Key Resources to Help Your Organization Adopt and Improve Financial Capability Services
Did you know that April is Financial Capability Month? It’s an exciting time here at Prosperity Now, when we get to reflect on the field and how we can support the financial capability of individuals and communities.
Financial capability is the capacity—based on knowledge, skills and access—to manage financial resources effectively. It lays the foundation for us to gain financial security and have the freedom and flexibility to do what we want with our lives. Prosperity Now has published a wealth (no pun intended!) of resources for organizations looking to build financial capability services for their clients. Here are some of our favorites:
- Start with Building Financial Capability: A Planning Guide for Integrated Services. This comprehensive toolkit helps organizations understand their clients’ financial position, identify the services that will improve their financial lives, determine who will provide the services, and gain stakeholder buy-in (from staff, leadership, clients, funders, etc.).
- Paving the Way: A Roadmap for Organizations Partnering to Deliver Financial Capability Services helps organizations collaborate effectively to deliver financial capability services in their communities.
- The African American Financial Capability Initiative: An Implementation Blueprint shares lessons and insights from Prosperity Now’s work with more than 30 organizations that built and implemented community-centered financial stability projects to improve and protect the economic security of African Americans in six cities.
When you’re ready to move on to selecting and implementing services, these briefs can help you design your programs:
- Starting Strong: Credit Building for Youth Transitioning from Foster Care explores integrating credit-building products and services into programs serving foster youth.
- The Financial Coaching Program Design Guide: A Participant-Centered Approach is a step-by-step guide to designing a financial coaching program tailored to participants’ needs. The guide draws from more than 100 interviews with financial coaching program managers to present case studies from existing financial coaching programs.
- We created a directory of workplace financial wellness programs in partnership with Washington University in St. Louis to catalogue the services being offered by employers to support their employees’ financial capability and well-being – a useful resource for nonprofits who are seeking ways to connect with and support such initiatives.
The following resources can help organizations understand gaps in the marketplace for financial services and evaluate whether fintech can help community members:
- "Joining Forces for Financial Health: Engaging with Fintech" shares the results of a survey we conducted in partnership with CFSI on how the field views fintech.
- "Joining Forces for Financial Health: Vetting Fintech Tools and Partners" provides tips for vetting and selecting fintech partners to meet community members’ financial needs.
- Lastly, we recently published Analyzing the Landscape of Savings Solutions for Low-Income Families Part 1: The Savings Crisis and the Need for Holistic Solutions. The first of this four-part series begins to examine the products and services available—as well as gaps—to help low-income people save money.
We hope these resources offer something for everyone interested in financial capability. If you’re looking for information that we haven’t mentioned here, feel free to send me (Melissa Grober-Morrow, Director of Savings & Financial Capability at Prosperity Now) an email!