WorkBOOST National, a three-year initiative, brings financial security approaches to scale and is made possible by a $2.5 million grant from MetLife Foundation. In the first year of the initiative, the Clinic will partner with seven high-performing workforce development organizations serving a diverse cross-section of vulnerable populations in North Carolina and Ohio — including immigrants, refugees, people with disabilities and people living in poverty — to embed financial security strategies into their existing programs and services. WorkBOOST National will grow to include an additional six states in its second and third years.
Why a Workforce Development Ecosystem?
Financial insecurity is pervasive and often stymies nonprofits from fully and effectively serving their communities. Program participants have sought workforce development services to improve their income opportunities, but they often do so in the face of financial challenges, like issues with debt and poor credit scores. Few organizations have the expertise, support or resources to fully address their participants’ financial insecurity while also helping them obtain employment. The Clinic has created the financial security ecosystem, an approach designed to complement workforce development programs in order to build financial security at scale and improve the financial health of participants.
Interested in bringing a Financial Security Ecosystem to your organization? To join our upcoming cohorts, please submit our RFP to firstname.lastname@example.org.
First Year of Implementation (2018)
- North Carolina African Services Coalition (Greensboro, NC)
- The Power of the Dream (Raleigh, NC)
- Durham Technical Community College (Durham, NC)
- Goodwill (Columbus, OH)
- Jewish Family Services (Columbus, OH)
- Per Scholas (Columbus, OH)
- Towards Employment (Cleveland, OH)
Second Year of Implementation (2019)
States for implementation include:
States for Year 3 (2020) will be announced in Summer or Fall of 2019.
- Training and technical assistance for frontline staff and organizational leadership
- Access to an expert financial coach provided by the Clinic
- Data and evaluation support to leverage lessons learned
- Heavily subsidized access to Change Machine, the Clinic’s web-based financial coaching, social media, and data management platform.
The Clinic and WorkBOOST National partners integrate proven financial security building strategies into their existing service delivery models. Services are facilitated by the Clinic’s web-based financial coaching platform, Change Machine, a community of field leaders, social service practitioners, and financial coaches across the nation that collectively builds financial security for their communities. The Clinic and its partners will also use the data collected through Change Machine to inform future intersections between financial security and workforce development to better serve job seekers nationally.
WorkBOOST National builds upon the success of the Clinic’s recently completed program, WorkBOOST NYC, a two-year project with eight workforce development organizations in New York City. Notable results include:
● Improved financial security of program participants – 93 percent of participants 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 in their own finances – 91 percent report they now auto deduct to savings (a 36 percent increase) and 71 percent increased or started contributing to their 401(k)
● Financial security became an organizational priority – 100 percent of partners identified sustainable strategies for continuing financial coaching in their programs, including 37 percent successfully raising money for financial security programming
● Improved mission outcomes – program completion increased by 20 percent, job placement rates increased up to 9 percent, and wages increased by up to $1.81
“The Clinic and MetLife Foundation are excited by the opportunity to build financial security for thousands of jobseekers nationally over the next three years and to increase the efficacy of embedding our proven financial coaching strategies into a diverse range of workforce development programs,” said Mae Watson Grote, Founder, and CEO of The Financial Clinic. “We are most looking forward to using the data and experience collected through WorkBOOST National to influence systems-level change towards our vision of a financially secure nation start to become reality.”
“To unlock financial health, consumers require more than basic access to quality financial services and products – they need products that will make it easier to manage their money, and reduce their stress,” said Sarah Willis, program manager, MetLife Foundation. “We support The Financial Clinic for its pragmatic approach, integrating financial coaching with obtaining and retaining quality jobs, and believe that this combination is the key to achieving better results for the families and communities striving to build a more resilient future.
WorkBOOST National is made possible by a generous grant from MetLife Foundation. In 2013, the Foundation committed $200 million to financial inclusion, and its work to date has reached more than 3.5 million low-income individuals in 42 countries. To learn more about MetLife Foundation, visit metlife.org.