Bank On Hampton Roads and Matched Savings Program

Testimonial

Coming Up Short INCOME: Volatile income is an issue that affects 1/3 OF AMERICANS EXPENSES: Unpredictable expenses make it harder for households to achieve a balanced budget. Over 100 Million Americans have difficulty managing monthly cash flow Source: CFSI

Savings Crisis 45% Households had saved no portion of income in % Households do not have a rainy day fund sufficient to sustain themselves at poverty for three months Source:

Limited Credit Alternatives Lack of savings makes families dependent on unaffordable credit options >10 million Americans rely on high cost alternative lending options Source: CFSI

Psychological Impact Paying with our health Money stress leading cause of stress for families Loss of stability Loss of productivity and even IQ! Source: CFSI

Local Challenges MEASUREVirginia BeachPortsmouthNorfolk Population439,52895,786245,428 Median Income$65,980$46,166$44,747 Poverty7.0%30, %13, %47,122 SNAP Eligible (food)6.9%30, %15, %39,023 EITC Return (tax)18.35%36, %12, %28,206 Liquid Asset Poverty33.4%146, %42, %124,923 EITC= Earned Income Tax Credit SNAP = Supplemental Nutrition Assistance Program

Measure of Financial Stress Percentages Citizens EITC= Earned Income Tax Credit SNAP = Supplemental Nutrition Assistance Program

Bank On Hampton Roads 10 Month Financial Empowerment Program offers: –Financial Education Classes –Personalized Financial Coaching –Low Cost Banking Services (partner providers) Classes begin 3 semesters each year: –January/April/September

Who is a Bank On Student? Open Classes –Anyone interested may attend Ideal for: –Young Adults –Single Parents –Military and Veterans –Sandwich Generation –Persons in Transition –Financially Stressed

Participant Achievements Financial Assessment Credit Report Review Goal Establishment Increase Income Opportunity Grow Savings Debt Reduction Improve Credit Score Build Assets Consumer Protection

Results

Faith Community Extension of benevolence programs – offers a hand up instead of a hand out Churches host classes as local empowerment mission outreach to their neighborhoods Churches offer financial coaching Welcomes people into the church without making them feel uncomfortable

Matched Savings Matched Savings Program: –Established as anti-predatory lending outreach –Encourages participation through program –Matches $150 of savings if participant: Saves $150 Perfect Attendance (Attend 10 Classes) Uses Coaching Completes Financial Challenge Match establishes emergency fund of $300

Volunteerism Provide classroom instruction and/or coaching Financial Professionals: –Bankers –Accredited Financial Counselors –Credit Counselors –Financial Planners –Housing Counselors Interested Citizens and Bank On Graduates: –Master Financial Educator Volunteer Program 10 – weeks of training All volunteers participate in 2 Hour orientation to the Bank On Program

Program Needs Volunteers – Financial Professionals and those with a passion to help others Matched Savings – Adopt families as they build their financial security. Cost $150 per family. Sponsor forms available –Participation in Financial Empowerment Team that oversees the matched savings Promotion – Congregation members and citizens in your neighborhood that can benefit. Marketing materials and talking points available.

Testimonial

QUESTIONS Contact: LORI IRWIN Financial Empowerment Coordinator Phone: