Newsletter Issue: November 2018
The Coaches’ Column:
Brand new personal finance blogs from our very own financial coaches.
Change Machine Radio:
Empowering your financial future by giving you access to financial coaches and experts, anytime, anywhere.
- November 27th– Community Training: Our Financial Security Framework
- December 3rd– Community Training: The Key to Coaching
- December 10th– Community Training: Maximizing Your Change Machine License
- December 12th– How to Apply Financial Coaching Principles to Your Workforce Development Program
CommunityBOOST Year Two
We are pleased to announce the second year of our financial security ecosystem CommunityBOOST! Supported by TD Charitable Foundation, CommunityBOOST looks to bring proven strategies for solving financial insecurity to communities across the East Coast. We are currently partnering with organizations in New Jersey and Florida, and very excited to be continuing this project together!
Additionally, we will be expanding CommunityBOOST to more organizations. Stay tuned on our Facebook and Twitter pages, as well as in our monthly newsletters for more news on CommunityBOOST year 2! Learn more about CommunityBOOST and our other ecosystems on our website.
Last Monday, we kicked off our Giving Tuesday campaign! This year, we are asking everyone to think about why they give at this time of year, and share with you all the reasons we fight for a financially secure nation every day.
We hope that you will head to our website and donate to the Clinic this Giving Tuesday and help us continue to be one of the 1.8 million service practitioners working to serve working poor Americans nationwide. Be sure to look out for more Giving Tuesday information on Facebook and Twitter.
Three Years Later, the Study That Showed Financial Coaching Works Re-Published
In 2015, the results of a groundbreaking new national study were announced. The study conclusively showed that The Financial Clinic’s coaching model and programs help low- and moderate- income people move towards achieving their financial goals.
This study has been re-released in The Journal of Economic Behavior and Organization, a welcome additional validation of the Clinic’s faith in the power of financial coaching. Some key findings about financial coaching customers from the study are:
- 3 more deposits to savings over those without financial coaching
- Increase in assets of $1721
- 12% lower credit utilization
- 33 point increase in credit score
- Reduction in reported feelings of financial stress
Click here to download the new release of this study. Be sure to download before 12/11 when the paywall goes up!
Change Machine Radio
A new episode of Change Machine Radio, Connecting Financial Goals to Cultural Values available now! Listen to this episode to hear about how cultural background can affect customers financial choices and goal setting.
You can find the newest episode of the podcast here. While you are on our site, be sure to check out our first two Change Machine Radio episodes that are all about banking.
Social Media Spotlight
Last week, The Financial Clinic submitted a public comment to the Office of the Comptroller of the Currency’s (OCC) on its proposed changes to the Community Reinvestment Act or CRA.
The CRA ensures that banks and financial institutions provide critical financial services and lending in the communities where they operate.
As the financial sector changes, old rules need to be updated for a 21st-century environment. We argued that any changes need to protect – and expand – the responsibility of banks to invest in their communities and meet the needs of all people, especially the minority communities that have historically been locked out of mainstream finance.
Learn more about the changes to the CRA here.
Clinic Across the Country: Speaking Engagements, Presentation, and Features
- Assistant Director of National Accounts Christine Auwarter attended the American Express Leadership Academy from November 6th to November 9th
- Director of Program Innovation Darren Liddell and Policy Manager Michael Dedmon lead a session at the 2018 AFCPE Research and Training Symposium on November 14th.
- Manager of Training Initiatives Patricia Sullivan and Program Associate Valliappan Lakshmanan have trained 100 Department of Homeless Services case managers as part of their partnerships with the Clinic all November long!