planning also

ulnerability io the overall ay influence thh mainstreampilot can offee for both po

ltiple sessions e or more sessot causal in nake financial ch

ITY OUTCOME

ounseling to nseling appoied up after ond email, or eceive a counfive of whom rate was 65counselors. Iposed to the offer, comb

ase the take‐u

out that repfor financial ce data fromt one counsehe program counseling sehe study.17

licy

esigned a proof the offer ois related too directionall

in this populadult populahe impact of

m financial prer several imolicy makers

on the small ssions, do seem ature as showinanges.

ES (AFCO) ADU

provide conintment. Howonly a few win person innseling appom was home5%, on par wIn addition, offer of bankbined with thup.

peated counscounseling tm the Finaneling sessionplaced greaessions, we m

ogram with of accounts ano a decrease ly positive.

lation suggesation. The POf counselingroducts and

mportant insigand program

sample of thos correlated wing up to (or as

ULT PILOT

FINANCI FOR T

ntact informawever, the spweeks. Multipn some caseointment. Theless at baseliwith attendanthe offer to ak accounts, whe right mes

seling sessionto have a subncial Empown, 22% attendater emphasimay have see

high fidelitynd counselinin past due

sts that the fOP populatiog on their finhigh rates oghts on the tm administra

se that attendedth positive chasking for) more


ation so thatpecialists werple attempts s, but manyhis issue speaine. For thosence rates for attend counswhich was ofssaging abou

ns, a minimubstantial effewerment Ceded two, ands on encouren a greater

y and attenting. The data debt, with c

findings fromon faces additnancial capabof unemploymtopic of expaators.

d counseling, aanges in credite counseling se


t they re not were

y POP aks to e that other seling ffered ut the

um of ect on enters d only aging effect

ion to show credit

m this tional bility, ment. anded

and in t score essions

ESS BLE

26

FINDINGS FRO

Insight #

The AFCfinancial Opportunoffers parworkshopopening pthe procesuggests advantag

The resulcounselinand finaninstitution

Workforcprogramsunsubsidchoices atime worthey mov

And whisubsidizeplace of—private seducationPrograms

Insight #

While accOn averaone in fouwas succfurther exaffordablwhen thenetwork A

OM THE ASSES

#1: Integrat

O pilot is anproducts annity Programrticipants an ps, and OFE process and ess as seamlethat unban

ge of an oppo

lts from thisng within thencial capabilns and finan

ce programs s are workingdized employbout how tork. The bank ve from benef

le this pilot ed governme—and point ector employn services ins.

#2: Success

count take upage, the accouur accounts oessful in getxamination. le terms, doeey no longer hATM fees an

SSING FINANC

ting Access

n example of nd services im is one of tarray of servand the Parkthe offer of ess as possibnked participortunity if off

s study sugge context of pity. Partnerscial counseli

in particulag to increaseyment. Couno manage theaccount coufits into finan

was focusedent employmof—employmyers who conto the hirin

sful Accoun

p was high, tunts were onopened durintting people It may be ths not fully mhave a sourcnd insufficien

CIAL CAPABILI

s to Financ

a public prointo an existthe largest tvices—job traks Departmefinancial coule for the papants had afered an acco

gest that embpublic prograships betweeng networks

ar offer an ide the incomesnseling has teir income asuld also be a ncial indepen

d on integratient programment. Thereould consideng and orie

nt Use and

the data on tnly open for ng the pilot winto account

he case that ameet the needce of steady innt funds fees

ITY OUTCOME

ial Product

ogram succesting programtransitional eaining, compent worked cunseling intoarticipants. Th strong desount with agr

bedding finaams can be anen social ands should be co

deal setting s of participathe potentials well as manhelpful tool ndence.

ing access tom, it was also e is much frer integratingentation pro

d Managem

the use and mjust under ewere still opts, but encoua traditional s of this finanncome. Whecan be just a

ES (AFCO) ADU

ts and Serv

ssfully integrm for a highemploymentputer skills, joclosely with po the existinghe high takesire to becomreeable terms

ancial produn effective wd human seronsidered an

for these typants and movl to help peonage their fito manage th

o financial pra pilot that irom this mog similar accocess and an

ment is Cha

maintenanceeight monthspen. This suguraging succbank accounncially vulneen income is sas problemati

ULT PILOT

FINANCI FOR T

vices is Feas

rating the offh‐need poput programs iob search asspartners to eg program’s se‐up rate of tme banked s that was ea

uct offers aloway to promorvices progrand encourage

pes of additve them into ople plan aninances as thheir earnings

roducts and integrated thodel that hascess to finanncillary Emp

llenging

of accounts s, and at the ggests that thcessful account, even one erable populascarce, chargic as courtesy


sible at Sca

fer of appropulation. The in the nationsistance and mbed the acstructure, mthe bank accand would

asy to open.

ong with finaote financial aams and finaed.

tional offerinthe labor for

nd make effehey move ints and expens

counseling ihese services s implicationncial producployee Assis

was less posend of the s

he program dunt use still nwith flexibleation, particuges such as ouy overdraft fe


ale

priate Parks n that other count aking ounts take

ancial access ancial

ngs as rce or ective to full ses as

into a at the ns for t and stance

sitive. study, design needs e and ularly ut‐of‐ees. It

ESS BLE

27

FINDINGS FRO

may be bincome coas electroproducts.

