The Financial Clinic (the Clinic) and UnidosUS (formerly NCLR) have partnered to create FinancialWorks, a national financial security ecosystem that seeks to build financial security for the working poor across the country, within UnidosUS’s existing Financial Capability Network. FinancialWorks is funded by a generous $4.5 million grant from The Prudential Foundation.
While training and service delivery had already begun, FinancialWorks officially launched at UnidosUS’s Annual Conference in Phoenix, AZ in July 2017. In the first year, the Clinic supported the first of three cohorts of Affiliates to embed financial security strategies into the daily interactions of frontline staff with customers. The Clinic was thrilled to welcome Cohorts 2 and 3 to FinancialWorks in January 2018!
The Clinic and FinancialWorks Affiliates at the second year kickoff event
El Centro Hispano (Durham, NC)
The Concilio (Dallas, TX)
La Maestra Community Health Centers (San Diego, CA)
AAMA (Houston, TX)
Chicanos Por La Causa (Phoenix, AZ)
Comunidades Unidas (West Valley City, UT)
Edu-Futuro (Arlington, VA)
Latino Memphis (Memphis, TN)
Latino Network (Portland, OR)
MAUC (San Antonio, TX )
Cohort 3 (Chicago, IL)
Esperanza Health Centers
Gads Hill Center
Latino Alzheimer and Memory Disorder Alliance (LAMDA)
Mujeres Latinas En Acción
The Clinic and UnidosUS have also set the groundwork for a sustainable ecosystem pipeline through the Network. Frontline staff in the ecosystem cohort have been equipped to successfully navigate and utilize Change Machine to provide customers with more difficult financial concerns immediate access to an experienced, bilingual financial coach for phone-based services: Customers are referred first to the Unidos Counseling Connection call center, where staff have been trained to conduct intake and record baseline financial security data of customers, then connect these customers to Affiliate organizations with robust financial coaching programs. Participating Affiliates providing coaching, in addition to the Clinic, include:
Congreso de Latinos Unidos (Philadelphia, PA)
East LA Community Corporation (Los Angeles, CA)
Hacienda CDC (Portland, OR)
The Resurrection Project (Chicago, IL)
Spanish Coalition for Housing (Chicago, IL)
Now nearly a year into the program, FinancialWorks is showing exciting early results:
- 3,930 customers served across the three first cohort Affiliates; 1,010 customers received light-touch coaching from frontline staff; 102 customers received further support from financial coaches.
- The most completed action through light-touch coaching (80% 0f customers!) has been to identify a financial goal – a proven driver in future financial success.
- Organizations have achieved outcomes in making financial security building a permanent part of their services through identifying places for financial security building in customer flow; staff buy-in through completed Change Machine modules and quizzes; changing job descriptions to include financial security building activities; and utilizing new marketing to include financial security building work.
“Parents enjoyed us taking the time to have conversations with them about finances. It’s a topic that is not common to talk about, so they truly appreciated picking their brains particularly about savings accounts… They are excited to be able to have a follow up conversation on their personal goals.” – The Concillio
“Many of our patients/non-patients are really happy with the program because they know it’s a program that they can trust, and it’s free. During a workshop we like to start with an icebreaker to let everyone get to know each other and to create an environment of trust. Secondly, we do an activity with the worksheet “Envisioning My Goal.” Most of the individuals that attend these workshops are low income families that live paycheck to paycheck and sometimes share with us that they do not have any financial goals [and] that sometimes they do not have enough money to pay their rent. This is when we introduce them to FinancialWorks. We tell them that they can receive free counseling from a financial coach who can assist them with any topic regarding goals, assets, banking, credit, debt, and taxes. Overall, they are impressed with the program as they do not expect to receive that much help for free.” – La Maestra Community Health Centers