Dr. Michael S. Gutter,Family Financial Management State Specialist

IFAS, University of Florida

What is the Master Money Mentor Program?

• In essence, a coordinated referral network of volunteer mentors who will provide one-on-one financial mentoring related to:– Budgeting– Savings Plans– Working with Financial Institutions– Understanding Credit and Debt– Family Communication about Money

• UF Extension serves to provide the infrastructure and support for this program thanks to a gift from

Mission• To provide support and education to low and moderate

income Florida families to promote positive financial practices

• We want to increase financial knowledge and positive financial practices related to budgeting, saving, banking, credit, debt, and family communications

• We also want to spread that knowledge in rural and low

income communities where it can have a profound impact.

What Do Mentors Do?• General Description:

– Master Money Mentors provide one-on-one mentoring for individuals/families that are experiencing financial difficulties.

• Nature of Position: – The volunteer receives approximately 20 hours of intensive training

in financial mentoring, basic money management, strategies for dealing with financial problems, credit and debt management, savings, mentoring techniques, and community resources.

– Following the training, each volunteer agrees to provide 50 hours of financial mentoring per year.

Mentor Responsibilities• Provide 50 hours of financial mentoring per year.• Six hours of approved continuing education each year.• Be familiar with a variety of financial management tools and

community resources that may be useful to individuals and families.

• Complete volunteer activity reports and return them to the Family and Consumer Services Extension Agent.

• Promote UF/IFAS Extension as an educational resource.• Practice effective communication and mentoring skills to interact

with individuals and families in a respectful, nonjudgmental manner.

Mentor Qualifications• Good communication and interpersonal skills. • Ability to work with individuals in a respectful and

nonjudgmental manner.• Ability to maintain participant confidentiality and trust.• Ability to attend all training sessions.• Access to a telephone, email and transportation.• Commitment to follow UF/IFAS Cooperative Extension

financial management recommendations and avoid implying UF/IFAS Extension endorsement of any financial institution or product.

Target Audience• Low to moderate income individuals and families• Veterans• Distressed homeowners• Those underserved by financial services sector– Unbanked and underbanked

• Working to meet the needs of diverse audiences

Evaluation

• In-take process establishes initial financial situation

• Mentors are asked to utilize our online client management system – Includes their financial position– Notes from meetings

• Staff code the data to aggregate and breakdown by county, mentor, etc.

Accomplishments and Impacts• 500 mentors in roughly 30 counties• Currently over 700 program participants are

working with mentors– 98.4% of the participants served by FMMM and

Florida Saves are at or below the median income level for their area. ($23,707 annual income)

– 100% have developed a budget– 29% have received foreclosure prevention

counseling, loan modifications are pending still in some cases

How do I get involved?Questions?

Email FMMM@ifas.ufl.edu