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Mary Dupont Director of Financial Empowerment June 2013 ®

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Presentation on theme: "Mary Dupont Director of Financial Empowerment June 2013 ®"— Presentation transcript:

1 Mary Dupont Director of Financial Empowerment June 2013 ®

2 FINANCIAL EMPOWERMENT SERVICE PACKAGE Goal: Increase financial capability and personal economic security.  Personal Financial Coaching and Education: budgeting, debt, financial goal setting, savings, and personal money management  Financial Services: work with credit unions and non-profits to develop and increase access to consumer-friendly savings, loan, and transaction products  Post Secondary Education Services: financial planning for post-secondary, FAFSA applications, managing student loan debt  Community Referrals: debt consolidation, foreclosure assistance, free tax preparation, matched savings programs, home ownership counseling Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved. ®

3 Governor Led Financial Empowerment Initiative $tand By Me® Delaware DIVERSE PARTNERS SHARE ONE MISSION – Financial Empowerment Alliance State/County/ Local Governments Employers Non-Profits National Partners K-12 Higher Education Targeted Constituencies: Childcare Providers, Disability, Seniors, Latinos/Immigrants $tand By Me® Delaware Coaching/Financial Inclusion : Across the Lifespan – Free – Individual – Employer/Education/Market Based Together. No Matter. We’re Here. ® Systems Integration: Governor- Led Financial Empowerment Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.

4 ® NEW CASTLE COUNTYKENT COUNTYSUSSEX COUNTY Lead Partner: West End Neighborhood House Lead Partner: NCALL Research, Inc.Lead Partner: Goodwill of Delaware and Delaware County ShopRite SupermarketsDover DownsNanticoke Hospital Del Tech, Wilmington and StantonDel Tech, TerryDel Tech Owens Christiana HiltonDelaware State Housing AuthorityBeebe Hospital Christina School DistrictPolytech Adult Education and ESLBerecah Homes DE Dept. of Health and Social Services DE Dept. of Labor, Division of Vocational Rehabilitation Handy TubeAllen Foods Wilmington University Indian River School District Child Care Businesses Walgreens LOCAL OPERATING PARTNERS

5 Financial Empowerment Alliance: Link all stakeholders into an Advisory Board that meets quarterly to inform operations, expansion, and innovation. Customization for specific markets: SBM 50+ for Baby Boomers and their parents; people with disabilities; public housing residents; middle and high school students and their families; family childcare providers, Head Start, and centers. Consumer-Friendly Financial Products: Provide 8 innovative new financial products designed for the market, including loans, reloadable debit cards, and checking account. Continue to develop new products to meet market needs. MyFree Taxes: Web-based free tax preparation available for households with an income at or below $57,000. Free phone assistance available by IRS-certified volunteers. Joint venture with Goodwill and United Way. Launch in January 2013. Delmarva Power: Pilot with 250 customers who are delinquent or default on bills, who don’t qualify for other utility benefits. ® Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved. Slide 5. IN THE WORKS STATEWIDE

6 ® Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved. Slide 6. May 2011 – May 2013 6279 served 1941 coaching, 356 financial aid/FAFSA, 2043Taxes, 1939 Mind Over Money workshops 9056 total units of service (4718 coaching units of service) What our customers have accomplished in 24 months: TARGET: Credit and debt position improved RESULT: 42% of coaching customers are working on their credit through debt repayment plans, correcting credit reports, opening credit building accounts, and increased credit scores 82% of coaching clients have reviewed their credit reports with the coach. TARGET: Financial skills and personal money management improved RESULT: 53% of coaching customers have improved personal money management by creating a household budget and adding savings to their budget plan. TARGET: Savings strategy established and maintained RESULT: 29% of customers have established new savings strategies that includes opening new savings accounts, initiating monthly auto deposit into savings, and saving regularly for emergency fund or specific asset goals.

7 ® Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved. Slide 7. Implementation Partners: Stand By Me partners with one non-profit in each county to carry out operations. Lead Partners: State of Delaware, United Way of Delaware, New Castle County: West End Neighborhood House Kent County: NCALL Research, Sussex County: Goodwill of Delaware and Delaware Valley 50+: Wilmington Senior Center Staff: 14 coaches, 3 managers, 5 contractors, 1 community engagement coordinator, and 1 program director work in the program. FAFSA Volunteers: 80. Program Partners: (businesses, educational institutions, state and county agencies, non-profits) collaborate to bring program services to their organizations, constituencies, and communities, donating space, in-house support, and technology. No funding spent on space or utilities. Infrastructure

8 ® Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved. Slide 8. 1.Consumers need choice in financial services. By packaging and marketing custom-designed products as a group, the diverse needs of the market for savings, loans, and transactions are met more effectively. 2.Combining products with Coaching: An array of consumer-friendly financial services can be packaged and presented in conjunction with credit counseling, financial coaching, and/or other personal financial support strategies, allowing for broad distribution through non-profit channels. 3.Product Integration: Financial products can be sourced from both local and national banks, credit unions, non-profits, and combined as a package under a financial empowerment umbrella. 8-Great: Combining Multiple Products and Providers To Meet Market Needs

9 ® Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved. Slide 9. Products as a Coaching Tool: By pairing innovative products with financial coaching, consumers use the products as a tool not only to meet financial needs but also to improve financial circumstances. The products become an integrated aspect of the coaching methodology and a way to heal financial dysfunction. Expanding Reach and Markets for Credit Unions: Unique access to Stand By Me is available through co-location at employers, post- secondary institutions that cater to adult students, state agencies, and community centers. Integration of Products with Services and Delivery

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