Another offered torepeated financial pilot, theparticipanparticipanalthough

Insight Systems

For this pfor peopflexibilitydenied. Mfrequencyfinancial ChexSysttriggers ainformatisecond chFinancialimprovincustomerwho are system, kissues. Ma similar

Insight Work P

POP empcould accpeople o

OM THE ASSES

beneficial to lonsumers or onic benefit .

potential wao participanta second timcounselors we counseling nts had opents had recethis program

#3: Mores May Expa

pilot, Populale with trouy, approximaMany participy with whichaccess tha

tems and howa negative reion about thehance accou access couldng standardsrs. Regulatorsmost at risk

know how toMuch like effoeffort would

#4: IntegraProgram

ployees were cess one‐on‐ooffered finan

SSING FINANC

look at waysincrease thetransfer (EB

ay to improvts. In the AFCme before finwere informeitself was n

ened accounived financiam design may

Transparand Access

ar Communituble managinately one‐thipants were dh this occurreat are assocw to resolve eport to Chee account is unts, and howd potentiallys for what fs may be ablk of being do access and uorts have expd be valuable

ating Finan

offered a fuone counselinncial counse

CIAL CAPABILI

s to further ie functionalityBT) cards, to

ve account uCO pilot desnancial couned the POP pnot connectents. Perhaps al counselingy likely have

rency and

ty Bank agreng an accourd of POP pdenied accoued highlightsciated with issues. The fexSystems (idisclosed to w consumery be expandefinancial insle to also do mdenied accessuse reports, anded consu related to ac

ncial Coun

ll eight hourng with a traieling attend

ITY OUTCOME

improve the y of existing o better ease

se would besign, the offenseling was oparticipants wed to the offaccount us

g prior to ope resulted in l

Consisten

eed to be flexunt in the pparticipants wunts due to ns the need to this system

financial induincluding tythe reportinrs are notified by increasstitutions repmore to ensus to mainstreand understumer knowleccount histor

seling Can

rs of paid woined counseled counselin

ES (AFCO) ADU

structure of public benethe transiti

e to change ter of bank acoffered to thwere offered fer of financse would hapening accoulower take‐u

ncy in Acc

xible in its stpast. Howevwho opted tnegative repclosely scrutm. Consumustry lacks uypes of issueng agency, whed when thesing the transport to bothure that finaneam financiatand how to edge of, accesries.

n Be Com

ork time to atlor at no charng. While

ULT PILOT

FINANCI FOR T

accounts spfits transaction into mai

the sequencincounts occurhe treatment bank accouncial access anave been munts rather thup of account

count Hist

andards for ver, even wito open an aports in Chextinize the stru

mers lack inuniversal praes and dollarhat constitutere are issuesparency of h the reportincially vulneal products, rectify or disss to, and use

plex With

ttend financirge. Neverthabove we d


ecifically foron products,instream fina

ng of the serrred first andgroup. Whilnts as a part ond occurred more successhan subsequts.

tory Repo

opening accith this increaccount werexSystems, anuctural barrinformation aactices about r amounts), tes as leniences to be resoChexSysteming agencieserable individare aware ospute outstane of credit rep

hin a Multi

ial counselingheless, only 3documented


r low‐, such ancial

rvices d was le the of the after ful if ently,

orting

ounts eased e still nd the iers to about what what cy for olved. s and s and duals, of the nding ports,

i-Site

g and 7% of that

ESS BLE

28

FINDINGS FRO

challengeto contacprovisionexisting plocation fprogram meant noYork Citcounselincounselinany issue

Insight Vulnera

Integratinare workparticipanlevel withbills. Aboliving in after comcounselinencouragseveral odebt, impmore likemeasure populatio

OM THE ASSES

es with the imct populationn of highly cuprogram. Pafor their couand the arraot taking party have alsong session, inng is not for pes.

#5: Expecble Populat

ng financial cking to trannts in this sih little or no out half had shelters dur

mpleting POPng could haging to see thoutcomes thaproving theirely to make of financia

ons should n

SSING FINANC

mplementation, may accouustomized onarticipants wunseling appay of other sert in other poo shown thencluding notpeople like th

ctations oftions Shou

capability sensition off pituation are ssavings and thin credit fring the proP. Given theave an outshat access toat—while smr credit and a bigger iml stability, ot be underv

CIAL CAPABILI

on of the couunt for muchne‐on‐one co

were still requpointment, anervices offereotentially valere may be t understandhem, or belie

f Impact fld Have Re

rvices into Ppublic assiststill highly fimany have rfiles or no crgram, and re context of sized effect o a limited mall—helped building fin

mpact on parthe potentiavalued.

ITY OUTCOME

unseling, i.e., h of the lowounseling is nuired to takend given thed to participluable activitmany reaso

ding what theving that the

from Finanealistic Con

POP is an inntance and ininancially vurelatively larredit score. Aroughly two‐their lives, on their ovamount of fthe populat

nancial manarticipants whal importanc

ES (AFCO) ADU

scheduling w take‐up ratnot as easy te time off oe nature of pants, takingties. Past expons why mohe counseliney did not h

ncial Capantext

novative pronto unsubsiulnerable. Alge debts andAs many as ‐thirds wereit is unrealiverall financfinancial coution make inagement skilho have relice of couns

ULT PILOT

FINANCI FOR T

appointmentte, it is wortto seamlesslyf work and this transitiog time for finperiences wiore people dng would entave enough

ability Inte

ogram designdized emploll are at or bd a history ofone in five we unemployestic that an cial well‐beiunseling wasnroads towalls. While coiable incomeseling for h


ts for this difth noting thay integrate intravel to anonal employnancial counsith clients in did not attetail, thinkingmoney to ad

rventions

n. POP emplooyment. Yetbelow the pof falling behinwere homeleed twelve mhour of finaing. Indeed s able to prord reducing ounseling mae and some highly vulne


fficult at the nto an nother yment seling New

end a g that ddress

with

oyees t, the overty nd on ess or onths ancial it is

oduce their ay be basic erable

ESS BLE

29

FINDINGS FRO

Refer

Agarwal,mof

Baker, Ced

Barr, M. B

Barr, M. SEW

Bayer, P.w

BernheimE

Bertrand,d

Beverly, an

Beverly, Dan

Collins, JJo

Elliehoussu

Fine, J., LasB

O’Brien, Jo

───── (Jo

OM THE ASSES

ences

, S., Chomsismoderate incomf the Currenc

C., & Dylla, ducation. Ass

S. (2004). Barookings Ins

S., & Sherrad. Belsky (Ed

Washington, D

. J., Bernheiworkplace: Ev

m, B. D., & vidence from

, M., Mullainecision maki

S. G., McBrind strategies

S., SherradeDeterminants nd low‐income

. M., & O’Roournal of Cons

sen, G., Lunubsequent bo

Leimbach, L.,sset building frief.

