The pilot for GreenPath Financial Wellness ’ Your Money Guide, an online, email, and telephone financial coaching program that provides individuals with a path to financial resiliency has concluded with noteworthy results. According to research released today, post-coaching surveys showed that participants benefited from:
Participants in GreenPath’s Your Money Guide pilot program increased credit scores, and reduced debt improved savings and financial confidence. White paper findings, best practices, and results will be shared during a July 12 live webinar (Photo Credit: GreenPath Financial Wellness).
- Increased credit scores by 10 points or more
- Increased savings after three months
- Reduced total debt of nearly $4,000 over the course of the pilot
- Improved confidence in reaching financial goals
GreenPath, a national nonprofit that provides financial counseling and debt management services, will host a live webinar on Tuesday, July 12 for credit unions, nonprofits, and other financial institutions highlighting the pilot program’s best practices and results. A recently released white paper summarizes the findings.
“We’re proud of our people-centered approach to the work we do and our commitment to providing everyone the tools to lead financially healthy lives,” said Kristen Holt, president, and CEO, GreenPath Financial Wellness. “Within our Your Money Guide pilot, participants reported positive levels of confidence about being able to reach their financial goals. We encourage all financial organizations to review our findings and consider this service for their customers.”
The Your Money Guide program was piloted in two phases through May 2021. Pilot participants were individuals who were not in a crisis, had a stable income, a desire to build financial resiliency, less than $5,000 in unsecured debt, and were seeking an accountability partner. The program connected participants with empathy-trained, certified financial coaches who helped guide them on attaining and sustaining financial resiliency. GreenPath coaches are certified by the National Foundation for Credit Counseling (NFCC) and receive ongoing support from an in-house empathy coach.
Participant interviews offer rich details about the program’s success in reaching and retaining clients. Key outcomes were a direct result of GreenPath’s empathy-focused coaching services, human-centered communications, and innovative program recruitment.
Unlike other financial coaching programs, Your Money Guide combines convenient online learning with personalized coaching via email, telephone, and online chat, helping propel people toward a financially healthy lifestyle. The program was developed to be a resource for GreenPath’s partner organizations, credit unions, and nonprofits. “This program supports GreenPath’s overall mission of empowering financial health and wellness, and we’re excited to launch Your Money Guide at scale to expand our ability to serve more people,” said Holt. “Coaching creates excellent outcomes for anyone who desires to strengthen their financial resiliency.”
The Your Money Guide Financial Coaching pilot was made possible through a grant from JP Morgan Chase. GreenPath used innovative outreach and recruitment campaigns to secure pilot-program participants, leveraging the networks of three valuable partners: ArtBuilt, Self-Help Credit Union, and United Way of Greater Mercer County, New Jersey. GreenPath’s research partner was the Center for Financial Security (CFS) at the University of Wisconsin, whose staff behavioral scientist worked with the pilot team.News Source: Bakersfield