Findings from the Assessing Financial 

Capability Outcomes (AFCO) Adult Pilot

FINANCIAL COUNSELING & 

ACCESS FOR THE FINANCIALLY 

VULNERABLE

April 2014
1 

FINDINGS FRO

This repor

039 for the

Authors

Kasey Wi

Nathalie

J. Michae

Anita Dre

Acknow

This pilot

and Mon

Empower

(formerly

provided

CFED for

drafting o

We woul

implemen

share wit

  

New York

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• D

  

Popular C

• B

• D

• W

  

New York

• P

• Jo

• A

All of the

conclusio

Treasury

OM THE ASSES

rt was prepare

e U.S. Depart

s

iedrich

Gons   

el Collins

ever   

wledgement

t would not h

nica Copeland

rment, the N

y Banco Popu

d invaluable

r their guida

of the finding

ld also like t

ntation of th

th us their ex

k City Depar

lizabeth Ehrl

Davida Rowle

Community B

rian Doran, R

Dawn M. Carr

Wendy Scarle

k City Finan

edro Salazar

oseph Frewer

Adalberto Jaim

e findings, co

ons and recom

.

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ment of the Tr

CFED  

NYC Depa

Center for

CFED

ts 

have been po

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New York C

ular). Micha

research assi

ance and inpu

gs and implic

to thank the

he AFCO pilo

periences wi

rtment of Par

lich, Chief, P

ey, Superviso

Bank

Region Execu

rillo, Vice Pr

ett , Vice Pres

cial Empowe

r, Phipps Com

r, Neighborh

mes, Neighbo

onclusions an

mmendation

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poration for E

reasury.

artment of Co

Financial Sec

ossible witho

New York Cit

City Parks O

ael Batty, and

istance. Than

ut throughou

cations.  

following re

ot for their c

ith the pilot.

rks & Recrea

Parks Opport

or of Client S

utive, New Y

esident, NY M

sident, forme

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out the contri

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d Karen Wa

nk you also

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unity Progra

Services, Divi

York Metro R

Metro Marke

er Branch Ma

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inancial Partn

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ndations are

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2 

FINDINGS FRO

DEPART

WASHIN

April X, 2

Dear Coll

The Dep

financial

assesses t

aged chil

students’

actions.  

The findi

governm

financial

economy

We are v

Wisconsin

Independ

(TCEE), a

participat

As the D

ability to

Wisconsin

practices

President

agencies

across oth

similarly

DEPARTME

WASHINGT

April, 2014

Dear Colleag

The Departm

counseling

conducted o

and financia

manage thei

These impor

well as the

Americans s

We are very

Wisconsin‐M

Parks Oppo

contribution

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working peo

ladder. We w

Americans,

we encoura

organization

evaluation o

Best regards

Melissa Koid

Deputy Assi

U.S. Departm

OM THE ASSES

MENT OF T

NGTON, D.C

2014

leagues:

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knowledge

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FINDINGS FRO

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4 

FINDINGS FRO

Introd

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tically

or use

ancial

l POP

tically

ct also

actual

h may

‐based

ncial lives of

ch priorities

between fin

ducation for

nels, and ot

that enhance

us on “key m

havior, and w

r local, state

the following

and use of

es the data c

es the resear

ction 7 offers

re on financi

payment iss

d lack a comp

Elliehausen

ounseling to

l analysis ind

0%

15%

30%

45%

60%

75%

ES (AFCO) ADU

f a populatio

identified b

nancial educa

r youth and

ther factors

effectivenes

metrics” for f

well‐being.

e, and fede

g sections: Se

financial ser

collected dur

rch findings

s insights for

ial counselin

sues (see Col

parison group

et al. (2007)

a non‐rando

dicated that c

40%

36%

Initial

FIG 2

ULT PILOT 

FINANCI

 FOR T

on transition

by the Finan

ation and acc

d adults in

(such as th

ss.

financial edu

eral governm

ection 2 prov

rvices, Sectio

ring the pilo

s, Section 6

practice and

ng that dates

llins & O’Ro

p, or they co

evaluated th

om comparis

counseling le

67%

57%

6 mo

. PERCENTA

C

T

IAL COUNSELIN

THE FINANCIAL

ning off of p

ncial Literacy

cess to and d

order to ide

he interactio

ucation/capab

ments as sca

vides an over

on 3 describe

ot and the sa

summarize

d policy.  

back to the

ourke, 2010,

ompare client

he effects of c

on group tha

ed to conside

57%

56%

12 mo

GE BANKED

Control

Treatment

NG AND ACCE

LLY VULNERAB

public

y and

design

entify

on of

bility,

alable

rview

es the

ample

es the

early

for a

ts to a

credit

at did

erable

ESS 

BLE 
7 

FINDINGS FRO

improvem

after cont

a random

Studies o

planning

2008). Th

higher ra

studies o

financial

No prior

a checkin

overdraft

identifica

or have n

involved,

eligibility

(Prescott

concerns

Unbanke

banked h

(Agarwal

unexpect

Direct de

recurring

(Beverly

spend “c

personall

awarenes

Overall,

focused)

direct de

employee

none incl

quasi‐exp

provides

foundatio

vulnerabl

OM THE ASSES

ments in cred

trolling for w

mized design

of workplace

and saving

hese studies

ates of partici

f workplace‐

managemen

studies have

ng or saving

ts or unautho

ation (Fine, L

not gotten aro

, while othe

y for public

& Tatar, 199

contribute t

d household

households,

l et al., 2011)

ed negative i

eposit has b

g, potentially

et al., 2003;

cash in hand

ly (Bertrand

ss, understan

the financia

counseling a

eposit functio

es. But few s

lude a combi

perimental fr

several uni

on of new res

le population

SSING FINANC

dit scores thr

which clients

that allows f

e‐based finan

s education

are suggest

ipation and c

‐based financ

nt outside of r

e examined t

gs account). P

orized use (B

Leimbach, &

ound to open

rs are hamp

assistance p

99; O’Brien,

to the indiv

ds may find

as lenders

. Without ac

income or ex

been describ

y difficult dec

Beverly et a

d,” it also r

et al., 2006

nding, and tru

al capability

and access to

on—are disc

tudies exam

ination of co

ramework to

ique potenti

search on int

ns.

CIAL CAPABILI

ree years afte

sought help

for estimating

ncial capabil

seminars (B

tive that em

contribution

cial counselin

retirement sa

the effects of

People may

Barr, 2004; R

Jacob, 2006)

ning an accou

pered by the

programs (O

2012). Addi

vidual’s deci

it more diff

have limite

ccess to finan

xpenditure sh

ed as a “pr

cisions into a

al., 2008). N

educes the

6). Offering

ust of direct

strategies i

o low‐fee tran

cussed in pri

ine a popula

ounseling an

o facilitate a

ial contribut

tegrated fina

ITY OUTCOME

er counselin

p. Other stud

g causal effec

lity intervent

ernheim & G

mployer‐base

rates for ret

ng on lower‐

avings.

counseling o

be unbanke

omich et al.,

or because t

unt. Some pe

e perception

O’Brien, 2006

tionally, dist

sion to rem

ficult to acce

ed means b

ncial liquidity

hocks.  

re‐commitme

a single, perh

ot only may

financial an

direct depo

deposit by p

included in

nsactional ac

ior studies a

ation as finan

d banking ac

a causal ana

tions to the

ancial capabil

ES (AFCO) ADU

g, the estima

ies follow a

cts of counse

tions have m

Garrett, 2003

d financial

tirement acco

‐income peop

on being unb

ed due to re

, 2010), lack

they either c

eople do not h

n that having

6) or could t

trust of finan

ain unbanke

ess or receiv

by which to

y, people ma

ent” constra

haps easier,

y direct depo

nd time‐relat

osit to parti

roviding exp

this study—

ccounts, inclu

as potentiall

ncially distre

ccess. Prior s

alysis of fina

literature a

lity and acce

ULT PILOT 

FINANCI

 FOR T

ated effects d

similar patte

eling.

mainly focus

3; Bayer, Ber

education is

ounts. But th

ple related to

banked (defin

estrictions su

of accepted f

choose not to

have accoun

g formal sav

trigger colle

ncial institut

ed (Barr &

ve a line of

o determine

ay become m

aint that con

decision to u

osit reduce t

ted costs of

icipants cou

perience with

—financial (

uding an em

y being app

essed as POP

studies also

ancial couns

and ideally

ess focused in

IAL COUNSELIN

THE FINANCIAL

decreased sh

ern, largely d

sed on retire

rnheim & Sc

s associated

here have bee

o basic house

ned as not h

uch as unreso

forms of per

o open an acc

nts due to the

vings could

ections judgm

tions and pr

Sharraden, 2

credit relati

creditworth

more vulnerab

nverts a seri

use direct de

the temptati

making dep

uld increase

h its use.  

(primarily c

mployer‐supp

propriate for

P participants

lack a forma

eling. This s

can serve a

n low‐incom

NG AND ACCE

LLY VULNERAB

harply

due to

ement

cholz,

with

en no

ehold

aving

olved

rsonal

count

e costs

harm

ments

rivacy

2005).

ive to

hiness

ble to

ies of

eposit

ion to

posits

their

credit‐

ported

r POP

s, and

alized

study

as the

e and

ESS 

BLE 
8 

FINDINGS FRO

Pilot D

POP is on

City’s De

coupled w

6,000 adu

playgrou

Througho

horticultu

services a

11,000 tra

POP part

Families

Administ

POP prog

health an

During th

employee

secure em

Participan

job‐readin

and comp

The New

managed

specialist

former PO

script use

the study

site at PO

and impl

BANKING

All partic

Commun

                 

4 One boro

have branc

for the pur

OM THE ASSES

Design a

ne of the na

epartment of

with job sear

ults receiving

nds and rec

out the prog

ure, adminis

and career c

ainees into fu

ticipants are

(TANF) at

tration, the a

gram who h

nd substance

he six‐  mon

es of the Par

mployment d

nts cycle thr

ness training

puter classes

w York City

d the implem

ts” to assist w

OP participa

ed in the offe

y to POP emp

OP locations

ement the pi

G ACCESS

cipants enro

nity Bank (fo

                     

ough – Staten I

ches in that bo

rposes of the stu

SSING FINANC

and Imp

tion’s larges

f Parks and

rch counselin

g public assis

reation cente

gram, POP

stration, ma

counseling. S

ull‐time posit

heads of hou

the time

agency that a

ave been scr

e abuse issue

th program,

rks Departm

during the p

rough the pr

g. Participant

in preparati

Department

entation of th

with the enro

nts on what

er of bank ac

ployees. Betw

across four

ilot.

olled in the

ormerly Banc

                  

Island – was ex

rough; this is a

udy.

CIAL CAPABILI

plement

t transitiona

Recreation,

ng and other

stance annua

ers, with the

participants

aintenance a

Since its ince

tions.

usehold who

of POP en

administers t

reened for “w

es, physical c

participants

ment. The par

program, and

rogram build

ts may also e

on for privat

t of Consum

he research p

ollment in an

messages an

ccounts, fina

ween January

New York C

study were

co Popular).

xcluded from

also the smalle

ITY OUTCOME

tation 

l employmen

POP provid

human capi

ally. POP par

e goal of tra

s gain transf

and custome

eption in 199

o have been r

nrollment. Th

the City’s TA

work‐readine

capability an

s work 35 h

rticipants’ go

d transition

ding their sk

enroll in edu

te sector emp

mer Affairs O

pilot and hire

nd implemen

nd real‐life ex

ancial counse

y and early M

City borough

offered chec

The account

this study in p

est POP site an

ES (AFCO) ADU

nt programs

des six mon

ital enrichme

rticipants wo

ansitioning to

ferable skill

er service w

94, the traini

receiving Tem

he New Yo

ANF program

ess,” which i

nd the ability

hours per we

oal is to pre

from public

kills in week

ucation (GED

ployment.  

Office of Fin

ed three form

ntation of thi

xamples reso

eling and the

May 2012, th

hs4 to enroll P

cking accoun

t offered to p

part because P

nd was unlikely

ULT PILOT 

FINANCI

 FOR T

s. Administer

nths of full‐t

ent activities

ork in New Y

o private sec

s in fields

while receiv

ing program

mporary Ass

ork City H

m, refers elig

includes scre

y to take dir

eek earning

epare for, sea

assistance t

kly specialize

D, adult basi

nancial Emp

mer POP par

is study. Fee

nated with th

e opportunity

he POP speci

POP particip

nts by a loc

participants i

Popular Comm

y to provide en

IAL COUNSELIN

THE FINANCIAL

red by New

time employ

to approxim

York City’s p

ctor employm

such as sec

ving employ

m has placed

sistance for N

Human Reso

gible clients t

eening for m

rection in En

$9.21 an ho

arch for and

to self‐suffici

ed vocationa

ic education,

powerment (

rticipants as

edback from

hem informe

y to participa

ialists worke

pants in the s

cal bank, Po

is a ‘safe’ acc

munity Bank do

nough client v

NG AND ACCE

LLY VULNERAB

York

yment

mately

parks,

ment.

curity,

yment

d over

Needy

ources

to the

mental

nglish.

our as

d find

iency.

al and

ESL)

(OFE)

“POP

these

ed the

ate in

ed on‐

study

opular

count

oes not

volume

ESS 

BLE 
9 

FINDINGS FRO

with no d

unintenti

requirem

Commun

past prob

another

employee

flexibilitie

the POP p

During th

accounts

participan

opening a

their acco

accounts.

individua

account o

participan

Study pa

opportun

professio

touch” fin

the terms

accounts.

deposit, i

The respo

Parks Dep

up for d

implemen

deposit. T

banked w

                 

5 Without

insufficient

insufficient

6 Take‐up o

banked sig

one‐third o

the month

OM THE ASSES

direct marke

ionally incur

ment, and fe

nity Bank als

blems with a

institution b

e addresses t

es are an im

population.  

heir POP ori

and direct d

nt already ha

and answer q

ount number

. At the bank

al’s ability to

opening was

nts received

rticipants wh

nity to open a

nal developm

nancial educ

s of the Pop

. At this seco

in to any type

onse to the b

partment exp

direct deposit

ntation of th

The high take

when given a

                     

overdraft prot

t funds in the

t funds fees we

of direct depos

gned up for dir

of the study sa

prior to POP.  