R. (2006). Inournal of Com

(2012). “We ournal on Pov

SSING FINANC

sengphet, S.,me householdscy.

D. (2007). Aet Building P

nking the poostitution, Rese

den, M. W. (2ds.), BuildingDC: Brooking

im, B. D., &vidence from

Garrett, D. m a survey of

nathan, S., &ing among th

de, A. M., &s. Journal of Fa

en, M., Cramof asset holde families, par

ourke, C. M. sumer Affairs,

ndquist, E. Corrower beha

, & Jacob, K. for low‐incom

neligible to Samunity Pract

don’t do baerty Law & P

CIAL CAPABILI

& Do, C. (2. Working P

Analyzing thProgram, New

or: Policies to earch Brief.

2005). Institug assets, buildgs Institution

& Scholz, J. m a survey of

M. (2003). Tf households

& Shafir, E. (he poor. Journ

& Schreiner, amily and Eco

mer, R., Wildings. In S. Mrt 4. Washing

(2010). Finan, 44(3), 483‐49

C., & Statenavior. Journal

(2006). Distrme households

ave? Asset Ltice, 16(2), 183

anks”: Financolicy, 19, 485‐

ITY OUTCOME

2011). Beyondaper. Washin

he relationshipw America F

bring low‐inc

utions and inding wealth: Cn Press.

K. (2008). Temployers. E

The effects o. Journal of Pu

(2006). Behavnal of Public P

M. (2003). Aonomic Issues,

lliams ShankM. McKernangton, DC: Urb

ncial educatio98.

, M. E. (200l of Consumer

ributing prepas. Center for

Limits and th3‐199.

cial lives of ‐498.

ES (AFCO) ADU

d race and genngton, DC: U

p between acFoundation.

come America

nclusion in saCreating wea

The effects oEconomic Inqu

of financial ublic Economi

vioral economPolicy and Ma

A framework, 24(2), 143‐1

ks, T. R., Nn & M. W. Shban Institute

on and coun

07). The impr Affairs, 41(1

aid cards throur Financial S

he Saving Be

families on

ULT PILOT

FINANCI FOR T

nder: FinanciaU.S. Office o

ccount owner

ans into financ

aving policylth in low‐in

of financial uiry, 47(4), 60

education iics, 87(7‐8), 1

mics and maarketing, 25(1

k of asset‐acc56.

Nam, Y., & herraden (EdPress.

nseling – Still

pact of cred), 1‐28.

ugh worker ceServices Inno

ehavior of W

public assis


al access to lowof the Compt

rship and fin

cial mainstrea

. In N. Retsincome commu

education in05‐624.

n the workp1487‐1519.

arketing in a), 8‐23.

cumulation s

Zhan, M. (2ds.), Asset bu

holding pro

dit counselin

nters: A gatewovation, Res

Welfare Recip

tance. Georg


w and troller

nancial

am. In

nas & nities.

n the

place:

aid of

stages

2008). uilding

omise.

ng on

way to search

pients.

getown

ESS BLE

30

FINDINGS FRO

Prescott, B

Romich, JVM

OM THE ASSES

E. S., & Tataank of Richmo

J., Waithaka,Views on PrepMadison, Apr

SSING FINANC

ar, D. D. (199ond Economic

, E., & Gordopaid Cards. ril 2010 Symp

CIAL CAPABILI

99). Means oc Quarterly, 85

on, S. (2010). Center for Fposium – Fam

ITY OUTCOME

of payment, t5(4), 49‐70.

A Tool for Ginancial Servmily Financia

ES (AFCO) ADU

the unbanke

Getting By ovices Innovatal Security.

ULT PILOT

FINANCI FOR T

ed and EFT ’9

r Getting Ahtion. Univers


99. Federal R

head? Consusity of Wisco


eserve

mers’ onsin,

ESS BLE

31

FINDING

Ap

Sum

Couldexpen

Trust

In con(5pt) Self-asliteracCan p(5pt) Frequ(7pt)

Banke

Uses afinanc

Credit

PercePast DPercePast DNumbCollecRevolvAvailaDebt mortgMonth($)

Amou

Numb

Public

NegatCredit

Revolv

Limit BalanPerceCreditBalan($) Balan($) BalanAccouBalanAccouNumbLoansBalanLoansNumbAccouNumbAccou

Numb

GS FROM THE A

ppendix

mmary Means

d pay unexpectense of $500 (5pt)

banks (5pt)

ntrol of finances

ssessed financiacy (5pt)

pay bills on time

uency of Saving

ed (y/n)

alternative ce (y/n)

t Score

entage of Debt Due entage of Accts. Due ber of Accts. In ctions ving Credit able ($) (excluding gage, $) hly Debt Payme

unt Past Due ($)

ber of Inquiries

c Records

tive Reports on t

ving Balance ($)

on Revolving ce ($)

ent of Revolving t Available ce in Collection

ce on Mortgage

ce on Closed unts ($) ce on Installmenunts ($) ber of Student s ce on Student

s ($) ber of Revolvingunts ber of Installmeunts

ber of Mortgage

ASSESSING FIN

A1: Sum

B

Total C

ed )

