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.
The CFE Fund held a series of webinars about the evaluation; click here for informational resources from these webinars.
Cities, counties, states, and community organizations who provide government-connected models of free financial counseling and coaching into a national professional learning community are invited to apply to join the FEC Affiliates Network. The CFE Fund will convene Affiliates both in-person and remotely to further partnerships, highlight best practices, and catalog lessons unique to integrating financial counseling and coaching within government programs. Applications are being accepted on a rolling basis. Click here to apply.
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.