SSING FINANC

eting of an o

rring overdr

w other req

so agreed to

a transaction

below $100

to suffice as “

mportant featu

entation day

deposit of the

ad a card). A

questions ab

r that day an

k branch foll

o open the a

s not possibl

basic inform

ho did not o

an account an

ment day. A

cation focuse

pular accoun

ond offer, al

e of account

bank account

pected. A tot

t and 49% a

he AFCO p

e up of accou

access to an

                  

tection, point‐o

e account, lim

ere applied.  

sit is higher tha

rect deposit to

mple had a ba

CIAL CAPABILI

overdraft pro

raft fees.5 Th

quirements

provide flex

n account. In

were forgiv

“proof of add

ure of this p

y, the POP sp

eir City payc

A Popular sta

out the accou

nd were abl

lowing the o

account and

le (for examp

mation about d

open an accou

nd enroll in d

At this secon

d on short te

t. Popular st

ll participant

at any financ

t and direct d

tal of 55% of

applied for

ilot, approxi

unts suggests

account with

of‐sale purchas

miting the accr

an take‐up of t

o their existing

ank account in

ITY OUTCOME

otection opti

he accounts

(see Appen

xibility in op

n most cases

ven. The ba

dress,” a requ

rogram give

pecialists offe

checks to eith

aff member w

unt and bank

e to fill out

pening on‐si

notified the

ple, due to a

direct deposi

unt with Pop

direct deposi

nd presentati

erm and long

taff was aga

ts were offer

cial institutio

deposit offers

the total POP

a new check

imately 15%

s unbanked p

h agreeable

ses or ATM w

rual of overdr

the Popular acc

account (chec

the month prio

ES (AFCO) ADU

ion, intended

also had no

ndix C for t

pening accou

s, those with

ank also all

uirement wh

en the histori

ered all POP

her a bank a

was present o

king more ge

direct depos

ite, the bank

e client by ph

a negative C

it and accoun

pular at orien

it approxima

ion, the POP

g term financ

ain on‐site to

red a $25 inc

on, not just th

s was more e

P participant

king accoun

% of POP pa

participants

terms. Howe

withdrawal req

raft fees. How

counts as some

cking account o

or to joining P

ULT PILOT 

FINANCI

 FOR T

d to protect

o minimum

the account

unts for POP

h outstandin

owed emplo

hen opening

ically under‐

P employees

account or pr

on‐site to fac

enerally. Par

sit forms wh

k representati

hone or lette

ChexSystems

nt benefits an

ntation were

ately two we

P specialists

cial goals, an

o answer qu

centive for e

he Popular ac

enthusiastic

ts enrolled in

nt with Popu

articipants e

had a strong

ever, even w

quests were de

wever, there w

e participants t

or a prepaid c

OP and 31% h

IAL COUNSELIN

THE FINANCIAL

participants

monthly ba

terms). Po

P employees

ng funds ow

oyer letters

an account. T

‐banked natu

Popular che

repaid card (

ilitate the acc

rticipants rec

hile opening

ive confirme

er in cases w

report). All

nd use.  

e offered a se

eeks later at a

provided “

nd again revi

uestions and

enrolling in d

ccounts.  

than OFE an

n the study si

ular.6 Prior t

enrolled in d

g desire to be

with the flexi

enied in the c

were instances

that were prev

ard). Approxim

had a prepaid c

NG AND ACCE

LLY VULNERAB

from

alance

opular

s with

wed to

with

These

ure of

cking

(if the

count

ceived

their

ed the

where

l POP

econd

a POP

“light‐

iewed

open

direct

nd the

igned

to the

direct

ecome

ibility

case of

when

viously

mately

card in

ESS 

BLE 
10 

FINDINGS FRO

Popular

third of t

many cas

Bank con

participan

some pri

negative

$38 to $6,

FINANC

As part o

to attend

provided

offer fina

participan

money m

debt man

this client

might ad

negotiate

clients’ em

full finan

plan of a

repair, re

and parti

session. P

sessions m

At the PO

facilitated

financial

randomiz

use indiv

concerns

comparis

randomly

correlated

approxim

offer coun

of site‐sp

OM THE ASSES

Community

the participan

ses, due to ne

nducted on t

nts or 46% h

or misuse o

balances ow

,423. Only 33

CIAL COUN

of the field ex

one‐on‐one

d by New Yor

ancial counse

nts. Center c

management,

nagement. Fo

t group with

ddress transi

e problems w

mployment s

ncial health a

ction for add

educing debt

icipants offer

Participants

may also hav

OP professio

d the schedu

counseling

zed by month

vidual rando

that co‐work

sons. During

y assigned to

d with diff

mately half th

nseling beca

ecific effects,

SSING FINANC

Bank provi

nts who app

egative Chex

he 175 partic

had ChexSyst

f an account

wed on previo

3 profiles in C

SELING 

xperiment, a

financial cou

rk City’s Fin

eling at over

counselors a

budgeting,

or the purpo

h reference to

itioning from

with prior ba

situations ch

assessment th

dressing a ra

and plannin

red counselin

also had the

ve been comp

nal developm

uling of appo

treatment i

h of hire and

om assignme

kers would c

the first hal

o offer finan

ferences bet

he participan

me the sites

, as well as ʺt

CIAL CAPABILI

ding in open

plied for a ch

xSystems rep

cipants who

tems profiles

t, e.g., owing

ous accounts

ChexSystem r

bout one‐hal

unseling dur

nancial Empo

20 locations

are trained to

selecting sa

ses of this pi

o direct depo

m the use o

anks, or the

hange. Howe

hat looked at

ange of needs

ng for future

ng were cred

e option to r

pensated at th

ment day, th

intments for

in this stud

d by borough

ent for sever

communicat

f of the stud

ncial counseli

tween sites,

nts were recr

offering cou

treatmentʺ ef

ITY OUTCOME

ning accoun

hecking accou

ports. Accord

there was n

s. Most of th

g a balance

s were less th

reported frau

lf of the POP

ring their pr

owerment Ce

citywide to

o help client

afe and affor

ilot, counselo

osit and the P

f alternative

e maintenanc

ever, the coun

t their financ

s such as: bu

needs. Sessio

dited a full d

return for a

he counselor

he POP speci

r those partic

dy was not

h in which th

al reasons, i

e about wha

dy period, PO

ing to partic

, the coun

ruited. At th

unseling as sh

ffects, in isola

ES (AFCO) ADU

nts through t

unt on‐site a

ding to an ana

no record of

he negative C

on a previo

han $500, bu

udulent activ

P employees

escribed wor

enters, which

all New Yor

ts on a rang

rdable financ

ors were info

Popular accou

e financial s

ce of accoun

nselors also

ces overall an

udgeting for

ons lasted be

ay of work w

second sessi

r’s recommen

ialists introdu

cipants who

offered to

he POP site w

including log

at they learne

OP sites in tw

cipants. Beca

seling assig

his point, the

hown in Tab

ation.  

ULT PILOT 

FINANCI

 FOR T

the pilot, ap

at POP could

alysis by Pop

an account

ChexSystem

ous account.

ut the range o

vity on a prev

were offered

rk hours. Th

h were establ

rk City resid

ge of financia

cial products

ormed of the

unts. For exa

ervices, how

nts and direc

engaged wit

nd helped th

transitions,

etween 30 m

with pay to a

ion on work

ndation.

uced financi

signed up fo

every part

was located. T

gistical comp

ed in counse

wo of the fou

ause treatme

gnment was

e sites that d

ble 1. This pe

IAL COUNSELIN

THE FINANCIAL

pproximately

d not open on

pular Comm

being opene

profiles indi

Over 60% o

owed varied

vious accoun

d the opport

he counseling

lished in 200

dents at no co

al issues, su

s, and credi

e unique nee

ample, couns

w to address

ct deposit sh

th each clien

hem to estab

credit review

minutes to an

attend their i

k time. Addit

al counseling

or counseling

ticipant, but

The study di

plexity as w

eling and bia

ur boroughs

nt effects m

s switched

did not previ

ermits an an

NG AND ACCE

LLY VULNERAB

y one‐

ne, in

munity

ed, 81

icated

of the

from

nt.

tunity

g was

8 and

ost to

uch as

t and

eds of

seling

s and

hould

nt in a

blish a

w and

hour,

initial

tional

g and

g. The

t was

id not

well as

as the

were

ay be

after

iously

alysis

ESS 

BLE 
11 

FINDINGS FRO

TABLE 1. 

 

Borough 

Bronx 

Brooklyn

Manhatta

Queens 

Accordin

counselin

participan

counselin

four and

the comp

across the

part. Beca

that wou

counselin

presentat

being offe

TABLE 2. 

 

Attended

No Coun

Total 

The unbi

account a

employee

time peri

inherent i

                 

7 This estim

who were

month of s

prior know

predict if a

it is the est

OM THE ASSES

FINANCIAL 

Janua

an 

ng to admin

ng actually a

nts in the c

ng session, 32

13 sessions.

parison (or c

e counseling

ause the choi

uld bias the

ng using a tw

tion of averag

ered counsel

TAKE UP OF

d FEC 

seling 

iased effects

access canno

es and there

od. There is

in which clie

                     

mate is more p

most likely to

starting in POP

wledge of the

all clients partic

imated effects

SSING FINANC

EDUCATION

R

ary-February

FEC offer

FEC offer

No FEC offer

No FEC offer

nistrative da

attended cou

comparison

2% attended

Table 2 show

control) grou

g group are d

ice to seek co

results, we i

wo‐stage lea

ge ʺintent to

ing and actu

F COUNSELIN

Counseling G

186 

319 

505 

of counselin

t be estimate

was no varia

not a way to

ents selected

                  

precisely the Lo

be induced int

P. It is valid as

offer of couns

cipated in coun

of for the marg

CIAL CAPABILI

N CENTER CO

ecruitment Pe

y 2012

r

r

ata, approxi

unseling at a

group. Just

d two or thre

ws the numbe

up by couns

diffused by t

ounseling is n

instead use

st square ins

treatʺ as we

ually receivin

NG AT NYC F

roup C

ng can be es

ed in a simil

ation in acce

o identify the

to open and

ocal Average T

to counseling b

long as peopl

seling‐‐which s

nseling, nor the

ginal client ind

ITY OUTCOME

OUNSELING O

eriod

March-May

No FEC o

No FEC o

FEC offe

FEC offe

imately 186

Financial E

over half

ee sessions, a

er of clients i

seling attend

the nearly tw

nonrandom a

counseling g

strumental v

ll as estimate

ng counseling

FINANCIAL E

Comparison 

2

527

529

stimated usin

ar way. Acco

ess to accoun

e effects of ac

use accounts

Treatment Effec

by assignment b

e did not seek

seems highly p

e effect just am

uced into coun

ES (AFCO) ADU

OFFER TREAT

y 2012

offer

offer

er

er

(37%) par

Empowermen

of participa

and the rema

in the counse

dance. The a

wo‐thirds of c

and correlate

group memb

variable appr

ed ʺtreatmen

g.

7

MPOWERME

To

18

84

10

ng this resea

ounts were o

nts or the pro

ccount access

s.

ct (LATE). It re

based on the r

k out POP servi

plausible. It is

mong clients mo

nseling by assig

ULT PILOT 

FINANCI

 FOR T

TMENT ASSI

rticipants wh

nt Center, as

nts (53%) a

aining 15% a

eling (or trea

average effe

clients (63%)

ed financial o

bership to p

roach (2SLS‐

nt on treatedʺ

ENT CENTERS

otal 

88

46

034

arch design,

offered univ

omotion of a

s that can ov

epresents the e

random nature

ices and locati

s not the same

ost interested in

gnment (hence

IAL COUNSELIN

THE FINANCIAL

GNMENT 

ho were of

s well as jus

attended just

attended bet

atment) group

ects of couns

) who do not

outcomes in

predict take u

‐IV). This pe

ʺ effects relat

S

but the effe

ersally to all

accounts by s

vercome the b

effects among

of POP locatio

ons because of

e estimate we

n counseling. R

the ʺlocalʺ labe

NG AND ACCE

LLY VULNERAB

ffered

t two

t one

tween

p and

seling

t take

ways

up of

ermits

ted to

cts of

l POP

site or

biases

clients

on and

f some

might

Rather,

el).

ESS 

BLE 
12 

FINDINGS FRO

Data 

The data

baseline a

juncture

participan

is summ

participat

administr

banking

character

participan

participat

data coll

enrollmen

participan

survey by

remainin

surveys w

rate was 4

pre‐incen

basis and

through J

Data rega

then at si

were acce

baseline p

participan

Credit re

status, av

These rep

on negati

of study

Appendix

addition,

those wit

                 

8 The repor

OM THE ASSES

for this stud

and six and 1

as it coincid

nts it marks

marized in T

tion, demogr

rative data

status and fi

ristics was a

nts between

te. These clie

lection. A fo

nt at POP e

nts’ employm

y mail. Appr

g 61% admi

was 58%. All

48%. Mailed

ntives and $1

d the last cl

July 2013.  

arding debt

ix and 12 mo

essed throug

participant s

ntʹs Social Se

eport records

vailable credi

ports represe

ive items suc

participants

x A‐4), but o

just over ha

th a credit r

                     

rts were condu

SSING FINANC

y consists of

12 months fro

des with the

their entry in

Table 3. The

raphic chara

on counselin

inancial situ

administered

January an

ents also rece

ollow‐up su

exit seminar

ment with P

roximately 3

nistered thro

12‐month fo

12‐month su

10 metro card

lient was rec

levels, delin

onths after en

gh TransUnio

survey data u

ecurity numb

s used in thi

it, as well as

ent a snapsho

ch as delinqu

at baseline.

only 80% of

alf (55%) of st

report availa

                  

ucted as “soft pu

CIAL CAPABILI

a combinatio

om enrollme

e end of par

nto unemplo

e Parks Dep

cteristics and

ng attendanc

ation, behav

d on‐site du

d May 2012

eived a $25 g

rvey was a

rs, as the si

POP. Partici

39% of the si

ough the ma

ollow up surv

urveys used

d post‐incent

cruited in ea

quencies, an

nrollment usi

on, read into

using a comb

ber.8  

is project con

public record

ot of credit a

uency and ban

The rate of

participants

tudy particip

able, as man

ulls” and were

ITY OUTCOME

on of self‐rep

nt in the stud

rticipants’ en

oyment. The

partment pro

d post‐progr

ce. In additi

viors, and att

uring study

were recrui

gift card to co

dministered

ix‐month da

pants not at

ix‐month sur

ail, and the c

veys were al

a three‐wave

tives. Becaus

arly May 20

nd credit util

ing extracts f

o a machine

bination of d

ntain data on

d informatio

at a point in t

nkruptcy. Cr

f missing rep

s have credi

pants do not

ny as 40% d

e not recorded a

ES (AFCO) ADU

ported and ad

dy. Six mont

nrollment in

number of r

ovided adm

ram employm

tion, a basel

titudes as w

recruitment

ited, and 1,0

ompensate th

at all POP

ata collection

ttending the

rveys were a

combined re

ll completed

e design with

se participan

012, follow‐u

lization rates

from printed

readable for

date of birth

n outstandin

on such as ba

time, but als

redit reports

ports overall

t report data

have a credi

do not have

as an inquiry th

ULT PILOT 

FINANCI

 FOR T

dministrativ

ths post‐enro

n POP and f

records from

ministrative d

ment data, an

line survey

well as collect

t. Approxim

034 participa

hem for their

P sites six m

n coincided

e exit semin

administered

esponse rate

via the mail

h two remind

nts were recr

up data colle

s were collec

d credit repor

rmat and the

and the last

ng debt, pay

ankruptcy fili

so contain his

are unavaila

l declines ov

a in all perio

it score repor

a credit sco

hat could harm

IAL COUNSELIN

THE FINANCIAL

e data collect

ollment is a cr

for two thir

m each data s

data on pro

nd OFE prov

assessing cu

ting demogr

mately 1,300

ants consent

r time involv

months follo

with the en

nar were sen

d on‐site, wit

for all six‐m

l and the resp

der postcard

uited on a ro

ection took

cted at intake

rts. Credit re

en matched t

four digits i

yment history

ings and tax

storic inform

able for abou

ver the study

ods examine

rted. Even am

ore reported

m credit history

NG AND ACCE

LLY VULNERAB

ted at

ritical

rds of

ource

ogram

vided

urrent

raphic

POP

ted to

ved in

owing

nd of

nt the

th the

month

ponse

s, $10

olling

place

e and

eports

to the

in the

y and

liens.

mation

ut 15%

y (see

ed. In

mong

from

y.

