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Gateways to Asset Building: Moving from Crisis to Opportunity
- 1. Re:Think Gateways to Asset Building Moving from crisis to opportunity
- 2. Presenters Elena Fracchia Director of Income & Investments | United Way of Lane County Lynne McConnell Associate Director of HomeSource & Assets | NeighborImpact
- 3. Money & Me List all of the words, phrases, sayings, songs, or other associations you have with the word money.
- 4. Money & Me Money: any generally accepted medium of exchange
- 5. Gateways to Asset Building
- 7. Workflow Analysis Review Workflow Analysis Tool: Brainstorm specific opportunities for beginning the financial empowerment conversation with clients.
- 8. Your Money, Your Goals To provide participants with: • An orientation to Your Money, Your Goals—the CFPB’s financial empowerment tools • Strategies for using the toolkit • The tools, knowledge and confidence to provide financial empowerment services to their clients
- 9. Why Case Managers? Access Trust Opportunity for providing financial empowerment
- 10. Financial Empowerment What is financial empowerment? How is it different than financial education, financial literacy, financial capacity, or other commonly used terms?
- 11. Organization of the Toolkit Introductory modules – Module 1: Introduction to the toolkit – Module 2: Assessing the situation – Module 3: Starting the conversation – Module 4: Emotional & cultural influences on financial decisions – Module 5: Using the toolkit
- 12. Organization of the Toolkit Content modules – Module 6: Setting goals – Module 7: Saving for the unexpected, emergencies, & goals – Module 8: Managing income & benefits – Module 9: Paying bills & other expenses – Module 10: Managing cash flow – Module 11: Dealing with debt – Module 12: Improving credit reports & scores – Module 13 Evaluating financial service providers, products, & services – Module 14: Protecting consumers rights
- 14. Finding Success I want to get out of credit card debt I will pay down $1,000 of my debt in the next year.
- 15. The Role of Referral
- 16. Bank On Oregon Everyone deserves a chance We can help you find a safe, affordable account. Take steps to open an account today and gain easier access to your money.
- 17. Caution: Information Overload Getting all of the tools at once –or even five tools at one time – is likely be overwhelming for most clients (…and case managers)
- 18. Resources Available Consumer Financial Protection Bureau Your Money, Your Goals Financial Empowerment Toolkit CFED Integrating Financial Capability Toolkit Bank On Oregon Connecting to Financial Education and Products
- 19. Questions?
Notas do Editor
- LAINA
- LAINA – introductions of Elena and Lynne
- ELENA ACTIVITY #1: Money and Me (slides 3-5) Estimated Time: 15 Minutes Methodology: Opener—Contest Corresponding Section in Toolkit: No corresponding section in Toolkit Instructions for Facilitator: Instruct participants to work in small groups. Give each group a flip chart and marker. Instruct them to brainstorm all of the associations they have with money per the flip chart. Tell them the winning group is the one with the most associations. Give them 2 minutes. Call time and ask groups to count up total items listed and write the number on their flip charts. Congratulate winning team. Hang up their flip chart. Ask other teams to add items they feel are missing from the list. Go through many of the ideas and ask group to indicate whether the association is positive or negative with a thumbs up or thumbs down, respectively. Based on majority vote, write “+” or “-” next to each entry on the flip chart. If there is a lot of disagreement about an entry, facilitate a short discussion about the disagreement and write “?” next to those about which there does not seem to be agreement.
- ELENA ACTIVITY #1: Money and Me CONTINUED Opener Show and read the definition of “Money.” Contrast the definition of money to the list of associations generated by the team by asking: “How did we get from this simple definition of money to all of these positive and negative associations?”
- ELENA What do we mean by “gateways”? Starting the conversation Finding creative ways to build it into our work Why might this be important? (Discussion) Meeting people where they’re at Improve success of our programs Support social services
- LYNNE
- LYNNE UPDATE: Utilize CFED Building Financial Integration Workflow Analysis tool here. https://www.acf.hhs.gov/sites/default/files/ocs/afi_resource_guide_building_financial_capability_final.pdf
- ELENA By the end of the training, participants will be able to: Explain the ways outcomes of financial empowerment training align with your program and client outcomes. Demonstrate increased confidence in your own knowledge about core financial management topics. Assess clients’ financial condition or situation. Provide the right financial content at the right time in the context of your case work with clients based on assessment.
