This report, with generous support from Capital One, draws on data results from a two-city pilot to better understand how Financial Empowerment Center (FEC) clients are saving and ultimately inform new savings indicators for financial counseling success.
In 2017, financial counselors at Financial Empowerment Centers (FECs) in Nashville and Philadelphia tested an innovative approach to defining, discussing, and tracking their clients’ efforts to build savings, using new savings outcomes. The CFE Fund combined counselor and client experiences with academic and policy research to operationalize the field’s thinking about how people with low incomes save, to tell a more complete story about the impact of financial counseling on savings, and to learn whether changing a program’s data system affects the way financial counselors work and the results their clients achieve.
The CFE Fund hosted a webinar on this report. Watch the webinar here. View the presentation here.