ESS 

BLE 
13 

FINDINGS FRO

TransUni

accounts.

For partic

provided

account d

to the 49%

is due to

previousl

TABLE 3. 

 

Credit Re

Credit Sc

Survey 

Bank Rec

Table 4 s

comparis

very fina

expected

and one‐i

the mont

money or

consider

report did

TABLE 4: 

 

Attended

Male 

Age 

Married 

Have Chi

Public Ho

Homeles

Banked 

Use Alter

Self-Repo

In Contro

Savings ($

Debt (exc

Credit Sc

OM THE ASSES

ion. This is l

.

cipants who

d data on mo

data is availa

% of clients w

o several fact

ly reported b

SAMPLE SIZE

eport 

core 

cord 

summarizes

son groups. B

ncially vulne

for a popula

in‐five live in

th prior to en

rders and ch

a good credi

d not have en

BASELINE C

d FEC 

ildren 

ousing/Stayin

s

rnative Finan

orted Financi

ol of Finance

$) 

cluding mort

core 

SSING FINANC

largely due t

opened a P

onthly accou

able for appr

who applied

tors: the num

but also the in

E BY DATA S

selected aspe

Baseline data

erable popul

ation transiti

n a homeless

nrolling in P

heck cashers.

it score, alth

nough credit

HARACTERIS

ng with Frien

ncial Services

ial Literacy (

s (5pt) 

tgage) ($) 

CIAL CAPABILI

to people ha

opular check

unt balances

roximately 32

to open acco

mber of POP

nability to m

SOURCE 

Baseline

884 

415 

1034 

ects of the o

a on the POP

lation from t

oning off of

s shelter. App

OP, and 74%

The average

ough as stat

t history or ac

STICS OF STU

nds 

s 

5pt)

ITY OUTCOME

aving little fo

king account

and fees fro

2% of study

ounts with Po

P participant

atch records

6-Mo

99

44

59

334 

overall study

participants

raditionally

public benef

proximately

% report usin

e credit score

ed above, alm

ctivity to hav

UDY PARTIC

Total

18.2%

22%

35.5

8.5%

76%

24%

20%

34%

74%

3.3

2.8

122

5,316

558

ES (AFCO) ADU

ormal credit

t and signed

om January 2

participants

opular Comm

ts who were

due to missi

onth

98 

49 

99 

y population

s enrolled in

disadvantag

fits. Most are

one‐third rep

ng alternativ

e of 558 is we

most half of

ve a credit sc

IPANTS 

Counseling 

36.8%

27%

35.6

8.3%

73%

25%

19%

33%

72%

3.3

2.8

88

4,817

561

ULT PILOT 

FINANCI

 FOR T

activity or h

d a data relea

2012 through

s, a relatively

munity Bank

e unable to

ing data field

12-Month 

997 

449 

499 

and then th

the study pa

ged commun

e single wom

port having

ve financial s

ell below wh

the particip

core.  

Group C

%

%

6

%

%

%

%

%

%

7

IAL COUNSELIN

THE FINANCIAL

having few a

ase form, Po

h June 2013.

y low rate re

k. The lack of

open accoun

ds.  

he counseling

aint a portrai

nities, as wou

men with chil

a bank accou

ervices, inclu

hat lenders w

ants with a c

Comparison G

0.4%

16%

35.4

8.7%

79%

23%

21%

35%

75%

3.4

2.8

156

5,901

555

NG AND ACCE

LLY VULNERAB

active

opular

Bank

lative

f data

nts as

g and

it of a

uld be

ldren,

unt in

uding

would

credit

roup

ESS 

BLE 
14 

FINDINGS FRO

Looking

comparis

housing,

gender, s

more sav

hold up

effects wo

Table 5 s

sources. T

percent m

non‐respo

comparab

people w

these oth

TABLE 5. 

Counselin

Attended

Male 

Age 

Married 

Have Chi

Public Ho

Friends 

Homeles

Banked 

Use Alter

Services 

In Contro

Self-Repo

Savings ($

Debt (exc

Credit Sc

OBSERVA

* = baseline

The final

trajectory

institution

participan

months a

program:

assistance

OM THE ASSES

at the charac

son group ar

being bank

savings and

vings and de

to common

ould be appr

summarizes

The last line

missing in A

onse bias. Th

ble in most r

who indicate t

er factors are

BASELINE C

 

ng Group 

d Counseling 

ildren 

ousing/Stayin

s

rnative Finan

ol of Finance

orted Fin. Lit

$) 

cluding mort

core 

ATIONS 

e data 

aspect of the

y in terms of

ns (See Tab

nts who rep

and still ove

: employmen

e with the g

SSING FINANC

cteristics of t

re comparabl

ked and self

debt levels,

ebt (and perh

statistical te

ropriate.  

these same

e shows the t

ppendix A‐4

his table sho

espects. The

they are hom

e statistically

HARACTERIS

ng w/ 

ncial 

s (5pt) 

teracy (5pt) 

tgage) ($) 

e data worth

improving c

ble 6). The m

port being b

er half at 12

nt. POP is a t

goal of movin

CIAL CAPABILI

the participan

le on some v

f‐reported fin

appear skew

haps more fi

ests, but do

variables ba

total numbe

4). One conce

ows that that

12‐month fo

meless. Surpr

different.

STICS BY SUB

Total 

48.8% 

18.2% 

22% 

35.5 

8.5% 

76% 

24% 

20% 

34% 

74% 

3.3 

2.8 

122 

5,316 

558 

1,034 

noting is tha

credit scores,

most dramat

anked, mov

months. Tab

transitional e

ng people in

ITY OUTCOME

nts by treatm

variables, su

nancial litera

wed such tha

inancial activ

suggest that

ased on whic

r of particip

ern with hig

t selected as

ollow up was

risingly, give

BPOPULATIO

Credit 

Report* 

49.4% 

18.3% 

22% 

35.6 

8.5% 

76% 

24% 

20% 

34% 

73% 

3.3 

2.8 

119 

5,316 

558 

879 

at all POP em

being banke

tic change o

ing from on

ble 6 also de

employment

nto unsubsid

ES (AFCO) ADU

ment group,

uch as age, m

acy and atti

at the compa

vity in gener

t including c

ch participan

pants in each

gh rates of m

spects of the

s (predictably

en the magni

ON WITH EA

Credit 

Score* 

6

44.6% 

19% 

17% 

35.7 

9.8% 

76% 

23% 

16% 

45% 

75% 

3.3 

2.7 

105 

9,761 

558 

415 

mployees see

ed and reduc

over the stu

ne‐third at b

emonstrates

t program fo

dized employ

ULT PILOT 

FINANCI

 FOR T

the counseli

marital status

itudes. Othe

arison group

ral). These d

control varia

nts are inclu

h form of dat

missing data i

overall stud

y) less likely

itude of miss

ACH DATA SO

6-Month 

Survey 

12

S

45.7% 

17.5% 

22% 

37.5 

7.2% 

73% 

24% 

15% 

37% 

73% 

3.3 

2.7 

87 

6,496 

562 

599 

m to be on a

ced use of alt

udy period i

baseline to a

the key pur

or people com

yment. The

IAL COUNSELIN

THE FINANCIAL

ng group an

s, living in p

er items, su

p appears to

differences d

ables in estim

uded in each

ta (also show

is the potent

dy populatio

to be report

sing data, no

OURCE 

2-Month 

Survey 

B

D

48.5% 4

18.6% 1

25% 

38.5 

8.0% 8

70% 

25% 

12% 

37% 

77% 

3.3 

2.8 

124 

5,977 4

562 

499 

a positive fina

ternative fina

is the perce

almost 60% a

rpose of the

ming off of p

six‐month su

NG AND ACCE

LLY VULNERAB

nd the

public

ch as

have

do not

mated

h data

wn as

tial of

on are

ed by

one of

Bank 

Data 

45.8% 

7.4% 

15% 

34.2 

8.4% 

81% 

25% 

20% 

28% 

76% 

3.3 

2.7 

81 

4,960 

555 

334 

ancial

ancial

ent of

at six

e POP

public

urvey

ESS 

BLE 
15 

FINDINGS FRO

was colle

seminar f

About on

This self

participan

other tran

2012 for l

in this stu

still bene

expectatio

check.11

TABLE 6. 

 

Credit Sc

Banked 

Uses alte

Employed

Employed

Analy

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worked in

of financ

unbiased

adjusted

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the two‐t

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9 Through t

employme

number of

was includ

10 See: Gret

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11 We do n

have not at

OM THE ASSES

ected just as

from the pro

ne‐third repo

f‐reported em

nts entering

nsitional jobs

low‐wage wo

udy. Populat

fit from finan

ons about th

CHANGES IN

core 

rnative finan

d full time 

d part time 

ysis and 

lysis uses a

n POP) to th

cial counseli

impacts of

or estimated

mates of over

thirds of PO

mates of just

                     

the Parks Depa

nt outside of

f days worked

ded in the analy

tchen Kirby, H

zed Employme

w.mathematica

not find statistic

ttended financi

SSING FINANC

s employmen

ogram), and

ort being em

mployment

unemploym

s programs,10

orkers. Neve

tions who lac

ncial counse

he degree to

N POP POPUL

nce

Results 

POP employ

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ng. This pr

actually atte

d treatment‐o

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those clients

                  

artment, we we

POP. The ave

during the stu

ysis, there was

Heather Hill, La

ent.ʺ Mathmatic

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cal differences

ial counseling,

CIAL CAPABILI

nt through P

only 18% re

mployed at 12

rate is in

ment after the

0 especially g

ertheless, it is

ck employme

ling and acce

which these

LATION OVE

Baseline

558 

34% 

74% 

100% 

0% 

yeeʹs  ʺassignm

g group as a r

ovides a va

ending a fina

on  ‐treated (T

effects of ass

nts who were

s who took p

ere able to coll

rage hourly w

udy period wa

no significant

aDonnaPavetti

ca Policy Resea

DFs/transitional

in the likelihoo

nor assignmen

ITY OUTCOME

POP was en

eported havin

2 months, six

line with P

e program. It

given the extr

s critical to ke

ent and face

ess to mainst

e services can

ER THE 12-MO

6 M

5

5

7

6

1

mentʺ (defin

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od of finding w

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ng found oth

x months aft

POP’s overal

t is also a re

remely poor

eep the conte

extreme leve

tream financ

n resolve lar

ONTH STUDY

Months

561 

59% 

70% 

6.9% 

1.5% 

ned here sim

nt that can be

ent to ident

eling session

t. Other app

(intent to tre

unseling but

seling were b

hourly wage d

10 with a max

When a control

he estimated tr

son. (2002). ʺTr

work outside of

re/when counse

ULT PILOT 

FINANCI

 FOR T

for many at

her employm

ter exiting th

ll statistics

easonably hig

r job market b

ext of unemp

els of financi

cial products

rger issues n

Y 

12 Mont

570 

54% 

64% 

12.1% 

23.1% 

mply as when

e then used t

tify counseli

n. This is som

proaches prov

eat, or ITT) w

declined to

biased since t

data on 244 par

ximum of $28.

for income ear

reatment effects

ransitional Job

f POP between

eling is offered

IAL COUNSELIN

THE FINANCIAL

t their actua

ment at that

he POP prog

of two‐third

gh rate relati

between 201

ployment in

ial instability

s and service

need to be he

hs 

n and where

to predict tak

ing and est

metimes calle

ved less effe

were swampe

take up ser

these clients

rticipants who

.90, and the av

rned outside o

s.

s: Stepping Sto

n those who hav

d.

NG AND ACCE

LLY VULNERAB

al exit

time.

gram.9

ds of

ive to

0 and

mind

y may

s, but

eld in

e they

ke‐up

imate

ed an

ective.

ed by

vices.

were

found

verage

of POP

ones to

ve and

ESS 

BLE 
16 

FINDINGS FRO

motivated

crisis atte

All analy

variable

dependen

the estim

available

Estimates

the best e

up. The im

estimated

into atten

attending f

Each regr

initial val

variables

alternativ

the POP

particular

(left colu

column).

CREDIT 

TABLE 7. 

Credit Sco

Counselin

Attended

Observatio

Beginning

counselin

reversed,

made in t

                 

12 An altern

effect size i

13 In the tab

OM THE ASSES

d to attend c

ended).  

sis shown in

2‐stage least

nt variables a

mated coeffici

upon reques

s of being as

estimate of th

mpact of actu

d using an in

nding counse

financial coun

ression estim

lue of that ou

include (bas

ve financial p

site by trea

r POP site ar

mn), the firs

Statistically

OUTCOM

CAUSAL EST

ore 

ng Group (IT

d FEC (TOT)

ons 

g with credi

ng at six mo

mostly the

the first six m

                     

native is a Bloo

if participation

bles that follow

SSING FINANC

ounseling se

n this report i

t squares (2S

and those wi

ents on the c

st).  

ssigned to fin

he average ef

ually receivin

nstrumental v

eling, provid

nseling.

12  

mate measure

utcome (whe

seline) client

products (suc

atment grou

re likely corr

st six‐month

significant ef

ES 

TIMATES OF 

0 to

TT) 

)

it scores, Tab

onths, but n

result of the

months. Both

                  

om Estimator, w

n had been com

w: * = 0.05 signif

CIAL CAPABILI

essions due to

is regression

SLS) or 2‐sta

ith non‐norm

counseling v

nancial coun

ffects of maki

ng financial c

variable (or IV

ding an unbi

es the averag

ere possible)

age, gender,

ch as payday

up level (14

elated. Table

h period (cen

ffects are ma

COUNSELIN

o 12 months

0.206

(0.965)

0.454

(0.962)

343

ble 7 shows

not at stand

e control grou

h the ITT and

which divides

mplete.

ficance level, **

ITY OUTCOME

o their partic

adjusted, ord

age probit/to

mal distributi

ariable (estim

seling (or IT

ng counseling

counseling (T

V) to provid

ased estimat

ge change in

and limited

marital statu

loans). In all

clusters) si

es show resu

nter column),

arked with as

G ON CREDIT

0 to 6

6.

(0.

14

(0.

3

some increa

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ups catching

d TOT estima

the ITT estima

* = 0.01 signific

ES (AFCO) ADU

cular financia

dinary least s

obit specifica

ions). Result

mated coeffic

TT) are labele

g available at t

TOT) is label

e an estimate

te of the imp

the outcome

set of baseli

us, ever havi

l cases, the st

ince employ

ults separately

, and the se

sterisks.13  

T SCORES 

6 months 

.363

.151)

4.49

.113)

375

ase in scores

of significanc

g up to the p

ates are posit

ates by the part

cance level, ***

ULT PILOT 

FINANCI

 FOR T

al situation (e

squares (OLS

ations (only

ts displayed

cients for con

ed  ʺcounselin

the POP site

led as ʺAtten

e of effects fo

pact of client

e of interest c

ine controls v

ing a bank ac

tandard erro

yees and nei

y for the full

econd six‐mo

6 to 12 m

-4.80

(0.170

-10.9

(0.09

404 

s for clients

ce. At 12 m

progress the

tive, with the

ticipation rate,

= .001 significa

IAL COUNSELIN

THE FINANCIAL

e.g., those m

S) or instrum

for dichoto

here only in

ntrol variable

ng groupʺ. T

s regardless of

nded FEC.ʺ T

or people ind

ts being offere

controlling fo

variables. Co

ccount, and u

ors are cluster

ighborhoods

l 12‐month p

onth period

months 

5 

0) 

1 

1) 

who took pa

months this r

treatment gr

e estimated e

as an estimate

ance level.