2.4

2.8

2.7

al 3.4

3.8

3.5

0.38

0.85

562

0.31

0.37

1.9

420

5,328 5

ent 119

) 1,927 2

1.5

0.5

1.5

) 185

5,236 3

72

ns 1,350 1

e 392

2,152 2

nt 2,904 3

0.6

2,717 2

g 1.4

nt 1.5

es 0.0

NANCIAL CAP

mmary T

Baseline

ontrol Treatme

2.3 2.4

2.8 2.7

2.7 2.7

3.4 3.3

3.8 3.9

3.6 3.4

0.40 0.36

0.87 0.82

557 568

0.30 0.31

0.37 0.37

2.0 1.8

367 466

5,907 4,836

92 143

2,193 1,700

1.6 1.4

0.5 0.5

1.8 1.3

178 190

3,857 7,029

65 82

1,570 1,162

131 614

2,469 1,882

3,186 2,662

0.7 0.5

2,957 2,512

1.8 1.1

1.7 1.3

0.0 0.0

PABILITY OUTC

Tables

M

6-

nt Total Co

2.6 2

2.4 2

2.8 2

3.3 3

3.3 3

3.8 3

0.62 0

0.83 0

563 5

0.29 0

0.36 0

1.9 2

423 3

5,455 5,6

121 9

1,887 2,

1.6 1

0.5 0

1.5 1

186 1

5,282 3,7

71 6

1,390 1,6

385 1

2,082 2,

3,142 3,

0.6 0

2,886 2,8

1.4 1

1.5 1

0.0 0

COMES (AFCO

Means

Month

ntrol Treatment

2.6 2.6

2.4 2.4

2.8 2.8

3.3 3.2

3.3 3.4

3.8 3.9

.67 0.57

.81 0.86

556 571

.30 0.29

.37 0.34

2.0 1.8

53 483

685 5,261

93 145

150 1,663

1.7 1.5

0.5 0.5

1.8 1.2

93 180

771 7,246

64 80

607 1,204

20 610

341 1,860

126 3,156

0.6 0.5

883 2,889

1.8 1.1

1.7 1.4

0.0 0.0

O) ADULT PILO

FIN

12-M

t Total Cont

2.6 2.6

2.6 2.7

2.8 2.8

3.2 3.

3.3 3.

3.4 3.5

0.57 0.5

0.99 1.0

569 56

0.27 0.2

0.32 0.3

1.9 2.0

415 34

5,586 5,9

120 9

1,878 2,14

1.8 1.9

0.4 0.4

1.3 1.6

197 16

5,473 3,92

73 68

1,426 1,59

- -

2,095 2,35

3,235 3,32

0.6 0.7

3,018 3,22

1.4 1.7

1.6 1.8

0.0 0.0

OT

NANCIAL COUNFOR THE FINAN

Month

trol Treatment

6 2.6

7 2.5

8 2.8

3 3.2

3 3.4

5 3.3

57 0.56

00 0.99

67 572

29 0.25

35 0.30

0 1.8

42 477

32 5,293

1 145

49 1,647

9 1.8

4 0.4

6 1.1

68 222

28 7,481

8 81

91 1,285

-

55 1,872

29 3,154

7 0.5

29 2,838

7 1.1

8 1.5

0 0.0

NSELING AND ANCIALLY VULN

Cou

Total Contr

355 184

359 187

337 174

358 186

338 178

329 175

361 187

155 77

340 177

879 405

879 405

879 405

879 405

876 402

879 405

879 405

879 405

879 405

879 405

872 402

92 52

86 49

879 405

876 402

879 405

873 403

879 405

879 405

879 405

879 405

879 405

ACCESS NERABLE

unts

ol Treatment

171

172

163

172

160

154

174

78

163

474

474

474

474

474

474

474

474

474

474

470

40

37

474

474

474

470

474

474

474

474

474

32

FINDING

Sum

NumbAccou

Numb

NumbCardsNumbCreditNumbContrNumbAccouNumbAccouNumbBankr

Tax L

Could

Trust

In con

Self-a

Can p

Frequ

Banke

Uses

Credi

Perce

Perce

Numb

Revol

Debt

Mont

Amou

Numb

Public

Negat

Revol

Limit

Perce

Balan

Balan

GS FROM THE A

mmary Means

ber of Open unts

ber of Auto Loa

ber of Credit s ber of Lines of t ber of Sales racts ber of Secured unts ber of Unsecureunts ber of ruptcies

Liens

d pay unexpect

t banks (5pt)

ntrol of finance

assessed financi

pay bills on tim

uency of Saving

ed (y/n)

alternative fina

it Score

entage of Debt

entage of Accts

ber of Accts. In

lving Credit Av

(excluding mo

hly Debt Paym

unt Past Due

ber of Inquiries

c Records

tive Reports on

lving Balance

t on Revolving B

ent of Revolving

nce in Collectio

nce on Mortgag

ASSESSING FIN

B

Total C

0.5

ans 0.0

0.3

0.0

0.0

0.0

ed 0.0

0.0

361

ted expense of

es (5pt)

ial literacy (5pt

e (5pt)

g (7pt)

ance (y/n)

Past Due

s. Past Due

n Collections

vailable

ortgage)

ment

s

n Credit

Balance

g Credit Availa

ons

ge

NANCIAL CAP

Baseline

ontrol Treatme

0.5 0.5

0.0 0.0

0.4 0.2

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

409 320

T

$500 (5pt)

t)

0

0

0

0

2

14

7

6

1

7

able

2

9

PABILITY OUTC

M

6-

nt Total Co

0.4 0

0.0 0

0.3 0

0.0 0

0.0 0

0.0 0

0.0 0

0.0 0

366 4

Baselin

Total Control

1.3 1.2

1.1 1.1

1.1 1.1

1.0 1.0

1.0 1.1

2.3 2.3

0.49 0.49

0.44 0.44

62 61

0.43 0.43

0.42 0.41

2.2 2.2

2,304 1,703

4,052 13,800

775 573

6,920 7,034

1.9 1.8

1.0 1.0

2.5 3.0

,454 1,006

7,935 4,726

36 40

2,862 3,301

9,990 2,628

COMES (AFCO

Means

Month

ntrol Treatment

0.4 0.4

0.0 0.0

0.4 0.2

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

433 308

ne

Treatment

1.3

1.0

1.1

1.0

0.9

2.4

0.48

0.43

63

0.44

0.42

2.3

2,715

14,259

913

6,820

1.9

0.9

2.0

1,750

10,577

27

2,413

13,366

O) ADULT PILO

FIN

12-M

t Total Cont

0.3 0.

