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Mary Dupont
Director of Financial Empowerment
June 2013
www.standbymede.org
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FINANCIAL EMPOWERMENT SERVICE PACKAGE
Goal: Increase financial capability and personal economic security.
 Personal Financial Coaching and Education: budgeting, debt, financial goal
setting, savings, and personal money management
 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
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
®
Systems Integration:
Governor- Led Financial Empowerment
Non-Profits
National
Partners
K-12
Employers
DIVERSE PARTNERS SHARE
ONE MISSION – Financial
Empowerment Alliance
Governor Led
State/County/ Local
Governments
Higher
Education
Targeted
Constituencies:
Financial
Empowerment
Initiative
Childcare Providers,
$tand By Me®
Latinos/Immigrants
Delaware
$tand By Me® Delaware
Coaching/Financial Inclusion :
Across the Lifespan – Free – Individual – Employer/Education/Market Based
Together. No Matter. We’re Here.
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
Disability , Seniors,
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LOCAL OPERATING PARTNERS
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 County
ShopRite Supermarkets
Dover Downs
Nanticoke Hospital
Del Tech, Wilmington and Stanton
Del Tech, Terry
Del Tech Owens
Christiana Hilton
Delaware State Housing Authority
Beebe Hospital
Christina School District
Polytech Adult Education and ESL
Berecah Homes
DE Dept. of Health and Social
Services
DE Dept. of Health and Social Services
DE Dept. of Health and Social
Services
DE Dept. of Labor, Division of
Vocational Rehabilitation
Handy Tube
Allen Foods
Wilmington University
Wilmington University
Indian River School District
Child Care Businesses
Child Care Businesses
Child Care Businesses
Walgreens
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
®
IN THE WORKS STATEWIDE
• Financial Empowerment Alliance: Link all stakeholders into an Advisory Board that meets
quarterly to inform operations, expansion, and innovation.
• Customization for specific markets: SBM 50+ for Baby Boomers and their parents; people
with disabilities; public housing residents; middle and high school students and their families;
family childcare providers , Head Start, and centers.
• Consumer-Friendly Financial Products: Provide 8 innovative new financial products
designed for the market, including loans, reloadable debit cards, and checking account.
Continue to develop new products to meet market needs.
• MyFree Taxes: Web-based free tax preparation available for households with an income at
or below $57,000. Free phone assistance available by IRS-certified volunteers. Joint venture
with Goodwill and United Way. Launch in January 2013.
• Delmarva Power: Pilot with 250 customers who are delinquent or default on bills, who
don’t qualify for other utility benefits.
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
Slide 5.
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May 2011 – May 2013
6279 served
1941 coaching, 356 financial aid/FAFSA, 2043Taxes, 1939 Mind Over Money workshops
9056 total units of service (4718 coaching units of service)
What our customers have accomplished in 24 months:
TARGET: Credit and debt position improved
RESULT: 42% of coaching customers are working on their credit through debt repayment plans,
correcting credit reports, opening credit building accounts, and increased credit scores
82% of coaching clients have reviewed their credit reports with the coach.
TARGET: Financial skills and personal money management improved
RESULT: 53% of coaching customers have improved personal money management by creating a
household budget and adding savings to their budget plan.
TARGET: Savings strategy established and maintained
RESULT: 29% of customers have established new savings strategies that includes
opening new savings accounts, initiating monthly auto deposit into savings,
and saving regularly for emergency fund or specific asset goals.
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
Slide 6.
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Infrastructure
Implementation Partners:
Stand By Me partners with one non-profit in each county to carry out operations.
•
•
•
•
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Lead Partners: State of Delaware, United Way of Delaware,
New Castle County: West End Neighborhood House
Kent County: NCALL Research,
Sussex County: Goodwill of Delaware and Delaware Valley
50+: Wilmington Senior Center
Staff: 14 coaches, 3 managers, 5 contractors, 1 community engagement coordinator, and 1
program director work in the program.
FAFSA Volunteers: 80.
Program Partners: (businesses, educational institutions, state and county agencies, non-profits)
collaborate to bring program services to their organizations, constituencies, and communities,
donating space, in-house support, and technology. No funding spent on space or utilities.
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
Slide 7.
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8-Great:
Combining Multiple Products and Providers
To Meet Market Needs
1. Consumers need choice in financial services. By packaging and marketing custom-designed
products as a group, the diverse needs of the market for savings, loans, and transactions are
met more effectively.
2. Combining products with Coaching: An array of consumer-friendly financial services can be
packaged and presented in conjunction with credit counseling, financial coaching, and/or other
personal financial support strategies, allowing for broad distribution through non-profit
channels.
3. Product Integration: Financial products can be sourced from both local and national banks,
credit unions, non-profits, and combined as a package under a financial empowerment
umbrella.
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
Slide 8.
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Integration of Products with Services and Delivery
• Products as a Coaching Tool:
• By pairing innovative products with financial coaching, consumers use the products as a
tool not only to meet financial needs but also to improve financial circumstances.
• The products become an integrated aspect of the coaching methodology and a way to heal
financial dysfunction.
• Expanding Reach and Markets for Credit Unions:
• Unique access to Stand By Me is available through co-location at employers, postsecondary institutions that cater to adult students, state agencies, and community centers.
Copyright 2012. Delaware Financial Empowerment Partnership. All Rights Reserved.
Slide 9.