NG AND ACCE

LLY VULNERAB

most in

mental

mous

nclude

es are

This is

f take‐

This is

duced

ed and

or the

ontrol

use of

red at

at a

period

(right

art in

result

roups

effects

e of the

ESS 

BLE 
17 

FINDINGS FRO

of attend

POP part

343 study

of these e

TABLE 8. 

Pct Past D

Counselin

Attended

Observatio

  

The estim

reports (n

produces

attending

could be

specificat

statistical

individua

is past du

confidenc

OM THE ASSES

ing counselin

ticipants took

y participant

estimates. No

CAUSAL EST

Due 

ng Group (IT

d FEC (TOT)

ons 

mates in Tabl

n=879 for all

s a 5% reduc

g counseling

a result of t

tions such as

lly significan

als stay curre

ue. Figure 3

ce intervals o

SSING FINANC

ng about thr

k part in cou

s had credit

one of these f

TIMATES OF 

0 to

TT) 

)

e 8 on percen

three period

ction in fallin

. Because th

the distributi

s a Tobit mod

nt. The result

ent with thei

further displ

of the results.

FIGURE 3: I

10%

15%

20%

25%

30%

35%

40%

CIAL CAPABILI

ree times the

unseling, con

scores repor

findings mee

COUNSELIN

o 12 months

-0.0518**

(0.004)

-0.140**

(0.002)

879

ntage of deb

ds). These es

ng behind on

his outcome i

ion of this va

del. The resu

s overall sho

ir debt paym

lays these es

.

INTENT TO T

31%

31%

Baseline

Contr

Treat

ITY OUTCOME

e level of the

nsistent with

rted in all thr

ts standard s

G ON THE PE

0 to 6

-0.

(0.

-0.

(0.

8

t past due us

stimates indi

n debt paym

is constraine

ariable. How

ults at six mon

ow a consiste

ments, at least

timates as a

TREAT PERCE

31%

29%

6 Months

rol (405 memb

ment (474 me

ES (AFCO) ADU

e overall aver

h Bloom estim

ree periods,

statistical ben

ERCENTAGE

6 months 

.0183

.340)

.0494

.305)

879

ses the large

icate that, on

ments over 1

ed to 0% to

wever, the re

nths are dire

ent pattern of

t measured b

line graph, i

ENTAGE PAS

29%

24%

12 Months

bers)

mbers)

ULT PILOT 

FINANCI

 FOR T

rage effect (r

mator results

reducing the

nchmarks for

E OF DEBT TH

6 to 12 m

-0.031

(0.04

-0.087

(0.030

995 

r sample of c

n average, of

12 months, a

100%, we w

esults are rob

ectionally ap

f financial co

by the percen

including da

ST DUE 

IAL COUNSELIN

THE FINANCIAL

recall about 1

s). However,

e statistical p

r significance

HAT IS PAST 

months 

8*

1) 

78*

0) 

clients with c

ffering couns

and 14% for

worry this fin

bust to altern

propriate, bu

ounseling, he

ntage of deb

ashed lines fo

NG AND ACCE

LLY VULNERAB

1/3 of

, only

power

e.  

DUE 

credit

seling

those

nding

native

ut not

elping

bt that

or the

ESS 

BLE 
18 

FINDINGS FRO

Past due

significan

This app

than half

below in

people w

without c

Large ch

endpoint

100%, or

TABLE 9. 

BY CREDI

Pct Past D

Attended

Observatio

Attended

Observatio

BANKIN

One obje

understan

shown in

One pote

having a

TABLE 10

Banked 

Counselin

Attended

Observatio

Note: marg

Table 10

savings a

associated

related to

the 6‐12 m

OM THE ASSES

debt is an i

nt reductions

arent discrep

f of this popu

Table 9, the

who do have

credit scores

anges in per

and positiv

vice versa).

CAUSAL EST

IT SCORE RE

Due 

d FEC (TOT)

ons 

d FEC (TOT)

ons 

G OUTCO

ective of the

nd how coun

n Table 6 abo

ential outcom

bank accoun

0. CAUSAL ES

ng Group (IT

d FEC (TOT)

ons 

ginal effects.  

shows estim

account) usi

d with a larg

o financial co

month period

SSING FINANC

important de

s in the perce

pancy stems

ulation has s

re are no sig

credit scores

(without sco

rcentage pas

ve, but comp

TIMATES OF 

PORTING 

0 to

)

)

MES 

design of c

nselors migh

ove, POP par

me of counse

nt in follow‐u

STIMATES OF

0 to 12

TT) -0.0

(0.

) 0.0

(0.

4

mated rates

ing a Probit

ge increase i

ounseling. Co

d (likely due

CIAL CAPABILI

eterminant o

entage past d

from the di

sufficient cre

gnificant redu

s. The reduc

ores as of at

st due are a

pletely past d

COUNSELIN

o 12 months

-0.0359

(0.433)

343

-0.193**

(0.006)

536

counseling an

ht aid clients

rticipants sho

eling would

up surveys.

F COUNSELIN

2 months 0

0002

.996)

0004

.997)

495 

of reporting

t 2‐stage IV

in being ban

ounseling is a

e to the persi

ITY OUTCOME

of credit scor

ue debt with

ifferent samp

edit history o

uctions in th

ctions in deb

least one en

lso dominat

due debt at t

NG ON THE P

0 to 6

With Sco

-0.

(0.

3

Without Sc

-0.

(0.

5

nd the offer

in better ma

owed a dram

be that cou

NG ON BANK

0 to 6 months

-0.0370

(0.166)

-0.0948

(0.214)

593

being bank

V model. Al

nked, there is

associated w

stence of acc

ES (AFCO) ADU

re. Therefore

hout similar m

ples availabl

on file to rec

he percentage

bt past due a

ndpoint neces

ted by peopl

the other (e.

PERCENTAGE

6 months

re Reported

.0493

.381)

375

core Reported

.0426

.411)

504

r of a bank

anaging bank

matic increase

unseling clie

KING STATUS

6 to 12 m

0.035

(0.19

0.097

(0.218

362

ked (that is h

lthough POP

s no differen

with a positiv

counts open

ULT PILOT 

FINANCI

 FOR T

e, it may be

movement in

le for the tw

ceive a credit

e of debt pa

are concentra

ssary to calcu

le who had

g. went from

E OF DEBT T

6 to 12 m

-0.003

(0.895

404 

d

-0.126

(0.016

591 

account in t

king services

e in reportin

nts are mor

S

months

58

1)

73

8)

having an a

P participati

ntial increase

ve increase in

while emplo

IAL COUNSELIN

THE FINANCIAL

surprising t

n the credit sc

wo outcomes.

t score. As sh

st due amon

ated in the p

ulate the cha

zero debt a

m 0% past d

HAT IS PAST

months 

79 

5) 

6* 

6) 

this study w

and product

ng a bank acc

e likely to r

active checkin

ion in gener

e in being ba

n bank accoun

oyed by POP

NG AND ACCE

LLY VULNERAB

to see

cores.

. Less

hown

ng the

people

ange).

at one

due to

T DUE 

was to

ts. As

count.

report

ng or

ral is

anked

nts in

P), but

ESS 

BLE 
19 

FINDINGS FRO

the estim

the avera

here may

surveys.

Monthly

POP part

and after

using the

delayed o

participan

which we

Account b

distributi

also calcu

statement

ʺcorrectʺ 

sound fin

sound of

                 

14 Although

evidence th

are open.  

OM THE ASSES

mates are not

age rate of re

y not be signi

statements p

ticipants, offe

r taking part

eir bank acco

opening acco

nt for whom

e had accoun

balances in t

ions are high

ulated as th

t. Any negat

outcome for

nancial mana

a financial d

                     

h not shown, w

hat counseling

SSING FINANC

significant st

eporting bein

ificant due to

FIGURE 4: AV

provided by

er more deta

t in POP. Th

ounts. Not ev

ounts or clos

m bank data

nt data still ha

this analysis

hly skewed w

he average o

tive values a

r participant

agement, but

decision.  

                  

we did test for

significantly in

30%

35%

40%

45%

50%

55%

60%

65%

70%

75%

B

CIAL CAPABILI

tatistically. F

ng banked in

o the smaller

VERAGE RAT

Popular Com

ail in how th

his analysis p

very client ha

sed them). O

was able to

ad open acco

are measure

with many n

of the within

are recorded

s might be.

if a client pa

the effects of c

ncreased the ra

38%

38%

aseline

Contr

Treat

ITY OUTCOME

igure 4 show

ncreased star

r number of r

E OF REPORT

mmunity Ban

hose people w

provides an

ad a full yea

On average, w

be matched

ounts as of Ju

d in log doll

near zero and

n‐month ave

as zero. It sh

Carrying a l

ays down hig

counseling on a

ate of opening a

66%

58%

6 Months

rol (187 memb

tment (174 me

ES (AFCO) ADU

ws these resu

rkly for all P

respondents

TING BEING 

nk, although

who have acc

indication o

ar of account

we observe 7

d, and only

une 2013.14

lars (we use

d a few very

erage balanc

hould be not

larger bank

gh cost debt,

account openin

accounts or the

57

56%

12 Mon

bers)

embers)

ULT PILOT 

FINANCI

 FOR T

ults graphical

POP participa

who comple

BANKED 

h only availab

counts are u

of how study

t statements

7.7 bank stat

78 of the 33

the log of ba

y large value

ce recorded

ted that it is

balance is o

lower balan

ng and termina

e amount of tim

7%

%

nths

IAL COUNSELIN

THE FINANCIAL

lly: the increa

ants. Effects

eted the follo

ble for a sub

using them d

y participant

(clients may

tements per s

4 participan

alance becaus

es). The balan

in each mo

unclear wha

often attribut

nces may be ju

ation. We do no

me the bank acc

NG AND ACCE

LLY VULNERAB

ase in

again

ow‐up

bset of

uring

ts are

have

study

nts for

se the

nce is

onthly

at the

ted to

ust as

ot find

counts

ESS 

BLE 
20 

FINDINGS FRO

TABLE 11

Average B

Counselin

Attended

Observatio

Table 11

significan

balances

translates

to be a re

analyses,

The avera

study, an

paid at le

about $47

fees, and

TABLE 12

Account F

Counselin

Attended

Observatio

The resul

increase f

counterin

for bill pa

FINANC

Six surve

Items in

establishi

savings, a

who inten

OM THE ASSES

. CAUSAL ES

Balance 

ng Group (IT

d FEC (TOT)

ons 

shows the ef

nt difference

in the 6‐12

s into about a

elationship b

however.  

age person in

nd $91 in 6‐12

east one bank

7 over the lif

Table 12 sho

2. CAUSAL ES

Fees 

ng Group (IT

d FEC (TOT)

ons 

lts in Table 1

fees incurred

ntuitive resul

ayments.  

CIAL PLANN

ey questions

this index i

ing a new so

and (6) incre

nd to make f

SSING FINANC

STIMATES OF

Full St

TT) 

(

)

(

ffects of finan

es, but there

2 month per

a $41 decrea

between an i

n the bank d

2 month peri

k fee: typical

fetime of the

ows the effect

STIMATES OF

0 to 12 

TT) 0.4

(0.2

) 1.0

(0.2

33

12 are not sta

d for insuffic

lt is counselo

NING OUTC

related to ta

include (1) r

ource of cred

easing amoun

orward‐look

CIAL CAPABILI

F COUNSELIN

tudy Period

0.117

(0.642)

0.316

(0.609)

334

ncial counsel

e is direction

riod (post P

se in average

ndividual pa

ata has an ac

od (post POP

lly insufficie

e account. Co

ts of counseli

F COUNSELIN

months 0 to

400 

243) 

079 

246) 

34 

atistically sig

cient funds a

ors could pr

COMES 

aking steps to

reviewing a

dit, (4) using

nts put into p

king changes

ITY OUTCOME

NG ON AVER

0 to 6 mon

0.118

(0.678)

0.318

(0.650)

334

ling on log a

nal evidence

POP). Lookin

e balance for

aying down

ccount balan

P). About 28%

nt funds or r

ounseling co

ing on avera

NG ON AVER

o 6 months 6

0.379

(0.269)

1.023

(0.274)

334

gnificant, bu

and returned

omote the u

o managing

credit repor

g a savings p

paying off de

in their finan

ES (AFCO) ADU

RAGE BALAN

nths 6 mo

average balan

e that couns

ng at the ac

r counseled c

debt and ba

nce of $107 du

% of the POP

returned item

ould potentia

age fees.

RAGE BANK F

6 to 12 month

0.364

(0.126)

0.908

(0.112)

216

ut suggestive

d items. One

use of autom

personal fina

rt, (2) creati

program, (5)

ebt. These qu

ncial behavio

ULT PILOT 

FINANCI

 FOR T

CE 

onths to End 

-0.447

(0.063) 

-1.115

(0.053) 

216

nces. There a

seling actua

ctual (non‐lo

clients. There

ank balances

uring the firs

P participant

m fees. On a

ally help clie

FEES 

hs

that counse

potential ex

atic electron

ances ʺin the

ing a debt p

) increasing

uestions cou

or.  

IAL COUNSELIN

THE FINANCIAL

are no statist

ally reduces

og) balances

e does not ap

s based on fu

st 6 months o

ts in the bank

average, fees

ents to avoid

eling may act

xplanation fo

nic funds tran

e last six mon

payment plan

amounts pu

uld capture p

NG AND ACCE

LLY VULNERAB

tically

bank

s this

ppear

urther

of the

k data

were

d such

tually

or this

nsfers

nths.ʺ 

n, (3)

t into

people

ESS 

BLE 
21 

FINDINGS FRO

TABLE 13

Financial 

Counselin

Attended

Observatio

Table 13

Addition

credit rep

baseline.

employee

their cred

much sm

The ques

signing u

once, assu

that the c

complete

and this i

planning,

clients are

SUMMA

Financial

• A

es

sc

d

10

• A

em

m

su

• A

th

• A

is

OM THE ASSES

3. CAUSAL ES

Plan Index 

ng Group (IT

d FEC (TOT)

ons 

shows that c

al analysis in

port. Most su

Credit repor

es in POP to

dit reports. C

maller, less sta

stions in this

up for a savi

uming the p

credit report r

d and the cli

index do not

, or even che

e reducing th

RY OF FIND

counseling i

A decrease in

stimated effe

cores and bo

riven by the

00%).

An increase

mployment

measurable ef

ubset of stud

An increase in

he six month

A decrease in

s significant.