0.0 0.0

0.3 0.

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

360 43

Standard D

6-Mo

Total Contro

1.3 1.2

1.1 1.1

1.1 1.1

1.0 1.0

1.0 1.1

2.3 2.3

0.49 0.49

0.44 0.44

62 61

0.43 0.43

0.42 0.41

2.2 2.2

2,304 1,703

14,052 13,800

775 573

6,920 7,034

1.9 1.8

1.0 1.0

2.5 3.0

1,454 1,006

7,935 4,726

36 40

2,862 3,301

9,990 2,628

OT


Month

trol Treatment

3 0.3

0 0.0

3 0.2

0 0.0

0 0.0

0 0.0

0 0.0

0 0.0

38 293

Deviations

onth

ol Treatment

1.3

1.0

1.1

1.0

0.9

2.4

0.48

0.43

63

0.44

0.42

2.3

2,715

0 14,259

913

4 6,820

1.9

0.9

2.0

6 1,750

6 10,577

27

2,413

8 13,366


Cou

Total Contr

879 405

879 405

879 405

879 405

879 405

879 405

879 405

879 405

879 405

12-M

Total Cont

1.3 1.2

1.1 1.1

1.1 1.1

1.0 1.0

1.0 1.1

2.3 2.3

0.49 0.4

0.44 0.4

62 61

0.43 0.4

0.42 0.4

2.2 2.2

2,304 1,70

14,052 13,8

775 573

6,920 7,03

1.9 1.8

1.0 1.0

2.5 3.0

1,454 1,00

7,935 4,72

36 40

2,862 3,30

9,990 2,62

ACCESS NERABLE

unts

ol Treatment

474

474

474

474

474

474

474

474

474

Month

trol Treatment

2 1.3

1 1.0

1 1.1

0 1.0

1 0.9

3 2.4

9 0.48

4 0.43

63

3 0.44

1 0.42

2 2.3

03 2,715

00 14,259

3 913

34 6,820

8 1.9

0 0.9

0 2.0

06 1,750

26 10,577

0 27

01 2,413

28 13,366

t

33

FINDING

Balan

Balan

Numb

Balan

Numb

Numb

Numb

Numb

Numb

Numb

Numb

Numb

Numb

Numb

Numb

Tax L

GS FROM THE A

nce on Closed A

nce on Installm

ber of Student

nce on Student

ber of Revolvin

ber of Installm

ber of Mortgag

ber of Open Ac

ber of Auto Lo

ber of Credit C

ber of Lines of

ber of Sales Co

ber of Secured

ber of Unsecur

ber of Bankrup

Liens

ASSESSING FIN

Accounts

ent Accounts

Loans

Loans

ng Accounts

ent Accounts

ges

ccounts

oans

Cards

Credit

ontracts

Accounts

red Accounts

ptcies

NANCIAL CAP

T

8

1

10

2

PABILITY OUTC

Baselin

Total Control

8,293 7,559

1,135 11,400

1.6 1.7

0,331 10,127

3.5 4.2

3.5 3.8

0.2 0.3

0.7 0.8

0.2 0.2

0.9 1.0

0.1 0.1

0.1 0.1

0.1 0.0

0.1 0.1

0.1 0.1

2507 3237

COMES (AFCO

ne

Treatment

8,872

10,908

1.5

10,508

2.7

3.2

0.1

0.7

0.2

0.8

0.1

0.1

0.1

0.2

0.1

1646

O) ADULT PILO

FIN

Standard D

6-Mo

Total Contro

8,293 7,559

11,135 11,400

1.6 1.7

10,331 10,127

3.5 4.2

3.5 3.8

0.2 0.3

0.7 0.8

0.2 0.2

0.9 1.0

0.1 0.1

0.1 0.1

0.1 0.0

0.1 0.1

0.1 0.1

2507 3237

OT


Deviations

onth

ol Treatment

9 8,872

0 10,908

1.5

7 10,508

2.7

3.2

0.1

0.7

0.2

0.8

0.1

0.1

0.1

0.2

0.1

1646


12-M

Total Cont

8,293 7,55

11,135 11,4

1.6 1.7

10,331 10,1

3.5 4.2

3.5 3.8

0.2 0.3

0.7 0.8

0.2 0.2

0.9 1.0

0.1 0.1

0.1 0.1

0.1 0.0

0.1 0.1

0.1 0.1

2507 323

ACCESS NERABLE

Month

trol Treatment

59 8,872

00 10,908

7 1.5

27 10,508

2 2.7

8 3.2

3 0.1

8 0.7

2 0.2

0 0.8

1 0.1

1 0.1

0 0.1

1 0.2

1 0.1

37 1646

t

34

FINDINGS FRO

Appen

Alternativefrequency check cash

Financial Ptaken concreport, cre

Financial Csuccess wiexample, b

Appen

The results

Counseling Observatio

Appen

Percent M Survey CR Report CR Score Bank Data Note: Mont

OM THE ASSES

ndix A-2

e Financial Sof use of an a

hers, and mone

Plan Index: Mecrete steps to ieating a debt p

Confidence Inth positive finbudgeting and

ndix A-3

s of the first sta

g Group

ons

ndix A-4

issing Data (re

hly bank data co

SSING FINANC

2: Indice

ervices Indexalternative finaey orders. The

ean (StDev)=0.0improve their fayment plan, u

ndex: Mean(Stancial behavioself‐control, p

3: First S

age regression

At

4: Perce

lative to full stBaseline

15%15%53%

not aollected at 12 mo

CIAL CAPABILI

es Creat

x: Mean(StDevancial instrumereliability stati

0153(.677); Alpfinancial positiusing a savings

t Dev)= ‐.0155ors, and level oaying bills on t

Stage IV

n are shown be

ttended FEC0.364***

(0.000)

1034

ent Miss

tudy populatio6 Months

% 4% % 5applicableonths for prior 1

ITY OUTCOME

ted

v)=0.0235 (.67ent on a 0 to 4istic is below g

pha=0.7248. 6ion in the past s program.

