Mary Dupont, Director of Financial Empowerment State of Delaware, DE Dept. of Health and Social Services mary.dupont@state.de.us 302-255-9245 http://www.youtube.com/watch?v=jrktcvurow8 www.standbymede.org
Asset Development: Home ownership, Education, Retirement, Business Development Stock Market MONEY, LIFE, AND WELL-BEING Emergency Savings and Access to Credit Financial Position: Pay down debt, Increase credit score, access to mainstream financial services. Physical Mobility: vehicle ownership, insurance, and maintenance. Living expenses: Housing, Food, Utilities, Healthcare $tand By Me s Hierarchy of Economic Security Maslow s Hierarchy of Needs
FINANCIAL EMPOWERMENT SERVICE PACKAGE Goal: Increase personal economic security. Personal Financial Coaching: Budgeting, debt, financial goal setting, savings, and personal money management. Work one-on-one with a personal financial coach. Mind Over Money Workshops: Four 1-hour interactive workshops where participants have fun while they learn about money. Even the most financially savvy money manager will be surprised about the insights and ideas they come up with during these sessions. 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. FREE OF CHARGE TO DELAWARE CHILD CARE BUSINESSES: Administrators, Employees, and Customers Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
NEW CASTLE COUNTY KENT COUNTY SUSSEX COUNTY Lead Partner: West End Neighborhood House Lead Partner: NCALL Research, Inc. Lead Partner: Goodwill of Delaware and Delaware Co. ShopRite Supermarkets Dover Downs Nanticoke Hospital Christiana Hilton Delaware State Housing Authority Beebe Hospital DE Dept. of Health and Social Services DE Dept. of Health and Social Services DE Dept. of Health and Social Services Westside Health Center (community health services) (18) Dover Air Force Base Allen Farms (new) Wilmington University Wilmington University M&T Bank (7) Child Care Centers and Head Start Child Care Centers and Head Start Partner: Telamon Head Start programs Christiana Care Health Systems Partner: Telamon Head Start programs Child Care Centers DE Office of Higher Ed/ High Schools/School Districts DE Office of Higher Ed/ High Schools/School Districts Copyright 2013. Delaware Financial Empowerment Partnership. All Rights Reserved. DE Office of Higher Ed/ High Schools/School Districts Del Tech, Wilmington & Stanton Del Tech, Terry Del Tech Owens Partner: Latin American Community Center Hispanic immigrants and residents Partner: Wilmington Senior Center - 50+ population DE Dept of Agriculture
Partnerships for Financial Empowerment and Childcare State of Delaware Governor s Office Department of Children, Youth, and Families Office of Early Learning (STARS Quality Initiative) Office of Childcare Licensing (Certification for Training) Department of Health and Social Services Division of Social Services (Subsidized Childcare Benefits) Office of Financial Empowerment (Lead Organization Stand By Me) Non-Profit Sector United Way of Delaware (Lead Organization Stand By Me) Childcare Centers (Diverse Centers statewide) Telamon Corp. (contractor/program implementation/ program operations) Latin American Community Center (contractor/program implementation/program operations) NCALL Research (contractor/program implementation) Childcare Industry Head Start: Wilmington, New Castle County, Telamon (Kent and Sussex Counties (Statewide: 26 locations) 30 Childcare Centers Philanthropy Annie E. Casey Foundation (Lead Funder: Two Generation Approach) PNC Bank Foundation (Funder: Sesame Street Curriculum) Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
State Strategy: Financial Empowerment enhances and complements other priorities of Governor Markell. Ride the Wave! Governor Priority: Education - Increase educational outcomes for students and families from pre-school to college. Focus on Early Learning and quality of preschool programming to improve school readiness and life long learning. Establish an Office of Early Learning to focus on the development and implementation of a STARS Quality Initiative. Centers receive increased funding for subsidized childcare as they increase their quality rating. They also receive grants and other monetary incentives through STARS. Stand By Me Strategy: Position $tand By Me as a resource to Childcare Centers and Head Start who wish to increase STARS ratings. This is done by offering Stand By Me as an employee benefit and a community program in partnership with Centers. Also, position Mind Over Money as qualified training for license renewal by the Office of Childcare Licensing. Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
