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              First Steps on the Road to Financial Well-Being: Final Report from the Evaluation of LISC’s Financial Opportunity Centers
      Back
                In an effort to improve the financial well-being of low-income families, the Local Initiatives Support Corporation (LISC) provides community organizations financial support and technical assistance to operate Financial Opportunity Centers (FOCs). These FOCs provide three main services: financial counseling, employment assistance, and assistance accessing public benefits to supplement income from work.The Economic Mobility Corporation conducted a quasi-experimental design study to compare program participant outcomes at five centers in Chicago to those of a similar group of job seekers who sought assistance from the city's workforce centers. They also conducted an implementation study. Research questions focused primarily on employment and income outcomes two years after program entry.The study found that FOC participants, compared to the comparison group:Were significantly more likely to be employed year-roundShowed significantly greater positive impact in credit scoresDid not show statistically significant improvement in income and net worthIn short, the program demonstrated positive impact on participant financial stability, but not financial gain within the two years studied.

      Full report
      

      Full Report
            FR_LISC Financial Centers Final Evaluation Report.pdf
        Further information
    



      Program/Intervention
                        Financial Opportunity Centers
  

      Implementing Organization
                        Association House, Instituto Del Progreso Latino, Metropolitan Family Services, North Lawndale Employment Network, The Cara Program
  

      Intermediary(s)
                        Local Initiatives Support Corporation
  

      AmeriCorps Program(s)
            Social Innovation Fund
  

      Outcome Category
            Financial literacy
                  Employment
  

      Study Type(s)
            Impact
                  Implementation
  

      Study Design(s)
            Quasi-Experimental (QED)
  

      Level of Evidence
            Strong
  

      Researcher/Evaluator
                        Economic Mobility Corporation
  

      Published Year
                        2016 Back to main content Sign up to hear about our latest news, events, and opportunities.
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