5(.738); Alphaof confidence wtime, confidenc

V Estima

elow (with cova

ing Data

n)12 Mon

42%3%55%

12 months.

ES (AFCO) ADU

79); Alpha=0.44 scale. They igeneral conven

6 questions ask6 months. Exa

a=0.8987. 10 qwith financial ce in planning

ates

ariates suppres

a by Per

ths52%4%55%68%

ULT PILOT

FINANCI FOR T

445. 4 questiinclude pawn ntions (alpha>0

king whether oamples include

questions meaissues, each oability.

ssed).

riod


ions measurinloans, payday 0.8).

or not the persoe viewing their

asuring the leon a 1 to 5 sca


ng the loans,

on has credit

evel of le. For

ESS BLE

35

FINDINGS FRO

AppenPopul

We comAmericanprogram.

Married19

Average Black or AHomelesnight)20 Homelesonce in la

This compopulatiothe total reported populatiolikely of p

18 AFCO saand exclud19 Estimate2012 Curre20 Estimateprepared bestimated p21 The AFC

OM THE ASSES

ndix B: lation an

mpare the AFns living in p.

9 number of chAfrican Ames/Shelter (on

s/Shelter (at ast year)

mparison agaion. Along eapopulation homelessne

on are quite particular int

ample data areding the “Not Rs of the percenent Population s of the homeby the Departmpoverty rates aCO population o

SSING FINANC

Comparnd Popu

FCO pilot ppoverty in ord

hildren erican n a given

least

in highlightsach dimensiothan is thess among ststark. Whileterest to polic

e taken from taReported” categntages marriedSurvey. eless populatioment of Housingand counts fromonly reported t

CIAL CAPABILI

rison of ulation i

population toder to provid

AFCO PiloSample18

8.5.% 1.54 63%

19.8%21

-

s how the paon, the AFCO impoverishtudy membee the AFCO cymakers du

able 4 and basegory. d, Black or Afri

on taken fromg and Urban Dm the 2010 Ametheir current liv

ITY OUTCOME

f Samplen Pover

o the total Ude context for

ot 8

Peo

articipants inO participanthed populatiers comparepopulation

ue to its vulne

eline survey da

can American,

m the 2010 AnnDevelopment. Cerican Commuving situation.

ES (AFCO) ADU

e Demorty

US populatir the group o

ople in Poverty

16.7% 1.56

23.6%

1.41%

3.44%

n the AFCO ts are considion. The difed to nationdoes appearerability.

ata, combining

, and average n

nual HomelesCount estimatesunity Survey.

ULT PILOT

FINANCI FOR T

graphic

ion, as well of people stu

y Total Po

391

12

0.2

0.5

pilot come fderably furthfferences in nal estimatesr to be quite

g the treatment

number of chil

s Assessment s are converted


s to US

as the subsudied through

opulation

9.6% .04

2.8%

22%

53%

from a very her removed the rates of of the homspecial, it is

t and control g

ldren taken fro

Report to Cod to rates based


set of h this

select from

f self‐meless s also

groups,

om the

ngress d upon

ESS BLE

36

FINDINGS FRO

Appenand ID

Totally

•••

•••••••••

•

•

•

Identifi

•

••

OM THE ASSES

ndix C: D Requi

Free Chec This is a fr There is n There is nmore trantransactio

Automatic Free ATM Free unlim Free acces Free onlin Free unlim Free onlin Free imag Money actelephone

Customerbe made th

There is amonthly minimumwill be comonth in

Note: Theshould beprogram (

cation Req Current (ncountries,State elect

Proof of a Social Secneeded; ac

SSING FINANC

Popularrement

cking® Acree non‐intero minimum bno monthly fnsactions pens. c opt‐out for

M card mited in‐netwss to Popular ne bill pay mited check wne check imagges of paid chcessible 24/7 banking rs must fund hrough direca 3 month (ortransactions.

m number of tnverted to PNY). e Parks Oppoe eligible for (e.g., waive th

quirements non‐expired) such as a ptronic benefitddress, suchcurity Numbctual card is

CIAL CAPABILI

r Commts

count Termrest bearing cbalance requfee, but priorer month. A

overdraft

work ATM traOnline Bank

writing ges hecks include– with ATM

the account wct deposit) r 90 day) gra. Customerstransactions.Popular’s fee‐

ortunity Progthe accounthe $25 requir

) and validpassport, statt transfer (EBas a voter caber (SSN) ornot required

ITY OUTCOME

munity B

ms checking accouirement r to the sum

After that da

ansactions atking

ed in your staM/MasterCard

within 30 da

ace period fos will be noIf this persis‐based basic

gram participt terms affiliared to open a

governmentte ID, or MaBT) card is alsard or a gas, er Individuald

ES (AFCO) ADU

Bank Ch

ount

mmer of 2012ate, there w

t BPNA and

atement d debit card,

ays of accoun

or accounts notified thatsts beyond thchecking acc

pants are Neated with Naccount)

t‐issued photatricula Conso an acceptaelectricity, orl Taxpayer I

ULT PILOT

FINANCI FOR T

ecking A

2, the accounwas no mini

Allpoint ATM

Popular onli

nt opening (th

not meeting tthey are nohe grace pericount ($5 per

ew York Cityew York Cit

to identificasular. A curable form of Ir phone bill Identification


Account

nt required fiimum numb

Ms

ine banking a

his payment

the 5 minimuot meetingiod, the accour month; $3 p

y employeesty Direct De

tion from mrrent New YID.

n Number (


t

ive or ber of

and

may

um the unt per

s and posit

most ork

(ITIN)

