The Financial Success Program (FSP), the main program of the Financial Hope Collaborative, is a grant funded financial education platform. The intent of the curriculum is to promote effective change in financial behavior for low to moderate income families. The FSP focuses on three core components: an outstanding trainer, an easy to use money management system, and ongoing financial coaching. Dinner and daycare are included as part of the traditional program.
The nine-week curriculum was created to address the immediate financial issues for the target population. The curriculum includes tracking expenses, saving for emergencies, and repairing credit reports. Information on taxes, insurance, predatory lending, building healthy relationships, and the psychology of money are also provided. The FSP Program also provides the following value added components:
- One-on-one meetings with a financial coach/mentor
- Ability to enroll in utility level payment plans
- Planning for best use of EITC/tax refund
- Debt Consolidation Loans for program graduates
- Monthly Graduate Meetings– education, support, and accountability
Results from the participants’ pre and post-tests show significant increases in the clients’ financial well-being, sense of control, and confidence. Participants’ newfound hopefulness and the change in their attitude toward their finances translated into an 85% retention rate for the classroom training. This is one of the highest retention rates for a financial education program in the country.
The program’s mantra is: Cash Flow Creates ¢hange
There have been over 650 program graduates to date. This year-long program is not for the faint of heart. Those who are willing to put their financial house in order are in for a challenging but exciting ride! Feel free to check out a FSP overview video and commentary clips from a few FSP graduates!