SSING FINANC

STIMATES OF

0 to 12 

TT) 0.0

(0.5

) 0.0

(0.5

4

counseling is

nto the comp

urvey respon

rts were com

o also be see

Creating a 5‐i

atistically sign

s index ask a

ings program

participant st

review that i

ient exits PO

t reveal any

ecking a cre

he percentag

DINGS 

is associated

the percenta

ect is quite la

orrow less th

e 10% of the

in credit sco

through PO

ffect by the

dy participan

n financial pl

point of the

account bal

CIAL CAPABILI

F COUNSELIN

months 0 t

0298 

563) 

0817 

548) 

94 

associated w

ponents of th

ndents did no

mmonly used

eking credit

item index e

nificant effec

about steps

m or creating

icks with the

is part of the

OP. Further a

insights into

dit report sp

e of debt pas

with:  

age of debt th

rge and seem

an the typica

sample who

ores at the

OP and a ret

12 month fo

ts, however.

lanning beha

study.

ances held a

ITY OUTCOME

NG ON FINAN

to 6 months

0.0970*

(0.040)

0.256**

(0.006)

590

with positive

he index sug

ot report rev

d as part of c

while emplo

excluding rev

cts.  

taken over t

g a debt rep

em. The 6‐12

counseling s

analysis of th

o causal path

pecifically, as

st due.

hat is past du

ms to be conc

al person in

o experienced

six month m

turn to unem

ollow‐up cred

aviors, especi

nd an increa

ES (AFCO) ADU

NCIAL PLAN

6 to 12 mo

-0.0842

(0.187)

-0.234

(0.124)

354

e changes for

ggest this is l

viewing a rep

counseling s

oyed and th

viewing a cre

the past six

payment plan

2 month resu

session but n

he relationshi

hways—that

s contributin

ue for both s

centrated in p

this populat

d the maxim

mark, which

mployment f

dit report. S

ially reviewi

ase in bank fe

ULT PILOT 

FINANCI

 FOR T

NING

onths

2

)

4

)

r the zero to

largely drive

port in the pr

essions, and

herefore moti

edit report q

months. Som

n, may only

ults primarily

not repeated a

ip between p

is, we canno

ng directly to

six and 12 m

people who d

tion. In partic

mum change

h coincided

for most par

Scores are on

ing a credit r

ees, although

IAL COUNSELIN

THE FINANCIAL

six month pe

en by review

rior six mon

d we might e

ivated to mo

question resu

me steps, su

need to be

y capture th

after counsel

paying down

ot isolate fina

o how couns

month periods

do not have c

cular, the eff

in this metri

with the en

rticipants, bu

nly available

report, but on

h neither est

NG AND ACCE

LLY VULNERAB

eriod.

wing a

ths at

expect

onitor

ults in

uch as

taken

he fact

ling is

n debt

ancial

seling

s. The

credit

fect is

ic (+/‐ 

nd of

ut no

for a

nly at

imate

ESS 

BLE 
22 

FINDINGS FRO

Below is

period an

units).  

TABLE 14

Outcome

Credit Sc

Percent o

Balance i

Revolving

Available

Banked 

Savings fr

Emergen

Have a fin

Financial 

AltFinanc

Planning 

Confiden

Popular C

Average 

Popular C

Ending Ba

Popular C

Fees 

Popular C

Number 

  

Insigh

The lesso

interested

from the

insights i

program

                 

15 CFED co

varying lev

participant

Parks Depa

OM THE ASSES

a summary t

nd the first s

4. SUMMARY 

e

core 

of Debt Past 

n Collections

g Credit 

e

requency 

cy savings 

nancial goal 

worry 

ce Index 

Index 

ce Index 

Community B

Balance 

Community B

alance 

Community B

Community B

of Statemen

hts from

ons learned f

d in integrati

qualitative

into the find

stakeholder

                     

onducted in‐de

vels of particip

ts a $50 incenti

artment locatio

SSING FINANC

table showin

six months.

OF ESTIMAT

Expe

Direc

+

Due -

s -

+

+

+

+

+

-

-

+

+

Bank +

Bank +

Bank -

Bank 

ts 

+

m Implem

from implem

ing financial

research con

dings of the

rs including

                  

epth in person

pation with the

ive for particip

on.  

CIAL CAPABILI

ng the averag

Each is show

ES OF THE E

cted 

ction Effe

+

+

+

+

+

+

+

+

+

+

+

mentatio

mentation of

access and c

nducted wit

study. Thro

POP partici

n interviews w

e banking acce

pating in the in

ITY OUTCOME

ge the effects

wn as effect

FFECTS OF C

12-Month T

ct (sigma 

units) 

0.01 

-0.32 

-0.18 

-0.04 

0.00 

-0.04 

0.18 

-0.03 

-0.26 

0.18 

0.12 

-0.25 

0.14 

-0.16 

0.51 

0.15 

on 

the AFCO p

counseling in

th program

ough a series

ipants,15 POP

with 11 POP pa

ess and financi

nterview, whic

ES (AFCO) ADU

of financial

sizes or sta

COUNSELING

TOT

Significance

** 

pilot may be

nto their exis

stakeholders

s of one‐hou

P staff, finan

articipants wh

ial counseling

ch each lasted a

ULT PILOT 

FINANCI

 FOR T

counseling o

andard devia

G 

6-Mon

Effect (sigma

units) 

0.24 

-0.11 

-0.15 

0.00 

-0.20 

-0.07 

-0.20 

0.26 

-0.04 

0.45 

0.38 

-0.10 

0.15 

0.06 

0.48 

NA 

of interest t

sting services

s and partici

ur interviews

ncial counse

ho enrolled in

aspects of the

an hour and w

IAL COUNSELIN

THE FINANCIAL

over the full s

ation units (s

nth TOT

a Significan

** 

to other prog

s, but the fin

ipants also o

s conducted

lors and Po

the study, wh

pilot. CFED o

were held on‐si

NG AND ACCE

LLY VULNERAB

study

sigma

nce

grams

dings

offers

with

opular

ho had

offered

ite at a

ESS 

BLE 
23 

FINDINGS FRO

Bank staf

experienc

counselin

ACCOU

The rate

enrolling

study app

unmet de

Departme

without t

implemen

• T

em

d

sc

re

br

op

a

C

• M

w

be

ap

p

re

th

th

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d

th

ACCOU

While the

participan

and the d

fees on th

OM THE ASSES

ff, we docum

ces of the p

ng take‐up.  

UNT TAKE-U

of participa

in AFCO to

plied to open

emand for sa

ent had wor

the same lev

ntation were

The timing of

mbedded in

evelopment

chedule, but

epresentative

ranch after w

pening was t

delay in pe

ChexSystems

Messaging of t

were former

enefits of

ppreciation f

resentations.

elevant to PO

hat the banke

he accounts.  

roviding ince

eposit, and s

hey decided t

UNT USE AN

e demand fo

nts used the

data demons

he account. O

SSING FINANC

mented the

participants i

UP 

ants being ba

59% at six m

n an account

afe, affordab

rked with OF

vel of take‐u

a factor. Key

the offer and

nto the POP

date several

t was built

es were also

work to com

that the Chex

eople being i

report.  

the banking of

POP partici

bank accou

for the speci

. Peer‐to‐pee

OP participa

ers on‐site co

entives: Parti

several parti

to open an ac

ND MAINT

or the accoun

ir accounts s

strated that t

Only 28% of

CIAL CAPABILI

strengths an

in three key

anked jumpe

months and st

with Popula

ble financial p

FE and finan

up, which a

y elements w

d convenience

P orientation

l weeks later

into the or

on‐site to op

mplete the pr

xSystems ver

informed th

ffer: The acco

ipants. The

unts and d

alists’ experi

er education

ants, and tha

ould provide

cipants wer

icipants cited

ccount with P

ENANCE 

nts was high

successfully.

the accounts

f accounts ge

ITY OUTCOME

nd weakness

y areas: acco

ed from app

till 55% a yea

ar Communi

products am

ncial institut

lso suggests

were:  

of the accoun

n day and r

r. It was not

rientation th

pen accounts

ocess. Howe

rification cou

at their acco

ount offer w

specialists u

direct depos

ience with P

n and suppo

at approach w

e when parti

e offered a

d wanting to

Popular.  

h, the accoun

Accounts w

could be re

enerated fees

ES (AFCO) ADU

ses of the pi

ount‐take up

proximately

ar later. Just o

ity Bank, whi

mong this po

tions to offer

s that elemen

nt opening: T

repeated ag

t treated as a

hat all parti

so that parti

ever, one dow

uld not be con

ount could n

was delivered

used real‐life

sit. Particip

POP and thei

rt was critic

was coupled

icipants had

$25 incentiv

o take advan

nt data from

were open for

elatively expe

s, but for tho

ULT PILOT 

FINANCI

 FOR T

lot’s implem

p, account u

one‐third th

over half of p

ich suggests

pulation. Ho

r similar pro

nts of the p

The offer of

gain at the

an optional c

icipants wen

icipants did n

wnside of th

nducted on s

not be opene

d by the POP

e examples t

ants intervi

ir down‐to‐e

cal in makin

d with the ex

questions ab

ve if they e

ntage of that

m Popular su

r an average

ensive for th

ose that did,

IAL COUNSELIN

THE FINANCIAL

mentation an

use and fina

he month pri

participants i

that there w

owever, the

oducts in the

pilot’s design

the account

first profess

component o

nt through.

not have to v

he on‐site acc

site, which ca

ed if there w

P specialists,

to talk abou

iewed expr

earth demean

ng these pro

xpert inform

bout banking

enrolled in d

offer as a re

uggest that n

e of eight mo

hose that incu

, the average

NG AND ACCE

LLY VULNERAB

nd the

ancial

ior to

in the

was an

Parks

e past

n and

t was

sional

of the

Bank

visit a

count

aused

was a

, who

ut the

ressed

nor in

oducts

mation

g and

direct

eason

not all

onths,

urred

e fees

ESS 

BLE 
24 

FINDINGS FRO

charged w

the 334 ac

The inter

found the

the accou

transactio

reported

that came

One parti

thirds of

not surpr

However

the partic

number o

percentag

opened a

impressio

high prof

the bank’

though in

was a ge

both in in

institution

reputatio

banking r

COUNS

POP part

and could

37% of pe

data from

counselin

                 

16 This lev

retention r

Louisville h

population

a research

OM THE ASSES

were approx

ccounts open

views with p

e Popular ac

unt. They rem

ons such as

that she clos

e up several

icipant put it

POP particip

rising.  

r, the fact tha

cipants were

of participan

ge points. Pa

accounts with

ons of and ex

file with man

’s locations,

nformation o

eneral impre

nterviews an

ns that had

on in the com

relationship a

ELING TAK

ticipants wer

d access one

eople offered

m implemen

ng was sched

                     

vel of account

ates reported f

have reported

n participating

pilot and is lik

SSING FINANC

imately 50%

ned through t

participants s

ccount featur

membered th

use of out‐o

sed her Popu

times in the

t simply, “I c

pants were u

at many the P

e unbanked a

nts banked fe

articipants m

h other finan

xperiences w

ny participan

branches or

on locations a

ssion among

nd at POP pr

a larger pre

mmunity may

after the pilo

KE-UP 

re offered a

e‐on‐one cou

d financial co

ntation, it ap

duling appoi

                  

retention was

for other accou

account retent

in Bank On in

ely not as high

CIAL CAPABILI

of the avera

the pilot, 23%

shed some li

res appealing

e account be

of‐network A

ular account

interviews w

can’t use a ba

unemployed

Popular bank

at the end of

ell between s

ay have stop

ncial institut

with Popular

nts. Some pe

ATMs (poss

and the ATM

g participant

resentations,

sence in the

y have playe

ot.

full eight ho

nseling with

ounseling att

ppears that t

intments. Wh

s considered g

unt access prog

tion rates of 86

these commun

hly financially v

ITY OUTCOME

age balance th

% were still o

ight on the is

g, it seems th

ing “free” an

ATMs were t

t because of

was the link

ank if I’m not

after POP, t

k accounts w

f the study.

six and 12 m

pped using th

tions. The in

Community

eople had no

sibly contribu

M network w

ts that Popu

expressed a

New York

d a role in w

ours of paid

h a trained co

tended couns

the first maj

hen the pilot

good by Popu

grams, such as l

% and 85% aft

nities chose to o

vulnerable or u

ES (AFCO) ADU

hey carried o

open as of Jun

ssues with ac

hat not all un

nd so were co

taken out of

the fees she

between ban

t working.” K

the number

were closed d

According t

months after

heir Popular

nterviews rev

Bank were m

ot heard of th

uting to the

was provided

lar wasn’t a

a strong pref

City market

whether or no

work time t

ounselor at n

seling. After

jor challenge

t was launch

ular Communit

local Bank On

ter one and two

open accounts

unemployed as

ULT PILOT 

FINANCI

 FOR T

over the life

ne 2013.16  

ccount use. W

nderstood th

onfused whe

the account

was charged

nk accounts

Knowing tha

of closed acc

does not nece

to the partici

enrollment,

r accounts an

vealed that s

mixed. Popu

he bank or w

fees incurre

d during the o

a convenient

ference to ba

t. Popular Co

ot participan

to attend fin

no charge. N

r examining t

e in getting

hed, the POP

ty Bank. It is

programs. Ban

o years, respec

voluntarily ra

s the POP popu

IAL COUNSELIN

THE FINANCIAL

of the accoun

While partici

he fee structu

en fees for va

t. One partic

d. Another t

and employm

at as many as

counts is per

essarily mean

ipant survey

but only by

nd instead us

some particip

lar did not h

were not awa

ed by some),

orientation. T

bank, and s

ank with fina

ommunity B

nts maintaine

nancial couns

Nevertheless,

the program

participants

P specialists a

lower than ac

nk On Savanna

ctively. Howev

ther than as a p

ulation.  

NG AND ACCE

LLY VULNERAB

nt. Of

ipants

ure of

arious

cipant

theme

ment.

s two‐

rhaps

n that

ys, the

y four

sed or

pants’

have a

are of

even

There

some,

ancial

Bank’s

ed the

seling

, only

matic

s into

asked

ccount

ah and

ver, the

part of

ESS 

BLE 
25 

FINDINGS FRO

each part

could foll

able to co

made to

participan

the transi

did sched

similar gr

was only

on two s

benefits o

The finan

two or th

someone’

showed t

25% atten

POP part

of counse

Insigh

The leade

details re

promisin

scores an

However

study ma

barriers a

such as a

Despite t

financial

                 

17 We teste

general, m

and bankin

signals wil

OM THE ASSES

ticipant who

low up to sch

ontact the ma

reach each p

nts proved u

ient nature o

dule an appo

roups, accord

made once b

separate occa

of counseling

ncial counsel

hree, are usu

’s personal

that 53% of p

nded three o

ticipants to a

eling on the o

hts for P

ership at PO

elated to com

g signs that

nd measures o

r, the level of

ay not be gen

and challeng

a lack of exp

hese qualific

access that a

                     

d the effect of

more sessions, e

ng status. Thes

llingness or mo

SSING FINANC

o expressed i

hedule the fin

ajority of tho

participant b

unreachable a

of this popula

ointment, the

ding to sever

by the specia

asions. Repet

g, may have h

lors interview

ually necessar

finances. Th

participants a

or more sess

ttend multip

outcomes of i

Practice 

OP and OFE

mmunication

the offer of

of financial p

f financial vu

neralizable to

ges that may

erience with

cations, the p

are instructive

                  

attending mu

especially three

se results are n

otivation to ma

CIAL CAPABILI

interest in co

nancial coun

ose that signe

by phone an

and didn’t re

ation, one in

e attendance

ral financial

alists, as opp

tition of the

helped increa

wed pointed

ry in order f

he attendan

attended jus

sions. Had th

ple financial c

interest in th

and Pol

carefully de

and timing o

counseling

planning also

ulnerability i

o the overall a

y influence th

h mainstream

pilot can offe

e for both po

ltiple sessions

e or more sess

ot causal in na

ke financial ch

ITY OUTCOME

ounseling to

nseling appoi

ed up after o

nd email, or

eceive a coun

five of whom

rate was 65

counselors. I

posed to the

offer, comb

ase the take‐u

out that rep

for financial

ce data from

t one counse

he program

counseling se

he study.17  

licy 

esigned a pro

of the offer o

is related to

o directionall

in this popul

adult popula

he impact of

m financial pr

er several im

olicy makers

on the small s

sions, do seem

ature as showin

anges.