ESS BLE

37

FINDINGS FRO

Appen

1) B2) Fo

OM THE ASSES

ndix D:

aseline surveollow‐up sur

SSING FINANC

Survey

ey rvey

CIAL CAPABILI

Instrum

ITY OUTCOME

ments

ES (AFCO) ADUULT PILOT

FINANCI FOR T



ESS BLE

OMB Control #1505-0242

BACKGROUND INFORMATION

1. Last Name: 2. First Name: 3. Date of Birth:

4. Are you of Hispanic or Latino origin? Yes No Prefer not to answer

5. Race: (select one or more)

White Black/African-American Asian Native Hawaiian or other Pacific

Islander American Indian or Alaska Native Prefer not to answer

6. Living Situation:

Rent Own Staying with family/friends Public housing Homeless/shelter Prefer not to answer

7. Marital Status:

Married Single (never married) Divorced/Separated Widowed Prefer not to answer

8. How many adults (18 and over), including yourself, are in your household? ____________

9. How many children (under 18) are in your household?

____________

USE OF FINANCIAL SERVICES

10. Did you have a bank account in the month before starting POP?

11. If you did not have a bank account in the month before starting POP, did you have one in the past?

Yes No

11a. IF YES, why did you close it? (check all that apply)

I could not maintain the minimum balance Fees were too high I don’t like dealing with banks I don’t trust banks I had a negative experience with my bank I have judgments/liens It was frozen / garnished

Other reason: _________________________________

________________________________________________

11b. IF NO, why don’t you have a bank account? (check all)

I can’t maintain the minimum balance Fees are too high I tried but bank denied me I don’t have the required identification I don’t like dealing with banks I don’t trust banks I had a negative experience with my bank I have judgments / liens I don’t want my wages garnished

Other reason: _________________________________

________________________________________________

No account Yes, savings account

Yes, checking account Yes, both checking and savings account

12. Did you have any of the following in the month before starting POP? (check all that apply)

Prepaid card

Payroll card

EBT/Public Benefits card

Direct deposit to bank account

Direct deposit to payroll card

13. Have you used any of the following in the last month? (check all that apply)

Check-cashers

Money orders

Online bill pay

Pay day lender

Pawn shops

SURVEY ABOUT FINANCES

Specialist: POP site:

Date:

FINANCIAL INFORMATION

Paperwork Reduction Act Notice

Notwithstanding any other provision of the law, no person is required to respond to, nor shall any person be subject to a penalty for failure to comply with a collection of information subject to the requirements of the Paperwork Reduction Act, unless that collection of information displays a currently valid OMB Control Number. The estimated time to complete this survey is 20 minutes. To provide comment on this survey, please contact Louisa M. Quittman, Director, Community Programs, Office of Financial Education and Financial Access, US Department of the Treasury, 1500 Pennsylvania Ave., NW, Washington, DC 20220. This is an approved information collection under OMB #1505-0242.

14. If you had an unexpected expense or emergency of $500, how confident are you that you could pay it?

Not at all A little

Somewhat Very

Extremely

15. Do you use a budget or spending plan?

Yes No

16. Have you viewed your credit report in the past 12 months?

Yes No

17. Are you saving regularly?

Yes No 18. Do you have any savings? Yes No

19. If you have savings, about how much money do you have saved?

$_______________

20. About how often do you contribute to savings?

Weekly Every two weeks

Monthly Several times a year Once per year Less than once per year Never, do not contribute to savings

21. How often is your household able to pay all bills, such as rent /mortgage, utilities, food, etc?

Almost always Often

Sometimes Rarely Never

22. Do you trust banks? Not at all A little

Somewhat Very Extremely

23. How much control do you feel over your finances? No control A little control In control Very in control Extremely in control

24. How would you rate your understanding of money-management? Very bad Poor Fair Good Excellent

25. How frequently do you pay your bills on time?

Almost always Often

Sometimes Rarely Never

OMB Control #1505-0242

1. The first questions are about your experiences looking for employment. Have you found employment outside of the Parks Opportunity Program?

Yes, full-time or more Yes, part time No 2. Since starting the Parks Opportunity Program, how many jobs have you…

0 jobs

1 to 4 jobs

5 to 8 jobs

9 to 12 jobs

13 or more jobs

a. …applied for? b. …interviewed for? 3. The next questions are about financial counseling.

In the last 6 months, have you attended financial counseling?

Yes No Go to question 4 3a. How much did counseling help your financial situation?

Not at all A little Somewhat A lot Extremely 3b. How many counseling sessions did you attend?

One Two Three Four Five or more

Parks Opportunity Program Survey

The U.S. Department of the Treasury has asked us to evaluate the financial services provided by the Parks Opportunity Program. To improve this program and provide better services in the future we need your help. Please complete the survey today and return it in the stamped envelope provided. Thank you!

4. The next questions are about financial goals. Do you currently have at least one financial goal?

Yes No Go to question 5

4a. What is your main financial goal?

4b. In the next year, how confident are you that you will be able to achieve this financial goal?

Not at all confident A little confident Somewhat confident Very confident Certain

5. Next we ask about banking. Do you currently have a checking or savings account?

Yes, both checking and savings account Yes, checking account Yes, savings account No

6. How often do you….

Never

Less than once a month

One or more times

a month

One or more times

a week About

every day a. …make a withdrawal or deposit at a

bank branch?

b. …make a withdrawal or deposit at an ATM?

c. …use a debit card to make a purchase? d. …write a check? e. …transfer money or pay bills online? f. …use a mobile phone to access a bank

or credit union account?

7. Do you have any frozen savings or checking accounts?

Yes No

Not sure

8. Thinking about both active accounts and frozen accounts, at how many different banks or credit

unions do you have accounts? None One Two Three More than three Not sure 9. How much do you trust banks and credit unions?

Not at all A little Somewhat A lot Extremely 10. The next questions are about direct deposit.

Currently, do you receive your paycheck through direct deposit?

Yes, into a bank account at Banco Popular Yes, into an account at another bank or credit union, not Banco Popular Yes, onto a prepaid card No Not sure 11. If you are offered direct deposit at your next job, will you sign up for it?

No. Please tell us why:

Yes. Please tell us why:

12. Thinking about direct deposit compared to a paper paycheck, how much harder or easier does it

make each of the following?

