Mary Dupont Director of Financial Empowerment June 2013 ®

Mary DupontDirector of Financial Empowerment

June 2013

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www.standbymede.org

FINANCIAL EMPOWERMENT SERVICE PACKAGEGoal: Increase financial capability and personal economic security.

Personal Financial Coaching and Education: budgeting, debt, financial goal setting, savings, and personal money management

Financial Services: work with credit unions and non-profits to develop and increase access to consumer-friendly savings, loan, and transaction products

Post Secondary Education Services: financial planning for post-secondary, FAFSA applications, managing student loan debt

Community Referrals: debt consolidation, foreclosure assistance, free tax preparation, matched savings programs, home ownership counseling

Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.

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Systems Integration:Governor- Led Financial Empowerment



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NEW CASTLE COUNTY KENT COUNTY SUSSEX COUNTY

Lead Partner: West End Neighborhood House

Lead Partner: NCALL Research, Inc. Lead Partner: Goodwill of Delaware and Delaware County

ShopRite Supermarkets Dover Downs Nanticoke Hospital

Del Tech, Wilmington and Stanton Del Tech, Terry Del Tech Owens

Christiana Hilton Delaware State Housing Authority Beebe Hospital

Christina School District Polytech Adult Education and ESL Berecah Homes

DE Dept. of Health and Social Services

DE Dept. of Health and Social Services DE Dept. of Health and Social Services

DE Dept. of Labor, Division of Vocational Rehabilitation

Handy Tube Allen Foods

Wilmington University Wilmington University Indian River School District

Child Care Businesses Child Care Businesses Child Care Businesses

Walgreens

LOCAL OPERATING PARTNERS

•Financial Empowerment Alliance: Link all stakeholders into an Advisory Board that meets quarterly to inform operations, expansion, and innovation.

•Customization for specific markets: SBM 50+ for Baby Boomers and their parents; people with disabilities; public housing residents; middle and high school students and their families; family childcare providers , Head Start, and centers.

•Consumer-Friendly Financial Products: Provide 8 innovative new financial products designed for the market, including loans, reloadable debit cards, and checking account. Continue to develop new products to meet market needs.

•MyFree Taxes: Web-based free tax preparation available for households with an income at or below $57,000. Free phone assistance available by IRS-certified volunteers. Joint venture with Goodwill and United Way. Launch in January 2013.

•Delmarva Power: Pilot with 250 customers who are delinquent or default on bills, who don’t qualify for other utility benefits.

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Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved. Slide 5.

IN THE WORKS STATEWIDE

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May 2011 – May 2013 6279 served

1941 coaching, 356 financial aid/FAFSA, 2043Taxes, 1939 Mind Over Money workshops9056 total units of service (4718 coaching units of service)

What our customers have accomplished in 24 months:TARGET: Credit and debt position improved

RESULT: 42% of coaching customers are working on their credit through debt repayment plans, correcting credit reports, opening credit building accounts, and increased credit scores

82% of coaching clients have reviewed their credit reports with the coach.

TARGET: Financial skills and personal money management improvedRESULT: 53% of coaching customers have improved personal money management by creating a

household budget and adding savings to their budget plan.

TARGET: Savings strategy established and maintainedRESULT: 29% of customers have established new savings strategies that includes

opening new savings accounts, initiating monthly auto deposit into savings, and saving regularly for emergency fund or specific asset goals.

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Implementation Partners: Stand By Me partners with one non-profit in each county to carry out operations. • Lead Partners: State of Delaware, United Way of Delaware, • New Castle County: West End Neighborhood House• Kent County: NCALL Research, • Sussex County: Goodwill of Delaware and Delaware Valley • 50+: Wilmington Senior Center

Staff: 14 coaches, 3 managers, 5 contractors, 1 community engagement coordinator, and 1 program director work in the program.

FAFSA Volunteers: 80.

Program Partners: (businesses, educational institutions, state and county agencies, non-profits) collaborate to bring program services to their organizations, constituencies, and communities, donating space, in-house support, and technology. No funding spent on space or utilities.

Infrastructure

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1. Consumers need choice in financial services. By packaging and marketing custom-designed products as a group, the diverse needs of the market for savings, loans, and transactions are met more effectively.

2. Combining products with Coaching: An array of consumer-friendly financial services can be packaged and presented in conjunction with credit counseling, financial coaching, and/or other personal financial support strategies, allowing for broad distribution through non-profit channels.

3. Product Integration: Financial products can be sourced from both local and national banks, credit unions, non-profits, and combined as a package under a financial empowerment umbrella.

8-Great:Combining Multiple Products and Providers

To Meet Market Needs

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• Products as a Coaching Tool: • By pairing innovative products with financial coaching, consumers use the products as a tool not only to meet financial needs but also to improve financial circumstances. • The products become an integrated aspect of the coaching methodology and a way to heal financial dysfunction.

• Expanding Reach and Markets for Credit Unions: • Unique access to Stand By Me is available through co-location at employers, post-secondary institutions that cater to adult students, state agencies, and community centers.

Integration of Products with Services and Delivery

Documents

Mary Dupont Director of Financial Empowerment June 2013 ®