®
Mary Dupont, Director of Financial Empowerment
State of Delaware, DE Dept. of Health and Social Services
mary.dupont@state.de.us
302-255-9245
http://www.youtube.com/watch?v=JRkTCvuroW8
www.standbymede.org
®
Asset
Development:
Home ownership,
Education, Retirement,
Business Development
Stock Market
MONEY, LIFE,
AND WELL-BEING
Emergency Savings and
Access to Credit
Financial Position:
Pay down debt, Increase credit score,
access to mainstream financial services.
Physical Mobility: vehicle ownership,
insurance, and maintenance.
Living expenses:
Housing, Food, Utilities, Healthcare
$tand By Me’s Hierarchy
of Economic Security
Maslow’s Hierarchy of Needs
®
FINANCIAL EMPOWERMENT SERVICE PACKAGE
Goal: Increase personal economic security.
 Personal Financial Coaching: Budgeting, debt, financial goal setting, savings, and personal money
management. Work one-on-one with a personal financial coach.
 Mind Over Money Workshops: Four 1-hour interactive workshops where participants have fun while
they learn about money. Even the most financially savvy money manager will be surprised about the
insights and ideas they come up with during these sessions.
 Financial Services: Work with credit unions and non-profits to develop and increase access to
consumer-friendly savings, loan, and transaction products.
 Post Secondary Education Services: Financial planning for post-secondary, FAFSA applications,
managing student loan debt.
 Community Referrals: Debt consolidation, foreclosure assistance, free tax preparation, matched
savings programs, home ownership counseling.
FREE OF CHARGE TO DELAWARE CHILD CARE BUSINESSES:
Administrators, Employees, and Customers
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
®
NEW CASTLE COUNTY
KENT COUNTY
SUSSEX COUNTY
Lead Partner: West End Neighborhood
House
Lead Partner: NCALL Research, Inc.
Lead Partner: Goodwill of Delaware
and Delaware Co.
ShopRite Supermarkets
Dover Downs
Nanticoke Hospital
Christiana Hilton
Delaware State Housing Authority
Beebe Hospital
DE Dept. of Health and Social Services
DE Dept. of Health and Social Services
DE Dept. of Health and Social Services
Westside Health Center (community health
services) (18)
Dover Air Force Base
Allen Farms (new)
Wilmington University
Wilmington University
M&T Bank (7)
Child Care Centers and Head Start
Child Care Centers and Head Start
Partner: Telamon –
Head Start programs
Christiana Care Health Systems
Partner: Telamon – Head Start programs
Child Care Centers
DE Office of Higher Ed/ High Schools/School
Districts
DE Office of Higher Ed/ High
Schools/School Districts
DE Office of Higher Ed/ High
Schools/School Districts
Del Tech, Wilmington & Stanton
Del Tech, Terry
Del Tech Owens
Partner: Latin American Community Center
– Hispanic immigrants and residents
DE Dept of Agriculture
Partner: Wilmington Senior Center 50+ population
Copyright 2013. Delaware Financial Empowerment Partnership. All Rights Reserved.
®
Partnerships for Financial Empowerment and Childcare
•
State of Delaware
•
•
•
•
Non-Profit Sector
•
•
•
•
•
•
United Way of Delaware (Lead Organization –Stand By Me)
Childcare Centers (Diverse Centers statewide)
Telamon Corp. (contractor/program implementation/ program operations)
Latin American Community Center (contractor/program implementation/program operations)
NCALL Research (contractor/program implementation)
Childcare Industry
•
•
•
Governor’s Office
Department of Children, Youth, and Families
•
Office of Early Learning (STARS Quality Initiative)
•
Office of Childcare Licensing (Certification for Training)
Department of Health and Social Services
•
Division of Social Services (Subsidized Childcare Benefits)
•
Office of Financial Empowerment (Lead Organization – Stand By Me)
Head Start: Wilmington, New Castle County, Telamon (Kent and Sussex Counties
(Statewide: 26 locations)
30 Childcare Centers
Philanthropy
•
•
Annie E. Casey Foundation (Lead Funder: Two Generation Approach)
PNC Bank Foundation (Funder: Sesame Street Curriculum)
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
®
State Strategy: Financial Empowerment enhances and complements
other priorities of Governor Markell. Ride the Wave!
 Governor Priority: Education - Increase educational outcomes for students and
families from pre-school to college. Focus on Early Learning and quality of preschool programming to improve school readiness and life long learning. Establish
an Office of Early Learning to focus on the development and implementation of a
STARS Quality Initiative . Centers receive increased funding for subsidized childcare
as they increase their quality rating. They also receive grants and other monetary
incentives through STARS.
 Stand By Me Strategy: Position $tand By Me as a resource to Childcare
Centers and Head Start who wish to increase STARS ratings. This is done by
offering Stand By Me as an employee benefit and a community program in
partnership with Centers. Also, position Mind Over Money as qualified training
for license renewal by the Office of Childcare Licensing.
