Cliff Robb, Associate Professor of Consumer Science and Faculty Director of Consumer Finance and Financial Planning, published a paper in the Journal of Family and Economic Issues, based on an analysis of college students’ subjective well-being and persistence behavior conducted with an emphasis on financial stress and individuals’ perceptions of financial situation. The full paper is now available.
This half day workshop hosted by The Center for Financial Security at the University of Wisconsin-Madison explored the potential for Financial Technology to address the needs of underserved consumers. The event was held in Nancy Nicholas Hall in the School of Human Ecology at the University of Wisconsin-Madison. Panelists from financial technology companies, researchers and practitioners contributed to a lively conversation followed by a key note speaker and reception. Attendees of the event included Affiliates and Fellows of the Center for Financial Security, students, local business leaders, and community stakeholders from the region.
The field of financial coaching has continued to grow over the last decade as an approach for supporting the financial capability of individuals across income levels and diverse populations. The growing demand for trained financial coaches translates into a call for more training opportunities. Yet, differentiating between training programs and choosing the one that best fits practitioner and organizational needs can be difficult.
This training rubric shares seven common components of financial coaching trainings and provides insights into the value of each one. This rubric is meant to provide guidance for individuals and organizations interested in comparing and choosing the training opportunities that best suit their needs.
- Integrated Model Spotlight: Auto Loan Access Program, YWCA Southeast Wisconsin
- Financial Coaching Census 2016 Report Release
- The Center for Financial Security Proposes New “FINMed” Coaching Model for Healthcare Settings
- CFPB Releases Financial Coaching Symposium Report
- Upcoming Financial Coaching Training Opportunities
- Volunteer Financial Coaches Build Organizational Capacity and Help Individuals Take Control of Their Finances:
A Brief on Evaluating Volunteer Financial Coaching at Points of Light
- Resources and Outreach Opportunities from Prosperity Now and Cities for Financial Empowerment Fund
- Review You Can Use: Coaching Psychology Manual
The report introduces a new intervention called “FINMed.” FINMed is brief, solution-focused financial coaching session designed for people facing new ongoing out-of-pocket medical expenses or a pattern of problems paying for ongoing health care needs. The coaching involves:
- Determining the patient’s health goals and motivation
- Planning for the costs of health care
- Setting up a process to make sure the patient will have the funds needed when the next set of care (e.g., refill or therapy session) is due
This reports present research into the relationship between household financial behaviors and the ability to pay for out-of-pocket medical expenses, particularly prescription drugs. Overall, households struggling to manage their finances appear more likely to skip medical treatments due to cost. In turn, failing to follow through on a medical treatment can lead to higher costs and worsening health status.