The Financial Clinic is seeking partners for a national financial security ecosystem set to launch in 2018. Download the RFP.
Financial insecurity is pervasive and often stymies many nonprofit organizations from fully and effectively serving their communities. Program participants face financial issues that drive them to seek social service agencies. 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 or “ecosystem,” a holistic partnership approach that builds financial security for the working poor at scale and accelerates sector-specific missions and outcomes. Borrowing a popular metaphor from the high-tech sector, “business ecosystems” leverage the power of connections, collaborations, and continuous evolution to create and capture new value, thus advancing not only our vision and our partners’ unique missions, but the anti-poverty field as a whole.
Organizations who have adopted the ecosystem model see:
Improved financial security of program participants
- Ecosystem customers achieve outcomes at a higher rate and earlier in the financial coaching process: In traditional coaching, 58% of customers achieve an outcome after three meetings, while 93% of ecosystem customers achieve an outcome after two meetings
- 80% of customers set financial goals – a key driver in future financial success
- Average outcome amounts include:
- $171 increase in savings
- $2394 reduction in debt
- 18-point increase in credit score
Frontline staff saw improved financial security
- 91% report they now auto deduct to savings (36% increase)
- 71% increased or started contributing to their 401k
- 55% report they are very confident in reaching financial goal (20% increase)
Financial security became an organizational priority
In a previous workforce ecosystem:
- 37% were able to successfully raise money for financial security programming
- 62% revised or created marketing materials that showcased their financial security work
- 100% of organizations have identified sustainable strategies for continuing financial coaching in their programs
Improved Mission Outcomes
Example: Workforce development partners are seeing improved workforce outcomes
- Program completion increased by 20%
- Job placement rates increased by 7%
- $1.81 increase in average hourly wage
The Clinic will provide services tailored to a partner organization’s existing services. Organizations participating will receive:
- Training and technical assistance to build financial security strategies into partner organization’s programming
- Expert-level financial coaching to partner organization’s program participants with complicated financial security concerns
- Data and evaluation support to leverage lessons learned to create high impact
- Heavily subsidized access to Change Machine, the Clinic’s web-based financial coaching platform that supports organizations to seamlessly integrate financial security strategies into their existing services and sustain work in the future
Over the next three years, these initiatives will scale up and be open to partners nationwide, the Clinic is seeking workforce development partners in the following geographies:
First Year of Implementation
Interested organizations in North Carolina and Ohio, please download the RFP and send completed applications to Zoe Goodman at email@example.com no later than February 23, 2018.
Second and Third Year of Implementation
- Rhode Island
- Washington, DC (metropolitan area)
Applications for Year 2 and Year 3 will be released in late 2018.
We look forward to partnering with you!