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
®
State Strategy: Financial Empowerment enhances and complements
other priorities of Governor Markell. Ride the Wave!
 Governor Priority: Economic Development - Increase stability of existing
businesses through business supports and create a business-friendly
climate in Delaware to attract new businesses and jobs.
 Stand By Me Strategy: Target a vulnerable yet most important service
sector, and enhance the stability of both the workforce and the
businesses through financial empowerment services. Provide a market
edge to Centers who offer $tand By Me as an employee benefit and a
resource to parents and families.
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
®
WIN/WIN/WIN: State of Delaware/ United Way of Delaware, Head
Start, Families and Community!
 ACF Priority: Asset Building Initiative - Increase financial empowerment
strategies and outcomes for clients served in ACF programs. Head Start
Programs are charged with a mission to strengthen the financial stability and
financial literacy of both the families and children served.
 Stand By Me Strategy: Integrate $tand By Me as a resource to staff
and families. Work with Head Start organizations to offer Stand By Me
as an employee benefit to staff and a community service to families.
Use financial coaching, interactive Sesame Street curriculum for
parent/child workshops, and financial literacy workshops for both staff
and parents. Efforts are conducted as a joint venture of Stand By Me
and Head Start.
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
®
WIN/WIN/WIN: Stand By Me, Head Start, Families and Community!
 Head Start Strategy: Engage Family Service Specialists to make referrals
to Stand By Me’s coaches who are co-located on-site to serve Head Start
families. Partner with Stand By Me to train teachers to integrate
financial literacy into the classroom using the Sesame Street workshop.
 Stand By Me and Head Start Together:
 Co-locate financial coaches at Head Start Centers.
 Provide coaching for staff as an employee benefit.
 Provide coaching for parents as a community service.
 Offer For Me, For You, For Later Sesame Street workshops for
parents and children so parents can engage with children on this
topic.
 Provide state-approved Train the Trainer to Head Start staff on
Sesame Street curriculum to integrate financial literacy into the
classroom.
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
®
FINANCIAL WELLNESS IN THE WORKPLACE
You and your employees can win Points and Prizes for participating in $tand By Me® and
working on your financial well-being. When everyone reaches 300, the entire Center will be
provided with a lunch or dinner event. Points will be earned according to the following:
ACTION
Program Orientation (1x)
Workshop Attendance (1x)
Personal Financial Coaching Session
Review Credit Report (1x)
Open NEW savings account
Set-up Auto Savings Deposit
Increased Credit Score
Utilized Credit Builder product
EITC / Tax Prep Services
Complete FAFSA Aid Application
Establish a budget
Establish a long term financial goal
Meet with the coach 3 times
Refer a friend or family member
POINTS
25
25
50
25
50
25
25
Incentive levels are as follows:
50
100 POINTS = $10 Cash
25
200 POINTS = $25 Gift Card
25
300 POINTS = $50 Certificate of Deposit (CD)
25
25
50
25
Copyright 2012. Delaware Finan cial Empowerment Partnership. All Rights Reserved.
Slide 11.
®
$tand By Me Services Provided to
the people of Delaware
Service Provided
Personal Financial
Coaching
Mind Over Money
Interactive workshops
FAFSA Applications
Free Self-Help Tax
Preparation
Total
2012
2013
Total in 38 months
(first 12 months)
671
(second 12 months)
1625
4203
382
1702
2500
129
0
622
2700
1225
5700
1182
6649
13,628
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
Slide 12.
®
CUSTOMER OUTCOMES
Number of
Coaching
customers
Number
of
coaching
sessions
Total debt
reduction
Total
increased
Savings
Average Affordable
Credit
banking
score
increase
4203
8706
$1,193,661.50
$472,647.97
85
points
174 accessed
consumer
friendly pay day
loan
alternatives
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
Number of
customers who
Created Spending
Plan for monthly
on time payments
and other goals.
1974
Slide 13.
®
Financial Coaching Process
1. Establish Financial Goal and
2. Develop an Action Plan to
Achieve Goals
4203 clients set 6316 financial goals
working with their coach (reflects
multiple goals by some clients)
5,774 specific
goals were
achieved
Customer sense of financial stress and control:
• 83% report being constantly to somewhat worried about their finances.
• 76% report having little to no control over their finances.
Coaching Outcomes:
TARGET: Credit and debt position improved
o RESULT: 79% of coaching customers are working on their credit and debt through debt
repayment plans, correcting credit reports, and increased credit scores
TARGET: Financial skills and personal money management improved
o RESULT: 64% of coaching customers have improved personal money management by
creating a household budget (spending plan), adding savings to their budget plan,
establishing emergency savings, and opening credit building accounts.
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
Slide 14.