At the CFPB, we recognize the value of financial coaching. Financial coaching is an emerging practice in which trained financial coaches work collaboratively with clients to help them identify and reach their personal financial goals. That’s why in April, we hosted the 2017 Financial Coaching Symposium in Madison, Wisconsin. The event brought together financial coaching leaders and researchers from across the country to discuss strategies to improve financial coaching services.
Today, we’re releasing a report on the symposium that provides an overview of the conversation, including lessons learned and next steps for the field to consider. Participants developed a concrete list of actions that the field can take to ensure the continued development of accessible, high-quality financial coaching services that help people reach their financial goals. The report focuses on:
- Competencies that financial coaches should have to provide quality services to clients
- Key elements of successful financial coaching services
- Research needs that the field should address to understand and increase the impact of financial coaching on people’s lives
At the CFPB, we work to support financial coaching and expand access to financial coaching services to people across the country. Since 2015, we have placed financial coaches in community organizations that serve veterans transitioning to civilian life and economically vulnerable people through our Financial Coaching Initiative. We have also commissioned research to better understand the impact of financial coaching on people’s lives. Research shows that financial coaching services improve financial well-being for clients. Some of the benefits of financial coaching include:
- Increased deposits, savings, and credit scores
- Decreased debt
- Decreased financial stress
As financial coaching programs continue to grow across the country, we continue to work with partners to ensure the field provides high-quality services that help people reach their financial goals and improve their lives.
If you’re interested in learning more, please contact us at empowerment@cfpb.gov.