ES (AFCO) ADU

provide con

intment. How

only a few w

in person in

nseling appo

m was home

5%, on par w

In addition,

offer of bank

bined with th

up.  

peated couns

counseling t

m the Finan

eling session

placed grea

essions, we m

ogram with

of accounts an

o a decrease

ly positive.

lation sugges

ation. The PO

f counseling

roducts and

mportant insig

and program

sample of thos

correlated wi

ng up to (or as

ULT PILOT 

FINANCI

 FOR T

ntact informa

wever, the sp

weeks. Multip

n some case

ointment. Th

eless at baseli

with attendan

the offer to a

k accounts, w

he right mes

seling session

to have a sub

ncial Empow

n, 22% attend

ater emphasi

may have see

high fidelity

nd counselin

in past due

sts that the f

OP populatio

g on their fin

high rates o

ghts on the t

m administra

se that attended

th positive cha

sking for) more

IAL COUNSELIN

THE FINANCIAL

ation so that

pecialists wer

ple attempts

s, but many

his issue spea

ine. For those

nce rates for

attend couns

which was of

ssaging abou

ns, a minimu

bstantial effe

werment Ce

ded two, and

s on encour

en a greater

y and attenti

ng. The data

debt, with c

findings from

on faces addit

nancial capab

of unemploym

topic of expa

ators.  

d counseling, a

anges in credit

e counseling se

NG AND ACCE

LLY VULNERAB

t they

re not

were

y POP

aks to

e that

other

seling

ffered

ut the

um of

ect on

enters

d only

aging

effect

ion to

show

credit

m this

tional

bility,

ment.

anded

and in

t score

essions

ESS 

BLE 
26 

FINDINGS FRO

Insight #

The AFC

financial

Opportun

offers par

workshop

opening p

the proce

suggests

advantag

The resul

counselin

and finan

institution

Workforc

programs

unsubsid

choices a

time wor

they mov

And whi

subsidize

place of—

private s

education

Programs

Insight #

While acc

On avera

one in fou

was succ

further ex

affordabl

when the

network A

OM THE ASSES

#1: Integrat

O pilot is an

products an

nity Program

rticipants an

ps, and OFE

process and

ess as seamle

that unban

ge of an oppo

lts from this

ng within the

ncial capabil

ns and finan

ce programs

s are working

dized employ

bout how to

rk. The bank

ve from benef

le this pilot

ed governme

—and point

ector employ

n services in

s.  

#2: Success

count take up

age, the accou

ur accounts o

essful in get

xamination.

le terms, doe

ey no longer h

ATM fees an

SSING FINANC

ting Access

n example of

nd services i

m is one of t

array of serv

and the Park

the offer of

ess as possib

nked particip

ortunity if off

s study sugg

e context of p

ity. Partners

cial counseli

in particula

g to increase

yment. Coun

o manage the

account cou

fits into finan

was focused

ent employm

of—employm

yers who co

nto the hirin

sful Accoun

p was high, t

unts were on

opened durin

tting people

It may be th

s not fully m

have a sourc

nd insufficien

CIAL CAPABILI

s to Financ

a public pro

into an exist

the largest t

vices—job tra

ks Departme

financial cou

le for the pa

pants had a

fered an acco

gest that emb

public progra

ships betwee

ng networks

ar offer an id

e the incomes

nseling has t

eir income as

uld also be a

ncial indepen

d on integrati

ent program

ment. There

ould conside

ng and orie

nt Use and

the data on t

nly open for

ng the pilot w

into account

he case that a

meet the need

ce of steady in

nt funds fees

ITY OUTCOME

ial Product

ogram succes

ting program

transitional e

aining, comp

ent worked c

unseling into

articipants. Th

strong des

ount with agr

bedding fina

ams can be an

en social and

s should be co

deal setting

s of participa

the potential

s well as man

helpful tool

ndence.  

ing access to

m, it was also

e is much fr

er integrating

entation pro

d Managem

the use and m

just under e

were still op

ts, but encou

a traditional

s of this finan

ncome. Whe

can be just a

ES (AFCO) ADU

ts and Serv

ssfully integr

m for a high

employment

puter skills, jo

closely with p

o the existing

he high take

sire to becom

reeable terms

ancial produ

n effective w

d human ser

onsidered an

for these typ

ants and mov

l to help peo

nage their fi

to manage th

o financial pr

a pilot that i

rom this mo

g similar acc

ocess and an

ment is Cha

maintenance

eight months

pen. This sug

uraging succ

bank accoun

ncially vulne

en income is s

as problemati

ULT PILOT 

FINANCI

 FOR T

vices is Feas

rating the off

h‐need popu

t programs i

ob search ass

partners to e

g program’s s

e‐up rate of t

me banked

s that was ea

uct offers alo

way to promo

rvices progra

nd encourage

pes of addit

ve them into

ople plan an

inances as th

heir earnings

roducts and

integrated th

odel that has

cess to finan

ncillary Emp

llenging 

of accounts

s, and at the

ggests that th

cessful accou

nt, even one

erable popula

scarce, charg

ic as courtesy

IAL COUNSELIN

THE FINANCIAL

sible at Sca

fer of approp

ulation. The

in the nation

sistance and

mbed the ac

structure, m

the bank acc

and would

asy to open.

ong with fina

ote financial a

ams and fina

ed.  

tional offerin

the labor for

nd make effe

hey move int

s and expens

counseling i

hese services

s implication

ncial produc

ployee Assis

was less pos

end of the s

he program d

unt use still n

with flexible

ation, particu

ges such as ou

y overdraft fe

NG AND ACCE

LLY VULNERAB

ale 

priate

Parks

n that

other

count

aking

ounts

take

ancial

access

ancial

ngs as

rce or

ective

to full

ses as

into a

at the

ns for

t and

stance

sitive.

study,

design

needs

e and

ularly

ut‐of‐

ees. It

ESS 

BLE 
27 

FINDINGS FRO

may be b

income co

as electro

products.

Another

offered to

repeated

financial

pilot, the

participan

participan

although

Insight 

Systems

For this p

for peop

flexibility

denied. M

frequency

financial

ChexSyst

triggers a

informati

second ch

Financial

improvin

customer

who are

system, k

issues. M

a similar

Insight 

Work P

POP emp

could acc

people o

OM THE ASSES

beneficial to l

onsumers or

onic benefit

.  

potential wa

o participant

a second tim

counselors w

e counseling

nts had ope

nts had rece

this program

#3: More

s May Expa

pilot, Popula

le with trou

y, approxima

Many particip

y with which

access tha

tems and how

a negative re

ion about the

hance accou

access could

ng standards

rs. Regulators

most at risk

know how to

Much like effo

effort would

#4: Integra

Program 

ployees were

cess one‐on‐o

offered finan

SSING FINANC

look at ways

increase the

transfer (EB

ay to improv

ts. In the AFC

me before fin

were informe

itself was n

ened accoun

ived financia

m design may

 Transpar

and Access 

ar Communit

uble managin

ately one‐thi

pants were d

h this occurre

at are assoc

w to resolve

eport to Che

e account is

unts, and how

d potentially

s for what f

s may be abl

k of being d

o access and u

orts have exp

d be valuable

ating Finan

offered a fu

one counselin

ncial counse

CIAL CAPABILI

s to further i

e functionality

BT) cards, to

ve account u

CO pilot des

nancial coun

ed the POP p

not connecte

nts. Perhaps

al counseling

y likely have

rency and 

ty Bank agre

ng an accou

rd of POP p

denied accou

ed highlights

ciated with

issues. The f

exSystems (i

disclosed to

w consumer

y be expande

financial ins

le to also do m

denied access

use reports,

anded consu

related to ac

ncial Coun

ll eight hour

ng with a trai

eling attend

ITY OUTCOME

improve the

y of existing

o better ease

se would be

sign, the offe

nseling was o

participants w

ed to the off

account us

g prior to op

e resulted in l

Consisten

eed to be flex

unt in the p

participants w

unts due to n

s the need to

this system

financial indu

including ty

the reportin

rs are notifie

d by increas

stitutions rep

more to ensu

s to mainstre

and underst

umer knowle

ccount histor

seling Can

rs of paid wo

ined counsel

ed counselin

ES (AFCO) ADU

structure of

public bene

the transiti

e to change t

er of bank ac

offered to th

were offered

fer of financ

se would ha

pening accou

lower take‐u

ncy in Acc

xible in its st

past. Howev

who opted t

negative rep

closely scrut

m. Consum

ustry lacks u

ypes of issue

ng agency, wh

ed when the

sing the trans

port to both

ure that finan

eam financia

tand how to

edge of, acces

ries.  

n Be Com

ork time to at

lor at no char

ng. While

ULT PILOT 

FINANCI

 FOR T

accounts sp

fits transacti

on into mai

the sequencin

counts occur

he treatment

bank accoun

cial access an

ave been m

unts rather th

up of account

count Hist

andards for

ver, even wi

to open an a

ports in Chex

tinize the stru

mers lack in

universal pra

es and dollar

hat constitut

ere are issue

sparency of

h the reporti

ncially vulne

al products,

rectify or dis

ss to, and use

plex With

ttend financi

rge. Neverth

above we d

IAL COUNSELIN

THE FINANCIAL

ecifically for

on products,

instream fina

ng of the ser

rred first and

group. Whil

nts as a part o

nd occurred

more success

han subsequ

ts.  

tory Repo

opening acc

ith this incre

account were

xSystems, an

uctural barri

nformation a

actices about

r amounts),

tes as lenienc

es to be reso

ChexSystem

ing agencies

erable individ

are aware o

spute outstan

e of credit rep

hin a Multi

ial counseling

heless, only 3

documented

NG AND ACCE

LLY VULNERAB

r low‐

, such

ancial

rvices

d was

le the

of the

after

ful if

ently,

orting 

ounts

eased

e still

nd the

iers to

about

what

what

cy for

olved.

s and

s and

duals,

of the

nding

ports,

i-Site 

g and

7% of

that

ESS 

BLE 
28 

FINDINGS FRO

challenge

to contac

provision

existing p

location f

program

meant no

York Cit

counselin

counselin

any issue

Insight 

Vulnera

Integratin

are work

participan

level with

bills. Abo

living in

after com

counselin

encourag

several o

debt, imp

more like

measure

populatio

OM THE ASSES

es with the im

ct population

n of highly cu

program. Pa

for their cou

and the arra

ot taking par

ty have also

ng session, in

ng is not for p

es.  

#5: Expec

ble Populat

ng financial c

king to tran

nts in this si

h little or no

out half had

shelters dur

mpleting POP

ng could ha

ging to see th

outcomes tha

proving their

ely to make

of financia

ons should n

SSING FINANC

mplementatio

n, may accou

ustomized on

articipants w

unseling app

ay of other se

rt in other po

o shown the

ncluding not

people like th

ctations of

tions Shou

capability se

nsition off p

ituation are s

savings and

thin credit f

ring the pro

P. Given the

ave an outs

hat access to

at—while sm

r credit and

a bigger im

l stability,

ot be underv

CIAL CAPABILI

on of the cou

unt for much

ne‐on‐one co

were still requ

pointment, an

ervices offere

otentially val

ere may be

t understand

hem, or belie

f Impact f

ld Have Re

rvices into P

public assist

still highly fi

many have r

files or no cr

gram, and r

e context of

sized effect

o a limited

mall—helped

building fin

mpact on par

the potentia

valued.  

ITY OUTCOME

unseling, i.e.,

h of the low

ounseling is n

uired to take

nd given th

ed to particip

luable activit

many reaso

ding what th

eving that the

from Finan

ealistic Con

POP is an inn

tance and in

inancially vu

relatively lar

redit score. A

roughly two‐

their lives,

on their ov

amount of f

the populat

nancial mana

rticipants wh

al importanc

ES (AFCO) ADU

scheduling

w take‐up rat

not as easy t

e time off o

e nature of

pants, taking

ties. Past exp

ons why mo

he counselin

ey did not h

ncial Capa

ntext 

novative pro

nto unsubsi

ulnerable. Al

ge debts and

As many as

‐thirds were

it is unreali

verall financ

financial cou

tion make in

agement skil

ho have reli

ce of couns

ULT PILOT 

FINANCI

 FOR T

appointment

te, it is wort

to seamlessly

f work and

this transitio

g time for fin

periences wi

ore people d

ng would ent

ave enough

ability Inte

ogram design

dized emplo

ll are at or b

d a history of

one in five w

e unemploye

stic that an

cial well‐bei

unseling was

nroads towa

lls. While co

iable income

seling for h

IAL COUNSELIN

THE FINANCIAL

ts for this dif

th noting tha

y integrate in

travel to an

onal employ

nancial couns

ith clients in

did not atte

tail, thinking

money to ad

rventions 

n. POP emplo

oyment. Yet

below the po

f falling behin

were homele

ed twelve m

hour of fina

ing. Indeed

s able to pro

rd reducing

ounseling ma

e and some

highly vulne

NG AND ACCE

LLY VULNERAB

fficult

at the

nto an

nother

yment

seling

New

end a

g that

ddress

with 

oyees

t, the

overty

nd on

ess or

onths

ancial

it is

oduce

their

ay be

basic

erable

ESS 

BLE 
29 

FINDINGS FRO

Refer

Agarwal,

m

of

Baker, C

ed

Barr, M.

B

Barr, M. S

E

W

Bayer, P.

w

Bernheim

E

Bertrand,

d

Beverly,

an

Beverly,

D

an

Collins, J

Jo

Elliehous

su

Fine, J., L

as

B

O’Brien,

Jo

───── (

Jo

OM THE ASSES

ences 

, S., Chomsis

moderate incom

f the Currenc

C., & Dylla,

ducation. Ass

S. (2004). Ba

rookings Ins

S., & Sherrad

. Belsky (Ed

Washington, D

. J., Bernhei

workplace: Ev

m, B. D., &

vidence from

, M., Mullain

ecision maki

S. G., McBri

nd strategies

S., Sherrade

Determinants

nd low‐income

. M., & O’Ro

ournal of Cons

sen, G., Lun

ubsequent bo

Leimbach, L.,

sset building f

rief.

R. (2006). In

ournal of Com

(2012). “We

ournal on Pov

SSING FINANC

sengphet, S.,

me households

cy.

D. (2007). A

et Building P

nking the poo

stitution, Rese

den, M. W. (2

ds.), Building

DC: Brooking

im, B. D., &

vidence from

Garrett, D.

m a survey of

nathan, S., &

ing among th

de, A. M., &

s. Journal of Fa

en, M., Cram

of asset hold

e families, par

ourke, C. M.

sumer Affairs,

ndquist, E. C

orrower beha

, & Jacob, K.

for low‐incom

neligible to Sa

munity Pract

don’t do ba

erty Law & P

CIAL CAPABILI

& Do, C. (2

. Working P

Analyzing th

Program, New

or: Policies to

earch Brief.

2005). Institu

g assets, build

gs Institution

& Scholz, J.

m a survey of

M. (2003). T

f households

& Shafir, E. (

he poor. Journ

& Schreiner,

amily and Eco

mer, R., Wil

dings. In S. M

rt 4. Washing

(2010). Finan

, 44(3), 483‐49

C., & Staten

avior. Journal

(2006). Distr

me households

ave? Asset L

tice, 16(2), 183

anks”: Financ

olicy, 19, 485‐

ITY OUTCOME

2011). Beyond

aper. Washin

he relationship

w America F

bring low‐inc

utions and in

ding wealth: C

n Press.

