CommunityBOOST is a financial security ecosystem initiative supported by the TD Charitable Foundation that will bring proven strategies for solving financial insecurity to communities across the East Coast.
CommunityBOOST kickoff training in Miami
Financial insecurity is pervasive, and often stymies many nonprofits from fully and effectively serving their communities. Few organizations have the expertise, support, or resources to fully address their customers’ financial insecurity. To address this need, the Clinic has created the financial security ecosystem, a holistic partnership approach that builds financial security at scale and accelerates sector specific missions and outcomes.
For the launch of CommunityBOOST, Clinic will be partnering with:
- Hopeworks ‘N Camden (Camden, NJ)
- United Way of Essex and West Hudson (Newark, NJ)
- United Way of Miami-Dade (Miami, FL)
- The Miami-Dade Financial Capability Collaborative (Miami, FL)
- Sant La Haitian Neighborhood Center
- Youth Co-Op, Inc.
Through CommunityBOOST, the Clinic will train its partner organizations’ frontline staff and volunteers to integrate the most appropriate financial security strategies for their customers into their existing services. Ecosystem services will be facilitated by the Clinic’s web-based financial coaching platform, Change Machine, where data and customer stories are collected throughout the project so that the Clinic and its partners can identify systemic barriers facing CommunityBOOST customers, make the case for policy change, and define field best practices.
CommunityBOOST builds upon the success of earlier ecosystem initiatives. Organizations who have adopted the ecosystem model have seen:
- Improved financial security of program participants – 93% of ecosystem customers achieved a financial security outcome after two meetings, with an average $171 increase in savings and $2,394 reduction in debt
- Frontline staff saw improved financial security – 91% report they now auto deduct to savings (a 36% increase) and 71% increased or started contributing to their 401(k)
- Financial security became an organizational priority – In a workforce development ecosystem, 100% of partners identified sustainable strategies for continuing financial coaching in their programs, including 37% successfully raising money for financial security programming
- Improved mission outcomes – For example, workforce development partner outcomes include: program completion increased by 20%, job placement rates increased up to 9%, and wages increased by up to $1.81
“The Clinic is grateful to the TD Charitable Foundation for the opportunity to bring our sustainable and scalable ecosystem model to three communities whose residents can benefit the most from our services, […] We are most looking forward to using the data and experience collected through CommunityBOOST to create lasting solutions that can build the financial security of families and individuals nationwide.” – Mae Watson Grote, Founder and CEO of The Financial Clinic
“We are proud to support this innovative new collaborative model engineered by The Financial Clinic, […] CommunityBOOST takes a comprehensive approach to overcoming systemic barriers to financial self-sufficiency — their creation of a financial security ecosystem aligns perfectly with TD’s Ready Commitment principles, most notably, creating income stability through financial education and re-skilling.” – Lisa Gruner, Head of Community Marketing, TD Bank.
CommunityBOOST is made possible by a generous grant from the TD Charitable Foundation.The Foundation’s mission aligns with The Ready Commitment, a new multi-year program that TD launched in March 2018 to help individuals and communities prosper. Through The Ready Commitment, TD’s aspiration is to link business, products, services, and community giving to help people feel more confident – not just about their finances, but about their future and their ability to achieve their personal goals in a changing world.