Using a Financial Coaching Approach to Help Low-Income Families Achieve Economic Success

Local Initiatives Support Corporation
In the last decade there has been a growth in for-profit and nonprofit services that use the term "coaching" to provide some form of support on financial issues. Coaching is such a widely used term that its precise meaning is illusive in the financial arena. Programs may use the term financial coaching, money coaching, budget coaching or credit coaching to describe a wide range of activities. This brief describes the current context of financial coaching in its many forms, with a focus on programs delivered by nonprofit community-based asset building programs. Organizations engaged in the Centers for Working Families (CWF) are committed to integrated deliver of a range of services that promote financial security and asset building. Like other organizations, CWF organizations are experimenting with a range of financial and other coaching strategies. Interest in coaching has grown based on a desire to go beyond financial literacy to focus on financial behavior.
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