Findings from the 2016 Financial Coaching Census show that financial coaching training remains the most highly ranked resource to improving delivery of financial coaching to clients by census respondents. Building on the findings from the Coaching Census around training, discussions from the CFPB’s 2017 Financial Coaching Symposium highlighted a field-wide desire for collaboration, communication and clarity surrounding best-practices and preparation competencies taught through financial coaching training.
- 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
Date: September 26-27, 2017
Where: Pyle Center, Madison, WI
Description: University of Wisconsin trainers will provide a 2-day workshop on skills and strategies for financial coaches. This workshop is designed as an introduction to financial coaching and can also be used as a refresher to practice and advance coaching skills.
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.
On June 28, 2017, the Center for Financial Security held a webinar presenting new research into the relationship between financial management behaviors and households’ ability to pay for out-of-pocket medical expenses. The webinar introduced the “FINMed” financial coaching intervention designed to help families pay for ongoing health care needs.