Much harder

Somewhat harder

Slightly harder

About the same

Slightly easier

Somewhat easier

Much easier

a. Accessing your money

b. Keeping your money safe

c. Saving time d. Saving money e. Paying bills f. Managing your

money day-to-day

13. The next questions are about prepaid cards and other financial services. Have you ever had…

Yes No Not sure a. … a prepaid card? b. …direct deposit of your paycheck to a prepaid card? c. …direct deposit of your paycheck into a bank account? 14. Have you ever used a prepaid or payment card to receive… Yes No Not sure a. …unemployment benefits? b. …child support? c. …public benefits, like EBT, for example? 15. Currently, do you have one or more prepaid cards?

Yes No

Not sure 16. In the last 30 days, how often have you…

0 times 1 time 2 to 3 times

4 or more times

a. …used a check cashing store? b. …taken out a pawn shop loan? c. …received an advance loan from a credit card or

payday lender?

d. …purchased a money order? e. …paid bills online? f. …overdrawn a checking or savings account? g. …paid non-sufficient funds fees, or NSF fees, for

overdrawing a bank account?

h. …borrowed money from friends or family? 17. The next questions are about savings. Please include any savings you may have at home, with

family or friends, at a bank or credit union, in a savings program, or any other place. Currently, about how much money do you have saved?

$0 $1-$500 $501-$1,000 $1,001-$1,500 $1,501-$2,000 More than $2,000

18. About how often do you contribute to savings?

Weekly Every two weeks Monthly Several times a year Once per year Less than once per year Never, do not contribute to savings

19. The next questions are about managing your money, credit, and debt. In the last 6 months, have you…

Yes No Not sure a. …signed up for a savings program? b. …started saving or increased the amount you regularly save? c. …reduced your total debt? d. …reviewed your credit report? e. …created a plan to pay off debt? f. …worked to establish credit using a product such as a secured

credit card or a credit builder loan?

g. …filed for bankruptcy?

20. How would you rate your understanding of money-management?

Very bad Poor Fair Good Excellent

21. How would you rate your personal credit record?

Very poor Poor Fair Good Excellent

Don’t know

22. In the next month, how confident are you that you could come up with $500 if an unexpected need arose?

Not at all A little Somewhat Very Extremely

23. In the next month, if you were facing a $500 unexpected expense, how would you get the money

you need? Borrow or ask for help from friends or family Take out a pay day loan or pawn something you own Use savings Work more Use a credit card Sell something you own I would not be able to access this money Other place. Please tell us:

24. How worried are you about your finances?

Not at all A little Somewhat Very Extremely

25. Currently, how successful are you at…

Not at all A little Somewhat Very Extremely a. …controlling your spending? b. …paying your bills on time? c. …planning for your financial future? d. …providing for yourself and your family? e. …saving money?

26. Thinking about the way you spend your money…. Not at all A Little Somewhat Very Extremely a. …how confident are you making decisions

about money?

b. …how confident are you that the way you manage money will affect your future?

c. …how much in debt do you consider yourself?

…how often do you… Never Rarely Sometimes Often Very often e. …keep track of all of your expenses? f. …compare prices when you shop? g. …use a budget or spending plan?

27. In the last 30 days, how often did you feel that you were not able to control the important things in your life?

Never Rarely Sometimes Often Very often

28. Next we ask about your household. In the last month, what was your households’ total monthly take-home income from each of the following sources?

$0 $1-$500 $501-$1,000

$1,001-$1,500

$1,501-$2,000

More than

$2,000

a. Employment, including work for

someone else, self-employment, or any work for pay.

b. Public benefits, such as cash assistance, Social Security, Disability, Unemployment, rental or housing assistance, child care, and food stamps.

c. Other sources. Please tell us:

29. In the last 6 months, has your household experienced an unexpected drop in income or an unexpected expense of at least $500?

Yes No

30. Currently, how many adults 18 years of age or older live in your household?

Adults

31. Currently, how many children under the age of 18 live in your household?

Children

32. Currently, what is your living situation?

Shelter, transitional housing, or homeless Own Rent, but not public housing Public housing Staying with family or friends

33. Finally, we ask for your opinion on financial matters. How much is your decision whether or not to save money in a savings or checking account affected by…

Not at all A little Somewhat A lot Extremely a. …eligibility for public benefits? b. …the risk of garnishment due to

outstanding debt you may have?

34. Do you think the amount of money a person saves in a savings or checking account can affect their

eligibility for…

Definitely not

It depends

Yes, certainly Not sure

a. …Temporary Assistance for Needy Families, or TANF? b. …Food stamps, Supplemental Nutrition Assistance

Program, or SNAP?

c. …Medicaid, excluding Medicaid for the elderly, blind or disabled?

35. Imagine you win $1,000 in the lottery today.

a. Would you rather wait 6 weeks for the full $1,000 or take $850 now?

Take $850 today Wait 6 weeks for $1,000 b. Would you rather wait 6 weeks for the full $1,000 or take $900 now?

Take $900 today Wait 6 weeks for $1,000 c. Would you rather wait 6 weeks for the full $1,000 or take $950 now?

Take $950 today Wait 6 weeks for $1,000

Paperwork Reduction Act Notice Notwithstanding any other provision of the law, no person is required to respond to, nor shall any person be subject to a penalty for failure to comply with a collection of information subject to the requirements of the Paperwork Reduction Act, unless that collection of information displays a currently valid OMB Control Number. The estimated time to complete this survey is 20 minutes. To provide comment on this survey, please contact Louisa M. Quittman, Director, Community Programs, Office of Financial Education and Financial Access, US Department of the Treasury, 1500 Pennsylvania Ave., NW, Washington, DC 20220. This is an approved information collection under OMB #1505-0242.

Thank you very much for taking the time to complete this survey.

Please return the completed survey in the postage-paid envelope provided to: Sterling Hall, Room B607 475 North Charter Street

Madison, WI 53706-1582

financial counseling & y vulnerable · ment, the n banco popu invaluable their guida f the...

Documents