State Strategy: Financial Empowerment enhances and complements other priorities of Governor Markell. Ride the Wave! Governor Priority: Economic Development - Increase stability of existing businesses through business supports and create a business-friendly climate in Delaware to attract new businesses and jobs. Stand By Me Strategy: Target a vulnerable yet most important service sector, and enhance the stability of both the workforce and the businesses through financial empowerment services. Provide a market edge to Centers who offer $tand By Me as an employee benefit and a resource to parents and families. Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
WIN/WIN/WIN: State of Delaware/ United Way of Delaware, Head Start, Families and Community! ACF Priority: Asset Building Initiative - Increase financial empowerment strategies and outcomes for clients served in ACF programs. Head Start Programs are charged with a mission to strengthen the financial stability and financial literacy of both the families and children served. Stand By Me Strategy: Integrate $tand By Me as a resource to staff and families. Work with Head Start organizations to offer Stand By Me as an employee benefit to staff and a community service to families. Use financial coaching, interactive Sesame Street curriculum for parent/child workshops, and financial literacy workshops for both staff and parents. Efforts are conducted as a joint venture of Stand By Me and Head Start. Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
WIN/WIN/WIN: Stand By Me, Head Start, Families and Community! Head Start Strategy: Engage Family Service Specialists to make referrals to Stand By Me s coaches who are co-located on-site to serve Head Start families. Partner with Stand By Me to train teachers to integrate financial literacy into the classroom using the Sesame Street workshop. Stand By Me and Head Start Together: Co-locate financial coaches at Head Start Centers. Provide coaching for staff as an employee benefit. Provide coaching for parents as a community service. Offer For Me, For You, For Later Sesame Street workshops for parents and children so parents can engage with children on this topic. Provide state-approved Train the Trainer to Head Start staff on Sesame Street curriculum to integrate financial literacy into the classroom. Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
FINANCIAL WELLNESS IN THE WORKPLACE You and your employees can win Points and Prizes for participating in $tand By Me and working on your financial well-being. When everyone reaches 300, the entire Center will be provided with a lunch or dinner event. Points will be earned according to the following: ACTION POINTS Program Orientation (1x) 25 Workshop Attendance (1x) 25 Personal Financial Coaching Session 50 Review Credit Report (1x) 25 Open NEW savings account 50 Set-up Auto Savings Deposit 25 Increased Credit Score 25 Incentive levels are as follows: Utilized Credit Builder product 50 100 POINTS = $10 Cash EITC / Tax Prep Services 25 200 POINTS = $25 Gift Card Complete FAFSA Aid Application 25 300 POINTS = $50 Certificate of Deposit (CD) Establish a budget 25 Establish a long term financial goal 25 Meet with the coach 3 times 50 Refer a friend or family member 25 Copyright 2012. Delaware Finan cial Empowerment Partnership. All Rights Reserved. Slide 11.
$tand By Me Services Provided to the people of Delaware Service Provided 2012 2013 Total in 38 months Personal Financial Coaching (first 12 months) (second 12 months) 671 1625 4203 Mind Over Money 382 1702 2500 Interactive workshops FAFSA Applications 129 622 1225 Free Self-Help Tax 0 2700 5700 Preparation Total 1182 6649 13,628 Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved. Slide 12.
CUSTOMER OUTCOMES Number of Coaching customers Number of coaching sessions Total debt reduction Total increased Savings Average Credit score increase 4203 8706 $1,193,661.50 $472,647.97 85 points Affordable banking 174 accessed consumer friendly pay day loan alternatives Number of customers who Created Spending Plan for monthly on time payments and other goals. 1974 Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved. Slide 13.
Financial Coaching Process 1. Establish Financial Goal and 2. Develop an Action Plan to Achieve Goals 4203 clients set 6316 financial goals working with their coach (reflects multiple goals by some clients) Customer sense of financial stress and control: 5,774 specific goals were achieved 83% report being constantly to somewhat worried about their finances. 76% report having little to no control over their finances. Coaching Outcomes: TARGET: Credit and debt position improved o RESULT: 79% of coaching customers are working on their credit and debt through debt repayment plans, correcting credit reports, and increased credit scores TARGET: Financial skills and personal money management improved o RESULT: 64% of coaching customers have improved personal money management by creating a household budget (spending plan), adding savings to their budget plan, establishing emergency savings, and opening credit building accounts. Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved. Slide 14.