FINALAFNpresentation 2010 3

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Success Measures: Financial Capability Outcome Indicators Project : 

Success Measures: Financial Capability Outcome Indicators Project Debby Visser, Senior Program Manager Jessica Anders, Program Manager Melody Tulier, Training Consultant NeighborWorks America June 16, 2010

Success Measures Mission and Overview : 

Success Measures Mission and Overview To provide the community development field with a practical, credible and accessible way to use data for continuous learning, to tell stories of change, and to demonstrate results. Participatory evaluation method Indicators/data collection tools that measure community development outcomes Training/consulting to support evaluation cycle Web-based data system

Success Measures New Indicator Sets : 

Success Measures New Indicator Sets Financial Capability and Assets Community Stabilization Green The Value of Intermediaries

Financial Capability & Asset Tools : 

Financial Capability & Asset Tools New outcome tools for financial education and asset development/preservation programs Over 70 leading nonprofits, researchers and practitioners participated in development Tools cover key dimensions of financial capability along the asset continuum: Family/household financial status Financial behavior and attitudes Non financial personal, family and communal assets Foreclosure mitigation Field testing completed; tools revised Demonstration underway with 10 organizations nationwide

Key Questions the Project Seeks to Address : 

Key Questions the Project Seeks to Address How do financial education and asset building activities influence behaviors? What bundles of services are most effective in influencing outcomes for individuals and families? It what ways do IDAs, and their leveraged programs, affect net worth and liquid assets over the long term? How effective are foreclosure mitigation efforts in stemming the tide of foreclosures?

Outcomes of Interest to Practitioners : 

Outcomes of Interest to Practitioners Examples: understand clients’ attitudes towards spending and saving and how these affect their ability to change behavior in the long term how clients develop and adjust a savings plan and strategically make spending decisions how clients strategically use financial vehicles that align with financial goals clients’ knowledge of current debt and credit situation to assess current status and adjust financial behavior

Learning: Lessons from Financial Capability Field Test : 

Learning: Lessons from Financial Capability Field Test Through Success Measures participatory process, clients’ perspectives proved key in shifting our approach to tool development and outcome evaluation methodology What we learned: To identify those questions that created stress and anxiety and also those that affirmed participation and success That client participation in the evaluation offers an opportunity for reflection and advancement of their own financial capability To better understand how to frame questions How the nexus of language reflects client, research and practitioner languages That cultural context is more significant than pure language translation

Financial Coaching : 

Financial Coaching Actual words used by groups to describe their outcomes and transformed to outcomes Based on their language and the stated outcomes, what tools rise up as possibilities 1. Asset Cushion Assess if behaviors and attitudes are helping to strengthen the asset cushion; Current access to cash, credit and insurance that protect people from loss and knowledge and ability to negotiate with creditors. 2. Spending Behavior Decisions on how to spend money; How spending choices are made; Access to money and methods of payment; Creation and use of budget Participants are able toadapt to financial change; Enhance potential use of financial assets; Develop resiliency Understand clients’ spending behavior and how it affects their financial future .

Program A: Homebuyer Education : 

Program A: Homebuyer Education Actual words used by groups to describe their outcomes and transformed to outcomes Based on their language and the stated outcomes, what tools rise up as possibilities 1. Income and Expenses Predictability of income; Sources and amounts of income; Sources and amounts of expenses 2. Strategic Use of Formal Financial ResourcesDocument use / knowledgeable use of strategic financial vehicles; Decisions about opening savings, checking, credit cards Wealth-building decisions ; Sources and amounts of expenses 3. Spending Behavior Track income and expenses (budget) Participants create a budget to track their money and use it for decision making. Participants make good decisions about spending their money.

Program B: Homebuyer Education : 

Program B: Homebuyer Education Actual words used by groups to describe their outcomes and transformed to outcomes Based on their language and the stated outcomes, what tools rise up as possibilities 1. Spending Behavior 2. Savings Behavior Frequency of savings; Strategies and choices for development of savings plan ;Financial products used and methods for saving 3. Building and Managing Credit Understand how the respondent strategizes related to credit card offerings, Building and maintaining credit; Identify knowledge of current credit standing (credit score) and review of credit report Gain control of finances (spending, savings, credit) and understand how credit works

Youth Financial Education with IDA component : 

Youth Financial Education with IDA component Actual words used by groups to describe their outcomes and transformed to outcomes Based on their language and the stated outcomes, what tools rise up as possibilities 1. Saving Behavior 2. Attitudes Toward SavingDocument importance of setting money aside in general and specific purposes; Attainment of information; Interest in setting money aside for the future; Satisfaction with savings ; Attitudes toward saving 3. Strategic Use of Formal Financial Resources 4. Attitudes Toward Use of Financial Resources Participants build a habit of saving, understand factors that determine savings, make decisions to save or increase their regular saving behavior.   Participants increasingly use affordable mainstreamfinancial products, such as checking and savings accounts.

Using the Tools : 

Using the Tools

Next Steps : 

Next Steps Completing data collection Field Building Completion of publication geared towards practitioners First round of data analysis Capacity building activities Peer convening as a pre-conference session at CFED’s Assets Learning Conference Expanded application of the outcome tools through a new collaboration between Citi Foundation and NeighborWorks America

Financial Capability Outcomes Project Partners : 

Financial Capability Outcomes Project Partners Arizona Community Foundation CFED Citi Foundation F.B. Heron Foundation Federal Reserve Bank of Richmond NeighborWorks America North Carolina Association of CDCs The Walter and Elise Haas Fund For further information, please contact Debby Visser (dvisser@nw.org; 202.220. 2348)

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