1. Rocky Mountain Theological Conference September 19 and 20, 2017
The Impact of Economic Challenges and Financial Anxiety on Ministry and Leaders
Rocky Mountain
Theological Conference
September 19 and 20, 2017

2. The Impact of Economic Challenges and Financial Anxiety on Ministry and Leaders
What do we know?
Extent, Causes and Consequences of Educational Debt
Impact of Financial Anxiety
What can we do?
What are we doing through Resourceful Servants?
How can you be a part?

3. Extent of Total Educational Debt –
Trends among ELCA M.Div. Graduates

4. Causes of Educational Debt
Changing student demographics
Changes in culture and attitudes
Uninformed financial decision-making

5. Consequences of Educational Debt: Types of Call
“There are fewer job candidates for the most challenging and low paying forms of ministry.”
“Educational debt has forced some graduates with extensive loans to pursue higher-paying forms of ministry rather than serving small churches, social action or missionary ministries, or non-profit organizations.”
“Some pastors abandon their calling altogether because of financial constraints.”

6. X Consequences of Educational Debt: Time to First Call 2006 2007 May
June
July
August
September
October
November X
December
2007
January
February
March
April

7. Consequences of Educational Debt: Time to Second Call
Educational debt above $60K
No educational debt
= First call
= Second call
= Other

8. $ Educational debt negatively impacts satisfaction with finances.
SAVINGS
DEBT
COMPENSATION

9. PERSONAL RELATIONSHIPS
Financial anxiety negatively impacts satisfaction with finances… $
SAVINGS
DEBT
COMPENSATION
… as well as personal relationships, health and spiritual well-being.
PERSONAL RELATIONSHIPS
PHYSICAL
HEALTH
SPIRITUAL
WELL-BEING

10. Pastors with high levels of debt may be less likely to take actions which would put their call at risk.

11. Financial anxiety impacts the congregation’s perspective of a pastor’s leadership characteristics as well as congregational vitality.

13. The Impact of Economic Challenges and Financial Anxiety on Ministry and Leaders
What do we know?
Extent, Causes and Consequences of Educational Debt
Impact of Financial Anxiety
What can we do?
What are we doing through Resourceful Servants?
How can you be a part?

14. Four Programs Fund for Leaders Financial Counseling Financial Wellness
Financial Wellness Resources
Savings Matching Pilot Programs
Congregational Certificate

15. Financial Wellness Resources
Lutheran Social Service Financial Counseling
ELCA Federal Credit Union
Portico Benefit Services

16. Readiness for Retirement
Savings Matching Pilot Programs
Phase
Key Date
Launch
Aug. 14, 2017
Visit resourcefulservants.org
Qualification
Sept. 15, 2017
< 6 months emergency savings
< 15% in retirement contributions
Complete the Financial Wellness Assessment
Application
Oct. 15, 2017
Complete Savings Matching Pilot Program applications
Notification
Nov. 1, 2017
Receive notification of selection into either, both or neither program(s)
Implementation
Dec. 1, 2017
Open a dedicated savings account
Set up automatic withdrawals
Increase individual retirement contribution
Participate in financial counseling with Lutheran Social Service (LSS) Financial Counseling
Distribution
Feb. 2018/Feb. 2019
Up to $50 monthly (2 year program)
$600 in one installment (1 year program)
Emergency Savings
Readiness for Retirement

17. Congregational Certificate
Risk Management
Accounting
Stewardship
Finance
Human Resources

18. Congregational Certificate
Value of the Congregational Certificate
Easy transfer of information
Notation on congregational profile
Recognition at synod assembly
Favorability from lending institutions

19. Congregational Certificate
Phase
Key Date
Phase Description
Pilot Launch
Sept. 27, 2017
Kick off the Pilot Phase at a gathering of the ELCA Affinity Group
Feedback Gathering
Feb. 2018
Gather feedback through interviews, focus groups and surveys
Pilot Wrap Up
Mar. 31, 2018
Finish the Pilot Phase, compiling feedback and implementing suggested changes
Widespread Launch
Beginning 2nd quarter 2018
Promote the Congregational Certificate area of Resourceful Servants to all congregations in the ELCA

20. Visit resourcefulservants.org
Encouraging habits that strengthen and sustain individual and congregational financial wellness and growth.
Visit resourcefulservants.org