The Asset Funders Network launched the Financial Coaching Working Group in 2015 to support and advance the strategic growth and professionalization of the financial coaching field through coordinated, informed, and responsive philanthropy.

The goals of the Working Group are threefold.

  • Provide a forum for AFN members to learn more about the field of financial coaching and share insights that will further inform funder’s strategic investments (as well as insights that may be useful to grantees);
  • Elevate evidence-based best practices and recommendations for funders that advance the strategic growth and professionalization of the financial coaching field; and
  • Encourage funders to leverage their funding and explore opportunities for coordination and collaboration.

SUMMARY OF 2017 WORKING GROUP ACTIVITIES

Webinar & Brief: Financial Coaching Effectiveness, March 20, 2017

An invitation-only Working Group round-table discussion about the effectiveness of financial coaching was held in March. Topics discussed included: whether or not additional evidence on the effectiveness of financial coaching is needed, financial coaching research projects currently in the pipeline, and potential topics for future research. Discussion questions and a pre-reading handout summarizing research on financial coaching were shared in advance of the webinar.

CLICK HERE to access the summary of existing research.

Deep Dive Session: Financial Coaching Training, May 2, 2017

On May 2nd, a pre-conference, deep dive session on financial coaching training was held in conjunction with the AFN Biennial Conference. The purpose of the event was to discuss: the impact of financial coaching training on the professionalization and scaling of the field; how training drives the field toward professional, quality coaching; and how effective training ultimately leads to better quality coaching services for clients. The session also showcased how funders in North Texas have invested resources and expertise to help a local service provider develop a quality, affordable, and sustainable financial coaching training solution.

2016 Financial Coaching Census, June 12, 2017

Financial coaching has gained recognition as a strategy for improving financial capability and security. Yet within this advancing field of practice, many questions remain including:

  • What is the current size of the field? 
  • How is financial coaching being implemented?
  • How do organizations, coaches, and funders measure success?
  • And what is needed to support more effective implementation?

To address these questions and support the growth of the financial coaching field, the Center for Financial Security (CFS) and Asset Funders Network (AFN), developed the second annual Financial Coaching Census to better understand the financial coaching field, from its size to its scope and to identify both challenges and opportunities. Presentations to promote the Census were held in 2017 in Arlington, VA, San Francisco and Detroit.

CLICK HERE to read the full Census, Executive Summary, and webinar presentation.

Webinar: Financial Coaching Common Measures, October 19, 2017

As the financial coaching field continues to grow, pressure for organizations to support client-driven goals, while remaining accountable to a variety of stakeholders to measure outcomes, also escalated.  There is increased demand for clear and consistent ways to measure coaching outcomes. A funders-only webinar was held to discuss tools and approaches for measuring financial coaching and financial capability outcomes. The webinar highlighted existing tools that funders can share with their grantees to assess coaching and financial capability outcomes.

Asset Funders Network, with their partners, have compiled the latest in tactics and tools for grantees to assess financial coaching outcomes. The experts in developing these tools include The Center for Financial Security at the University of Wisconsin-Madison; Consumer Financial Protection Bureau; Cities for Financial Empowerment; and the Center for Financial Services Innovation.

CLICK HERE to read about tools to measure outcomes.

Brief: Financial Coaching Training—Implications for Funders, November 2017

The field of financial coaching continues to grow as its effectiveness for improving the financial capability of individuals across all income levels and populations becomes increasingly apparent. With this growth comes the need for more trained financial coaches and more training opportunities to adequately prepare candidates for that role. This brief shares the key components and best practices of successful financial coaching training. It provides both individuals and organizations with guidance on how to choose the training that best meets their needs. The brief also summarizes implications for funders investing in financial coaching training.

CLICK HERE to read the brief.