The Financial Security Ecosystem
Building financial security to BOOST outcomes.
The financial security ecosystem or “ecosystem” is a holistic partnership approach that builds financial security for the working poor at scale and accelerates sector-specific missions and outcomes.
This complete bundle of The Financial Clinic’s best practices and services is designed to seamlessly collaborate with a partner organization’s existing services.
The goal of the ecosystem is to ensure that financial insecurity isn’t keeping working poor families and individuals from achieving other facets of the American dream, like full-time employment, a secure home, education and financial mobility.
Like two sides of a zipper, by meshing strategies that build financial security with other sectors’ strategies for ending poverty, the Clinic and its ecosystem partners provide a more complete solution for Americans in need.
Training front-line staff, or Capacity Building to utilize strategies that build financial security makes it possible to reach thousands, but families might only receive that support once.
By meshing the two approaches, front-line staff are able to give an entry level approach to financial coaching to thousands, and refer those with the greatest need to a financial coach – increasing both the scale and impact of services. We also have evidence that integrating strategies to build financial security into the work of other sectors – for example workforce development – improves outcomes.
Beyond the customers themselves, by implementing both approaches using Change Machine, the Clinic and its partner are able to collect important data to analyze progress, identify the strengths and weaknesses in program delivery, and propose solutions that reach well beyond the partnership, or Lasting Change.
The Clinic created a web-based financial coaching platform called Change Machine, that makes the financial security ecosystem possible.
Change Machine seamlessly connects the three strategies in the ecosystem bundle, making it easy for partners to adopt the strategies, integrate them in their existing services, and sustain the work far into the future.
Change Machine also makes it possible for the Clinic and its partners to identify barriers to financial security and provides the hard data needed to make the case for systems change.