K. (2008). T

employers. E

The effects o

. Journal of Pu

(2006). Behav

nal of Public P

M. (2003). A

onomic Issues,

lliams Shank

M. McKernan

gton, DC: Urb

ncial educatio

98.

, M. E. (200

l of Consumer

ributing prepa

s. Center for

Limits and th

3‐199.

cial lives of

‐498.  

ES (AFCO) ADU

d race and gen

ngton, DC: U

p between ac

Foundation.

come America

nclusion in sa

Creating wea

The effects o

Economic Inqu

of financial

ublic Economi

vioral econom

Policy and Ma

A framework

, 24(2), 143‐1

ks, T. R., N

n & M. W. Sh

ban Institute

on and coun

07). The imp

r Affairs, 41(1

aid cards throu

r Financial S

he Saving Be

families on

ULT PILOT 

FINANCI

 FOR T

nder: Financia

U.S. Office o

ccount owner

ans into financ

aving policy

lth in low‐in

of financial

uiry, 47(4), 60

education i

ics, 87(7‐8), 1

mics and ma

arketing, 25(1

k of asset‐acc

56.  

Nam, Y., &

herraden (Ed

Press.

nseling – Still

pact of cred

), 1‐28.

ugh worker ce

Services Inno

ehavior of W

public assis

IAL COUNSELIN

THE FINANCIAL

al access to low

of the Compt

rship and fin

cial mainstrea

. In N. Retsin

come commu

education in

05‐624.

n the workp

1487‐1519.

arketing in a

), 8‐23.

cumulation s

Zhan, M. (2

ds.), Asset bu

holding pro

dit counselin

nters: A gatew

ovation, Res

Welfare Recip

tance. Georg

NG AND ACCE

LLY VULNERAB

w and

troller

nancial

am. In

nas &

nities.

n the

place:

aid of

stages

2008).

uilding

omise.

ng on

way to

search

pients.

getown

ESS 

BLE 
30 

FINDINGS FRO

Prescott,

B

Romich, J

V

M

OM THE ASSES

E. S., & Tata

ank of Richmo

J., Waithaka,

Views on Prep

Madison, Apr

SSING FINANC

ar, D. D. (199

ond Economic

, E., & Gordo

paid Cards.

ril 2010 Symp

CIAL CAPABILI

99). Means o

c Quarterly, 85

on, S. (2010).

Center for F

posium – Fam

ITY OUTCOME

of payment, t

5(4), 49‐70.

A Tool for G

inancial Serv

mily Financia

ES (AFCO) ADU

the unbanke

Getting By o

vices Innovat

al Security.

ULT PILOT 

FINANCI

 FOR T

ed and EFT ’9

r Getting Ah

tion. Univers

IAL COUNSELIN

THE FINANCIAL

99. Federal R

head? Consu

sity of Wisco

NG AND ACCE

LLY VULNERAB

eserve

mers’

onsin,

ESS 

BLE 
31 

FINDING

Ap

Sum

 

Could

expen

Trust 

In con

(5pt) 

Self-as

literac

Can p

(5pt) 

Frequ

(7pt) 

Banke

Uses a

financ

Credit

Perce

Past D

Perce

Past D

Numb

Collec

Revolv

Availa

Debt 

mortg

Month

($) 

Amou

Numb

Public

Negat

Credit

Revolv

Limit 

Balan

Perce

Credit

Balan

($) 

Balan

($) 

Balan

Accou

Balan

Accou

Numb

Loans

Balan

Loans

Numb

Accou

Numb

Accou

Numb

GS FROM THE A

ppendix 

mmary Means

d pay unexpecte

nse of $500 (5pt)

banks (5pt) 

ntrol of finances

ssessed financia

cy (5pt) 

pay bills on time

uency of Saving 

ed (y/n) 

alternative 

ce (y/n) 

t Score 

entage of Debt 

Due 

entage of Accts. 

Due 

ber of Accts. In 

ctions 

ving Credit 

able ($) 

(excluding 

gage, $) 

hly Debt Payme

unt Past Due ($)

ber of Inquiries 

c Records 

tive Reports on 

t 

ving Balance ($)

on Revolving 

ce ($) 

ent of Revolving 

t Available 

ce in Collection

ce on Mortgage

ce on Closed 

unts ($) 

ce on Installmen

unts ($) 

ber of Student 

s

ce on Student 

s ($) 

ber of Revolving

unts 

ber of Installme

unts 

ber of Mortgage

ASSESSING FIN

A1: Sum

 B

Total C

ed 

) 2.4 

2.8 

2.7 

al 3.4 

3.8 

3.5 

0.38 

0.85 

562 

0.31 

0.37 

1.9 

420 

5,328 5

ent 119 

) 1,927 2

1.5 

0.5 

1.5 

) 185 

5,236 3

72 

ns 1,350 1

e 392 

2,152 2

nt 2,904 3

0.6 

2,717 2

g 1.4 

nt 1.5 

es 0.0 

NANCIAL CAP

mmary T

Baseline 

ontrol Treatme

2.3 2.4 

2.8 2.7 

2.7 2.7 

3.4 3.3 

3.8 3.9 

3.6 3.4 

0.40 0.36 

0.87 0.82 

557 568 

0.30 0.31 

0.37 0.37 

2.0 1.8 

367 466 

5,907 4,836 

92 143 

2,193 1,700 

1.6 1.4 

0.5 0.5 

1.8 1.3 

178 190 

3,857 7,029 

65 82 

1,570 1,162 

131 614 

2,469 1,882 

3,186 2,662 

0.7 0.5 

2,957 2,512 

1.8 1.1 

1.7 1.3 

0.0 0.0 

PABILITY OUTC

Tables 

M

6-

nt Total Co

2.6 2

2.4 2

2.8 2

3.3 3

3.3 3

3.8 3

0.62 0

0.83 0

563 5

0.29 0

0.36 0

1.9 2

423 3

5,455 5,6

121 9

1,887 2,

1.6 1

0.5 0

1.5 1

186 1

5,282 3,7

71 6

1,390 1,6

385 1

2,082 2,

3,142 3,

0.6 0

2,886 2,8

1.4 1

1.5 1

0.0 0

COMES (AFCO

Means 

Month 

ntrol Treatment

2.6 2.6 

2.4 2.4 

2.8 2.8 

3.3 3.2 

3.3 3.4 

3.8 3.9 

.67 0.57 

.81 0.86 

556 571 

.30 0.29 

.37 0.34 

2.0 1.8 

53 483 

685 5,261 

93 145 

150 1,663 

1.7 1.5 

0.5 0.5 

1.8 1.2 

93 180 

771 7,246 

64 80 

607 1,204 

20 610 

341 1,860 

126 3,156 

0.6 0.5 

883 2,889 

1.8 1.1 

1.7 1.4 

0.0 0.0 

O) ADULT PILO

FIN

12-M

t Total Cont

2.6 2.6

2.6 2.7

2.8 2.8

3.2 3.

3.3 3.

3.4 3.5

0.57 0.5

0.99 1.0

569 56

0.27 0.2

0.32 0.3

1.9 2.0

415 34

5,586 5,9

120 9

1,878 2,14

1.8 1.9

0.4 0.4

1.3 1.6

197 16

5,473 3,92

73 68

1,426 1,59

- -

2,095 2,35

3,235 3,32

0.6 0.7

3,018 3,22

1.4 1.7

1.6 1.8

0.0 0.0

OT 

NANCIAL COUN

FOR THE FINAN

Month 

trol Treatment 

6 2.6 

7 2.5 

8 2.8 

3 3.2 

3 3.4 

5 3.3 

57 0.56 

00 0.99 

67 572 

29 0.25 

35 0.30 

0 1.8 

42 477 

32 5,293 

1 145 

49 1,647 

9 1.8 

4 0.4 

6 1.1 

68 222 

28 7,481 

8 81 

91 1,285 

 - 

55 1,872 

29 3,154 

7 0.5 

29 2,838 

7 1.1 

8 1.5 

0 0.0 

NSELING AND A

NCIALLY VULN

Cou

Total Contr

355 184

359 187

337 174

358 186

338 178

329 175

361 187

155 77

340 177

879 405

879 405

879 405

879 405

876 402

879 405

879 405

879 405

879 405

879 405

872 402

92 52

86 49

879 405

876 402

879 405

873 403

879 405

879 405

879 405

879 405

879 405

ACCESS 

NERABLE 

unts 

ol Treatment 

171 

172 

163 

172 

160 

154 

174 

78 

163 

474 

474 

474 

474 

474 

474 

474 

474 

474 

474 

470 

40 

37 

474 

474 

474 

470 

474 

474 

474 

474 

474 
32 

FINDING

Sum

 

Numb

Accou

Numb

Numb

Cards

Numb

Credit

Numb

Contr

Numb

Accou

Numb

Accou

Numb

Bankr

Tax L

 

 

 

Could

Trust

In con

Self-a

Can p

Frequ

Banke

Uses 

Credi

Perce

Perce

Numb

Revol

Debt 

Mont

Amou

Numb

Public

Negat

Revol

Limit

Perce

Balan

Balan

GS FROM THE A

mmary Means

ber of Open 

unts 

ber of Auto Loa

ber of Credit 

s

ber of Lines of 

t 

ber of Sales 

racts 

ber of Secured 

unts 

ber of Unsecure

unts 

ber of 

ruptcies 

Liens

d pay unexpect

t banks (5pt) 

ntrol of finance

assessed financi

pay bills on tim

uency of Saving

ed (y/n) 

alternative fina

it Score 

entage of Debt 

entage of Accts

ber of Accts. In

lving Credit Av

(excluding mo

hly Debt Paym

unt Past Due 

ber of Inquiries

c Records 

tive Reports on

lving Balance 

t on Revolving B

ent of Revolving

nce in Collectio

nce on Mortgag

ASSESSING FIN

 B

Total C

0.5 

ans 0.0 

0.3 

0.0 

0.0 

0.0 

ed 0.0 

0.0 

361 

ted expense of 

es (5pt) 

ial literacy (5pt

e (5pt) 

g (7pt) 

ance (y/n) 

Past Due 

s. Past Due 

n Collections 

vailable 

ortgage) 

ment 

s

n Credit 

Balance 

g Credit Availa

ons 

ge 

NANCIAL CAP

Baseline 

ontrol Treatme

0.5 0.5 

0.0 0.0 

0.4 0.2 

0.0 0.0 

0.0 0.0 

0.0 0.0 

0.0 0.0 

0.0 0.0 

409 320 

T

$500 (5pt) 

t) 

0

0

0

0

2

14

7

6

1

7

able 

2

9

PABILITY OUTC

M

6-

nt Total Co

0.4 0

0.0 0

0.3 0

0.0 0

0.0 0

0.0 0

0.0 0

0.0 0

366 4

Baselin

Total Control

1.3 1.2 

1.1 1.1 

1.1 1.1 

1.0 1.0 

1.0 1.1 

2.3 2.3 

0.49 0.49 

0.44 0.44 

62 61 

0.43 0.43 

0.42 0.41 

2.2 2.2 

2,304 1,703 

4,052 13,800

775 573 

6,920 7,034 

1.9 1.8 

1.0 1.0 

2.5 3.0 

,454 1,006 

7,935 4,726 

36 40 

2,862 3,301 

9,990 2,628 

COMES (AFCO

Means 

Month 

ntrol Treatment

0.4 0.4 

0.0 0.0 

0.4 0.2 

0.0 0.0 

0.0 0.0 

0.0 0.0 

0.0 0.0 

0.0 0.0 

433 308 

ne

Treatment 

1.3 

1.0 

1.1 

1.0 

0.9 

2.4 

0.48 

0.43 

63 

0.44 

0.42 

2.3 

2,715 

14,259 

913 

6,820 

1.9 

0.9 

2.0 

1,750 

10,577 

27 

2,413 

13,366 

O) ADULT PILO

FIN

12-M

t Total Cont

0.3 0.

0.0 0.0

0.3 0.

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

360 43

Standard D

6-Mo

Total Contro

1.3 1.2

1.1 1.1

1.1 1.1

1.0 1.0

1.0 1.1

2.3 2.3

0.49 0.49

0.44 0.44

62 61 

0.43 0.43

0.42 0.41

2.2 2.2

2,304 1,703

14,052 13,800

775 573

6,920 7,034

1.9 1.8

1.0 1.0

2.5 3.0

1,454 1,006

7,935 4,726

36 40 

2,862 3,301

9,990 2,628

OT 

NANCIAL COUN

FOR THE FINAN

Month 

trol Treatment 

3 0.3 

0 0.0 

3 0.2 

0 0.0 

0 0.0 

0 0.0 

0 0.0 

0 0.0 

38 293 

Deviations 

onth

ol Treatment 

1.3 

1.0 

1.1 

1.0 

0.9 

2.4 

0.48 

0.43 

63 

0.44 

0.42 

2.3 

2,715 

0 14,259 

913 

4 6,820 

1.9 

0.9 

2.0 

6 1,750 

6 10,577 

27 

2,413 

8 13,366 

NSELING AND A

NCIALLY VULN

Cou

Total Contr

879 405

879 405

879 405

879 405

879 405

879 405

879 405

879 405

879 405

12-M

Total Cont

1.3 1.2

1.1 1.1

1.1 1.1

1.0 1.0

1.0 1.1

2.3 2.3

0.49 0.4

0.44 0.4

62 61

0.43 0.4

0.42 0.4

2.2 2.2

2,304 1,70

14,052 13,8

775 573

6,920 7,03

1.9 1.8

1.0 1.0

2.5 3.0

1,454 1,00

7,935 4,72

36 40

2,862 3,30

9,990 2,62

ACCESS 

NERABLE 

unts 

ol Treatment 

474 

474 

474 

474 

474 

474 

474 

474 

474 

Month

trol Treatment

2 1.3 

1 1.0 

1 1.1 

0 1.0 

1 0.9 

3 2.4 

9 0.48 

4 0.43 

63 

3 0.44 

1 0.42 

2 2.3 

03 2,715 

00 14,259 

3 913 

34 6,820 

8 1.9 

0 0.9 

0 2.0 

06 1,750 

26 10,577 

0 27 

01 2,413 

28 13,366 

t
33 

FINDING

 

 

 

