Overview

Key Takeaway

Local government leaders can apply now to bring the FEC model to their city or county.

This August 2017 press release highlights findings from a new three-year evaluation of the Financial Empowerment Center model. The evaluation draws on data from 22,000 clients and 57,000 counseling sessions across the first 5 city replication partners and shows that financial counseling worked as a public program in a variety of city contexts. City partners were Denver, CO; Lansing, MI; Nashville, TN; Philadelphia, PA and San Antonio, TX. View or listen to the CFE Fund’s presentation highlighting key findings and lessons learned from the evaluation.

To learn more, join us during your coffee break for 15 minute briefings on the evaluation and FEC initiative topics that interest you most. Register for the webinar series here.

The CFE Fund also released new funding opportunities for local governments looking to replicate local FEC programs, in partnership with Bloomberg Philanthropies and others.

Additional Takeaways

Despite deep financial challenges, FEC clients succeeded. They reduced debt by $22.5 million, increased savings by $2.7 million, established or increased credit, and opened safe banking accounts.

Unbanked FEC clients were less than half as likely as banked clients to increase their savings, and over a third less likely to establish a new credit score.

The FEC model worked in a variety of city contexts, and meaningfully changed the way cities and their nonprofit partners delivered anti-poverty services.

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