Funders can maximize the potential of the growing field of financial coaching by investing in strategies to make the practice more inclusive and diverse; increase the use of web-based coaching tools; and improve data collection and outcome measurement, a new report finds.

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The 2016 Financial Coaching Census — produced by the Center for Financial Security and the Asset Funders Network with the support of the Casey Foundation and other funders — was administered to financial coaches, managers of financial coaching programs and funders to gain a better sense of the size and scope of the field, how and where coaching is provided and what’s needed to support more effective implementation. A total of 736 responses were recorded by individuals from 483 unique organizations (30 funding organi- zations and 453 social service organizations), located in 316 cities representing 48 different states, plus Washington D.C. and Puerto Rico.

According to the majority of respondents, financial coaching is an effective strategy for improving clients’ financial well-being and credit, savings and budgeting are the most commonly tracked indicators of coaching success. “As financial coaching continues to gain steam, we see an important role for Casey and other public and private sector partners,” says Don Baylor, a senior associate at the Foundation.

 These results point to a clear need to continue integrating financial coaching into core platforms such as the workplace, community colleges and other social services that interact with individuals working to achieve financial stability.

The report also found that:

  • The majority of coaching takes place in person as part of other direct service interventions, such as homeownership education.
  • Web-based platforms could expand coaching into untapped markets.
  • Funders and practitioners need better information about clients’ needs and preferences for coaching services, as well as the barriers that may keep clients from coming back.

Read the source article at The Annie E. Casey Foundation