Balan

Balan

Numb

Balan

Numb

Numb

Numb

Numb

Numb

Numb

Numb

Numb

Numb

Numb

Numb

Tax L

GS FROM THE A

nce on Closed A

nce on Installm

ber of Student 

nce on Student 

ber of Revolvin

ber of Installm

ber of Mortgag

ber of Open Ac

ber of Auto Lo

ber of Credit C

ber of Lines of 

ber of Sales Co

ber of Secured

ber of Unsecur

ber of Bankrup

Liens 

ASSESSING FIN

Accounts 

ent Accounts 

Loans 

Loans 

ng Accounts 

ent Accounts 

ges 

ccounts 

oans 

Cards 

Credit 

ontracts 

 Accounts 

red Accounts 

ptcies 

NANCIAL CAP

T

8

1

10

2

PABILITY OUTC

Baselin

Total Control

8,293 7,559 

1,135 11,400

1.6 1.7 

0,331 10,127

3.5 4.2 

3.5 3.8 

0.2 0.3 

0.7 0.8 

0.2 0.2 

0.9 1.0 

0.1 0.1 

0.1 0.1 

0.1 0.0 

0.1 0.1 

0.1 0.1 

2507 3237 

COMES (AFCO

ne

Treatment 

8,872 

10,908 

1.5 

10,508 

2.7 

3.2 

0.1 

0.7 

0.2 

0.8 

0.1 

0.1 

0.1 

0.2 

0.1 

1646 

O) ADULT PILO

FIN

Standard D

6-Mo

Total Contro

8,293 7,559

11,135 11,400

1.6 1.7

10,331 10,127

3.5 4.2

3.5 3.8

0.2 0.3

0.7 0.8

0.2 0.2

0.9 1.0

0.1 0.1

0.1 0.1

0.1 0.0

0.1 0.1

0.1 0.1

2507 3237

OT 

NANCIAL COUN

FOR THE FINAN

Deviations 

onth

ol Treatment 

9 8,872 

0 10,908 

1.5 

7 10,508 

2.7 

3.2 

0.1 

0.7 

0.2 

0.8 

0.1 

0.1 

0.1 

0.2 

0.1 

1646 

NSELING AND A

NCIALLY VULN

12-M

Total Cont

8,293 7,55

11,135 11,4

1.6 1.7

10,331 10,1

3.5 4.2

3.5 3.8

0.2 0.3

0.7 0.8

0.2 0.2

0.9 1.0

0.1 0.1

0.1 0.1

0.1 0.0

0.1 0.1

0.1 0.1

2507 323

ACCESS 

NERABLE 

Month

trol Treatment

59 8,872 

00 10,908 

7 1.5 

27 10,508 

2 2.7 

8 3.2 

3 0.1 

8 0.7 

2 0.2 

0 0.8 

1 0.1 

1 0.1 

0 0.1 

1 0.2 

1 0.1 

37 1646 

t
34 

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OMB Control #1505-0242

 

BACKGROUND INFORMATION

1. Last Name: 2.First Name: 3. Date of Birth:

4. Are you of Hispanic or Latino origin?

 Yes

 No

 Prefer not to answer

5. Race: (select one or more)

 White

 Black/African-American

 Asian

 Native Hawaiian or other Pacific 

Islander 

American Indian or Alaska Native 

 Prefer not to answer

6. Living Situation: 

 Rent

 Own

 Staying with family/friends

 Public housing

 Homeless/shelter

 Prefer not to answer

7. Marital Status: 

 Married

 Single (never married)

 Divorced/Separated

 Widowed

 Prefer not to answer

8. How many adults (18 and over), 

including yourself, are in your 

household? 

 

 ____________

9. How many children (under 

18) are in your household? 

 

 

 ____________

USE OF FINANCIAL SERVICES

10. Did you have a bank account in the month before 

starting POP?

11. If you did not have a bank account in the month before 

starting POP, did you have one in the past?

 Yes No

 11a. IF YES, why did you close it? (check all that apply)

 I could not maintain the minimum balance 

 Fees were too high 

 I don’t like dealing with banks 

 I don’t trust banks

 I had a negative experience with my bank

 I have judgments/liens 

 It was frozen / garnished

 Other reason: _________________________________

________________________________________________

 11b. IF NO, why don’t you have a bank account? (check 

all)

 I can’t maintain the minimum balance 

 Fees are too high 

 I tried but bank denied me

 I don’t have the required identification 

 I don’t like dealing with banks

 I don’t trust banks

 I had a negative experience with my bank 

 I have judgments / liens

 I don’t want my wages garnished

 Other reason: _________________________________

________________________________________________

 No account Yes, savings account 

 Yes, checking account Yes, both checking 

and savings account

12. Did you have any of the following in the month 

before starting POP? (check all that apply)

 Prepaid card

 Payroll card

 EBT/Public Benefits card

 Direct deposit to bank account

 Direct deposit to payroll card

13. Have you used any of the following in the last 

month? (check all that apply)

 Check-cashers

 Money orders 

 Online bill pay

 Pay day lender

 Pawn shops

SURVEY ABOUT FINANCES
Specialist: POP site: Date:

FINANCIAL INFORMATION

Paperwork Reduction Act Notice

Notwithstanding any other provision of the law, no person is required to respond to, nor shall any person be subject to a penalty for 

failure to comply with a collection of information subject to the requirements of the Paperwork Reduction Act, unless that collection 

of information displays a currently valid OMB Control Number. The estimated time to complete this survey is 20 minutes. To 

provide comment on this survey, please contact Louisa M. Quittman, Director, Community Programs, Office of Financial Education 

and Financial Access, US Department of the Treasury, 1500 Pennsylvania Ave., NW, Washington, DC 20220. This is an approved 

information collection under OMB #1505-0242.

14. If you had an unexpected expense or 

emergency of $500, how confident are you 

that you could pay it? 

 Not at all

 A little 

 Somewhat 

 Very

 Extremely

15. Do you use a budget or 

spending plan? 

 Yes No 

16. Have you viewed your credit 

report in the past 12 months? 

 Yes No

17. Are you saving regularly? 

 Yes No 

18. Do you have any savings? 

 

 Yes No

19. If you have savings, about how 

much money do you have saved? 

 

$_______________

20. About how often do you contribute to 

savings?

 Weekly

 Every two weeks

 Monthly

 Several times a year

 Once per year

 Less than once per year

 Never, do not contribute to savings

21. How often is your household able 

to pay all bills, such as rent /mortgage, 

utilities, food, etc? 

 Almost always

 Often 

 Sometimes 

 Rarely

 Never

22. Do you trust banks? 

 Not at all

 A little 

 Somewhat 

 Very

 Extremely

23. How much control do you feel over your 

finances? 

 No control

 A little control 

 In control 

 Very in control 

 Extremely in control

24. How would you rate your 

understanding of moneymanagement? 

 Very bad

 Poor 

 Fair

 Good 

 Excellent

25. How frequently do you pay 

your bills on time? 

 Almost always

 Often 

 Sometimes 

 Rarely

 Never
OMB Control #1505-0242

 

1. The first questions are about your experiences looking for employment. 

Have you found employment outside of the Parks Opportunity Program? 

Yes, full-time or more 

Yes, part time 

No 

2. Since starting the Parks Opportunity Program, how many jobs have you... 

0 

jobs 

1 to 4 

 jobs 

5 to 8 

jobs 

9 to 12 

jobs 

13 or more 

jobs 

a. ...applied for? 

b. ...interviewed for? 

3. The next questions are about financial counseling. 

In the last 6 months, have you attended financial counseling?

Yes 

No Go to question 4 

3a. How much did counseling help your financial situation? 

Not at all 

A little 

Somewhat 

A lot 

Extremely 

3b. How many counseling sessions did you attend? 

One 

Two 

Three 

Four 

Five or more 

Parks Opportunity 

Program Survey 

The U.S. Department of the Treasury has asked us to evaluate the financial services provided by the 

Parks Opportunity Program. To improve this program and provide better services in the future we 

need your help. Please complete the survey today and return it in the stamped envelope provided. 

Thank you!
4. The next questions are about financial goals. 

Do you currently have at least one financial goal? 

Yes 

No Go to question 5 

4a. What is your main financial goal? 

 

4b. In the next year, how confident are you that you will be able to achieve this financial goal? 

Not at all confident 

A little confident 

Somewhat confident 

Very confident 

Certain 

5. Next we ask about banking. 

Do you currently have a checking or savings account? 

Yes, both checking and savings account 

Yes, checking account 

Yes, savings account 

No 

6. How often do you....

Never 

Less than 

once a 

month 

One or 

more times 

a month 

One or 

more times 

a week 

About 

every day

a. ...make a withdrawal or deposit at a 

bank branch? 

b. ...make a withdrawal or deposit at an 

ATM? 

c. ...use a debit card to make a purchase?

d. ...write a check? 

e. ...transfer money or pay bills online? 

f. ...use a mobile phone to access a bank

or credit union account? 

7. Do you have any frozen savings or checking accounts? 

Yes 

No 

Not sure 
8. Thinking about both active accounts and frozen accounts, at how many different banks or credit 

unions do you have accounts? 

None 

One 

Two 

Three 

More than three 

Not sure 

9. How much do you trust banks and credit unions? 

Not at all 

A little 

Somewhat 

A lot 

Extremely 

10. The next questions are about direct deposit. 

Currently, do you receive your paycheck through direct deposit? 

Yes, into a bank account at Banco Popular 

Yes, into an account at another bank or credit union, not Banco Popular 

Yes, onto a prepaid card 

No 

Not sure 

11. If you are offered direct deposit at your next job, will you sign up for it? 

No. Please tell us why: 

Yes. Please tell us why: 

12. Thinking about direct deposit compared to a paper paycheck, how much harder or easier does it 

make each of the following? 

Much 

harder 

Somewhat 

harder 

Slightly 

harder 

About the 

same 

Slightly 

easier 

Somewhat 

easier 

Much 

easier 

a. Accessing your 

money 

b. Keeping your money 

safe 

c. Saving time 

d. Saving money 

e. Paying bills 

f. Managing your 

money day-to-day 
13. The next questions are about prepaid cards and other financial services. 

Have you ever had... 

Yes No Not sure

a. ... a prepaid card? 

b. ...direct deposit of your paycheck to a prepaid card? 

c. ...direct deposit of your paycheck into a bank account? 

14. Have you ever used a prepaid or payment card to receive... 

Yes No Not sure

a. ...unemployment benefits? 

b. ...child support? 

c. ...public benefits, like EBT, for example? 

15. Currently, do you have one or more prepaid cards? 

Yes 

No 

Not sure 

16. In the last 30 days, how often have you... 

 0 times 1 time 

2 to 3 

times 

4 or more 

times 

a. ...used a check cashing store? 

b. ...taken out a pawn shop loan? 

c. ...received an advance loan from a credit card or 

payday lender? 

d. ...purchased a money order? 

e. ...paid bills online? 

f. ...overdrawn a checking or savings account? 

g. ...paid non-sufficient funds fees, or NSF fees, for 

overdrawing a bank account? 

h. ...borrowed money from friends or family? 

17. The next questions are about savings. Please include any savings you may have at home, with 

family or friends, at a bank or credit union, in a savings program, or any other place. 

Currently, about how much money do you have saved? 

$0 

$1-$500 

$501-$1,000 

$1,001-$1,500 

$1,501-$2,000 

More than $2,000 
18. About how often do you contribute to savings? 

Weekly 

Every two weeks 

Monthly 

Several times a year 

Once per year 

Less than once per year 

Never, do not contribute to savings 

19. The next questions are about managing your money, credit, and debt. 

In the last 6 months, have you... 

Yes No Not sure

a. ...signed up for a savings program? 

b. ...started saving or increased the amount you regularly save? 

c. ...reduced your total debt? 

d. ...reviewed your credit report? 

e. ...created a plan to pay off debt? 

f. ...worked to establish credit using a product such as a secured 

credit card or a credit builder loan? 

g. ...filed for bankruptcy? 

20. How would you rate your understanding of money-management? 

Very bad 

Poor 

Fair 

Good 

Excellent 

21. How would you rate your personal credit record? 

Very poor 

Poor 

Fair 

Good 

Excellent 

Don’t know 

22. In the next month, how confident are you that you could come up with $500 if an unexpected need 

arose? 

Not at all 

A little 

Somewhat 

Very 

Extremely 
23. In the next month, if you were facing a $500 unexpected expense, how would you get the money 

you need? 

Borrow or ask for help from friends or family 

Take out a pay day loan or pawn something you own 

Use savings 

Work more 

Use a credit card 

Sell something you own 

I would not be able to access this money 

Other place. Please tell us: 

24. How worried are you about your finances? 

Not at all 

A little 

Somewhat 

Very 

Extremely 

25. Currently, how successful are you at... 

Not at all A little Somewhat Very Extremely

a. ...controlling your spending? 

b. ...paying your bills on time? 

c. ...planning for your financial future? 

d. ...providing for yourself and your family? 

e. ...saving money? 

26. Thinking about the way you spend your money.... 

Not at all A Little Somewhat Very Extremely

a. ...how confident are you making decisions 

about money? 

b. ...how confident are you that the way you 

manage money will affect your future? 

c. ...how much in debt do you consider 

yourself? 

...how often do you... Never Rarely Sometimes Often Very often

e. ...keep track of all of your expenses? 

f. ...compare prices when you shop? 

g. ...use a budget or spending plan? 
27. In the last 30 days, how often did you feel that you were not able to control the important things 

in your life? 

Never

Rarely 

Sometimes 

Often 

Very often 

28. Next we ask about your household. 

In the last month, what was your households’ total monthly take-home income from each of the 

following sources? 

$0 $1-$500 

$501-

$1,000 

$1,001-

$1,500 

$1,501-

$2,000 

More 

than 

$2,000 

a. Employment, including work for 

someone else, self-employment, 

or any work for pay. 

b. Public benefits, such as cash 

assistance, Social Security, 

Disability, Unemployment, 

rental or housing assistance, 

child care, and food stamps. 

c. Other sources. Please tell us: 

29. In the last 6 months, has your household experienced an unexpected drop in income or an 

unexpected expense of at least $500? 

Yes 

No 

30. Currently, how many adults 18 years of age or older live in your household? 

 Adults 

31. Currently, how many children under the age of 18 live in your household? 

 Children 

32. Currently, what is your living situation? 

Shelter, transitional housing, or homeless 

Own 

Rent, but not public housing 

Public housing 

Staying with family or friends 
33. Finally, we ask for your opinion on financial matters. 

How much is your decision whether or not to save money in a savings or checking account 

affected by... 

Not at all A little Somewhat A lot Extremely

a. ...eligibility for public benefits? 

b. ...the risk of garnishment due to 

outstanding debt you may have? 

34. Do you think the amount of money a person saves in a savings or checking account can affect their 

eligibility for... 

Definitely 

not 

It 

depends 

Yes, 

certainly Not sure

a. ...Temporary Assistance for Needy Families, or TANF?

b. ...Food stamps, Supplemental Nutrition Assistance 

Program, or SNAP? 

c. ...Medicaid, excluding Medicaid for the elderly, blind or 

disabled? 

35. Imagine you win $1,000 in the lottery today. 

a. Would you rather wait 6 weeks for the full $1,000 or take $850 now? 

Take $850 today 

Wait 6 weeks for $1,000 

b. Would you rather wait 6 weeks for the full $1,000 or take $900 now? 

Take $900 today 

Wait 6 weeks for $1,000 

c. Would you rather wait 6 weeks for the full $1,000 or take $950 now? 

Take $950 today 

Wait 6 weeks for $1,000 

Paperwork Reduction Act Notice 

Notwithstanding any other provision of the law, no person is required to respond to, nor shall any person be subject to a penalty 

for failure to comply with a collection of information subject to the requirements of the Paperwork Reduction Act, unless that 

collection of information displays a currently valid OMB Control Number. The estimated time to complete this survey is 20 

minutes. To provide comment on this survey, please contact Louisa M. Quittman, Director, Community Programs, Office of 

Financial Education and Financial Access, US Department of the Treasury, 1500 Pennsylvania Ave., NW, Washington, DC 

20220. This is an approved information collection under OMB #1505-0242. 

Thank you very much for taking the time to complete this survey.

Please return the completed survey in the postage-paid envelope provided to: 

Sterling Hall, Room B607 

475 North Charter Street 

 Madison, WI 53706-1582