- ELENA Great for people who are already doing this work as well. Be sure to highlight that case managers and nonprofit staff members: Meet with consumers that need high quality, unbiased financial information and tools to help them Have the trust of the people they work with In this context, a “case manager” is anyone who works directly with people with low or moderate income in a wide range of organizations and on a broad range of issues. Case managers generally do one or more of the following with clients: Conduct needs assessments Develop action plans Provide education, information, resources, and referrals needed to implement action plans Monitor progress Evaluate results Given this definition, can you think of groups in your communities that might be able to help you reach the population we’re trying to serve? List a few organizations What other national partnerships are offering the training Challenge: Not everyone sees themselves reflected in this definition. However, we take the opportunity to help them better understand how they can have an impact: “How do you feel this kind of Toolkit may benefit your work even though you see yourself as outside the target audience for the Toolkit?”
- ELENA Definition: Financial Literacy + Ability = Financial Empowerment Having the ability to use financial management knowledge, skills, and tools to access resources, products, and services to achieve your goals. Share the relationship of financial empowerment to financial education and financial literacy using the slide and information from Module 1, Section 3: Financial Empowerment: A way to improve client and program outcomes. (page 4) Financial education, which is inclusive of other strategies, such as coaching, counseling, technology-based approaches, and so on, leads to financial literacy and that financial literacy plus confidence—the confidence to make decisions and use knowledge, skills, and tools including financial products and services—is financial empowerment.
- LYNNE Review the purpose of the toolkit: The goal of Your Money, Your Goals is to improve client outcomes by making it easier for you as a case manager to help clients become more financially empowered. Review different modules and how the toolkit is organized: Introductory: Includes assessments, getting comfortable, how to use it Content: Focused on tools themselves and financial skills
- LYNNE
- ELENA Once we’ve spent time on the introductions, then we move into the specific modules where, you can recall from earlier, the financial content is. We’ll walk through a few of those now. This is from module 6: setting goals. Explain the qualities of strong goals: Specific When setting a goal, ask yourself the questions: Who? What? Why? A specific goal has a much greater chance of being met than a general goal. Measurable You should be able to track your progress toward meeting the goal. Ask yourself questions like: How much? How many? How will I know when it is done? Able to be reached Is this goal something that you can actually reach? You might want to get out of high credit card debt tomorrow or become a millionaire in a year, but for most of us, that's a totally impossible goal! That doesn't mean that your goals should be easy. Your goal may be a stretch for you, but it should not be extreme or impossible. Relevant Set goals that matter to you and are a priority in your life. Ask yourself the questions: Is this something that I really want? Is now the right time to do this? Time-framed Goals should have a clearly defined time frame, including a target or deadline date. But none of this means anything if we can’t figure out how to apply it…
- ELENA How can we help people see the difference between talking about success, and seeing progress? Need to get SMART. Look at first goal Why is this NOT a smart goal? (not specific, no time, not attainable, etc). Let’s look at how we can make it stronger [click mouse] Why IS this a smart goal?
- ELENA Regional resources? Review the key points related to the role of referral. Explore the concept of knowing your limits by asking: “How will you know when you have reached your limits in providing financial empowerment services to clients?” Can anyone think of an organization that provides resource and referral services? (211 or others?) Important to consider your community and where we might send someone to take the next steps in their financial support. As part of the training, we work to ensure that those who are trained have access to local resource to improve their ability to refer.
- ELENA Bank On Oregon encourages access to, and the responsible use of, safe and affordable financial products by: Maintaining a website in English and Spanish with up-to-date information and resources on safe and affordable financial products and quality financial education services. Centralizing reporting about Bank On Oregon activities to provide financial educators, referral providers, and financial institutions with information to measure success and promote successful client referrals.
- ELENA Review key principles of using the Toolkit. Provide the right content and tools at the right time. Access only those parts of the Toolkit that match your clients’ needs. Use discussions and assessments as a starting place. Do not treat like a curriculum—the goal is not to get through all of the materials at once, or even in the order they are presented. Explain in particular the difference between the Toolkit and a financial education/coaching curriculum. A toolkit has tools in it. It can be used in any order based on the problem trying to be fixed. If you are hanging a picture, you may only use a hammer. But if someone is trying to build a house, she/he will use a hammer, saw, and so on. As with any toolkit, a case manager may only use one tool or many depending on the magnitude of the issue being addressed. A curriculum is generally designed to help people develop specific competencies. Often has the expectation that all or most of the curriculum will be taught and that one concept builds on another. The toolkit is designed to help case managers match content with the specific needs of the clients or individuals they serve on a just-in-time basis. Explain that to make the best use of the Toolkit, it’s best to not give clients all of the tools at once. Getting all of the tools at once –or even five tools at one time – is likely be overwhelming for most clients. A better approach is to identify the topic and tool that will make the biggest difference for each client. When sending tools home with clients, limit it to one or two that have been reviewed and discussed during case management sessions. If a client receives too many tools at once, none of the tools are likely to be used.
- LYNNE