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Expand FOC Services

Expand FOC Services

# people with increased short or long term savings

9Q2 2022

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Story Behind the Curve

CMCA offers individualized financial coaching services as part of the agency's Whole Family Approach as well as through the Financial Opportunity Center.  Data below indicates the year-to-date numbers of CMCA members receiving coaching who have increased their short- or long-term savings.

People with Increased Savings

Fiscal Year Fiscal Quarter # People with Increased Savings Current Qtr # People with Increased Savings YTD
FY 2022 Qtr 1 Oct-Dec 4 4

 

FY 2021

Qtr 4 Jul-Sep 14 23
Qtr 3 Apr-Jun 4 9
Qtr 2 Jan-Mar 1 5
Qtr 1 Oct-Dec 4 4

* CMCA launched the Financial Opportunity Center in the 3rd Quarter of FY 2021.

Why Is This Important?

Establishing and maintaining a savings account is an important step in building financial resiliency.  People without savings often struggle to recover from financial shocks, or unexpected expenses that arise outside of routine bills or living expenses.  In these situations, those without savings often turn to high cost financial services, such as credit cards or payday loans, which often lead to debt and increase the difficulty of establishing a savings fund for emergency expenses.

Through coaching offered through the Financial Opportunity Center, CMCA members learn financial management skills such as budgeting, reducing expenses, and lowering debt in order to increase their credit scores.  By helping people improve their financial management skills and credit scores, CMCA supports families in becoming more resilient and in breaking the cycle of poverty. 

Interested in supporting CMCA in this endeavor?  Click here to find out how you can help.

Sources:

1. Consumer Financial Protection Bureau. (n.d.). Why savings matters: The latest research. Consumer Financial Protection Bureau. 

  

How We Impact

The Financial Opportunity Center became active in April 2021, during the third quarter of the agency's fiscal year.  FOCs pair individuals with Financial and Employment Coaches to co-create financial freedom plans. Coaches support individuals with tools and resources that allow them to navigate the complexities of increasing income, decreasing expenses and acquiring assets.  The FOC model is built on four interlocking components: Financial Coaching, Career Coaching, Income Supports and a Shared Data System.  Click here to see how it works.

Interested in helping CMCA make an impact in your community?  Click here to learn more.

Partners

     

The Financial Opportunity Center is provided in partnership with Rural LISC.  With residents and partners, LISC forges resilient and inclusive communities of opportunity across America - great places to live, work, visit, do business, and raise families.

Interested in partnering with CMCA?  Click here to learn more about how you can help.

Scorecard Result Container Indicator Measure Action Actual Value Target Value Tag S R I P PM A m/d/yy m/d/yyyy