Aggregate Summary:

Collaborative Outcomes

Assessment Pilot

MASSACHUSETTS FINANCIAL EDUCATION COLLABORATIVE

4TH ANNUAL SUMMIT: MEASURING IMPACT & MAKING A DIFFERENCE! OCTOBER 9, 2012

8:30 AM – 4:00 PM COLLEGE OF THE HOLY CROSS, WORCESTER, MA

•Students will have greater comfort speaking with financial professionals •Practice expressing themselves with financial professionals •Feel included and that their perspective is valued by adults •Students will have an increased comfort in using financial terminology •Students will understand the importance of credit reporting •know how to obtain a free report •Students will have increased urgency to pull their report •Students will possess greater knowledge about career paths and have increased understanding about which career they have an interest in pursuing-this will take into account salary expectation, job growth, and job requirements such as education required to enter •Understand the tasks for selected career •Know job outlook for career •Know how personal strengths translate into career •Students will increase their confidence to manage their personal finances in the real world along with an increase in knowledge of basic personal finance

SUMMIT PIONEER: AMERICAN CONSUMER CREDIT COUNSELING

•Attendees will develop relationships with Committee Members and understand their role within the bank. •Based upon introductions at the start of the forum, Attendees can identify panelist. •Attendees will know each panelists area of expertise in estate planning. •Attendees will know what resources are available at the bank. •Attendees can distinguish which bank resources address their specific needs. •Attendees can engage bank resources to handle their estate planning needs. •Attendees use the estate checklist during the forum to validate that they are on the right track to planning their estates. •Recognize guests and family members who attend as well. •Attendees will have their individual questions answered during the forum. •Attendees will have an opportunity to hear other concerns their peers have regarding estate matters, which may also be of concern for them. •Attendees will have additional knowledge to better manage their financial estate matters.

SUMMIT PIONEER: CAPE COD 5

•Clients are confident that they can address financial challenges because they know: who to call, where to go, & what to ask

•Clients are hopeful for their financial future

•Clients feel less overwhelmed by financial decisions and actions that need to be taken

•Clients become knowledgeable of consumer protection laws that can ease financial distress (pros and cons)

•Clients understand banking services

•Clients use banking services to meet needs.

•Clients no longer need DTA assistance to maintain their household.

SUMMIT PIONEER: COMMUNITY TEAMWORK, INC.

•Increased confidence that they can accomplish goals through establishing attainable short-term goals that lead to longer-term goals. •Increased ability to articulate SMART goals. •Increased understanding of how our federal and state governments operate. •Increased comfort in political settings like the State House. •Increased understanding/confidence that their opinion is valued. •Increased ability to define and articulate their opinions. •Increased comfort in finding the appropriate avenue to express their opinions •Increased belief that a strong social network is valuable and helpful in accomplishing their set goals. •Increased understanding of the need for higher education in our knowledge-based economy. •Increased confidence in studying, test-taking, and note-taking. •Increased familiarity with college campuses. •Increased familiarity of the college application process. •Increased understanding of the cost of higher education and options available to fund it. •Increased ability to manage personal finances including asset and debt management. •Increased perception that many women in their situation have overcome financial problems. •Increased typing speeds. •Increased knowledge of Microsoft Office. •Increased ability to articulate their professional experiences and skills through their resume, cover letter, and job interviews. •Increased realization of their professional abilities and subsequently increased confidence in their skills.

SUMMIT PIONEER: CRITTENTON WOMEN’S UNION

•Participants will use the book to complete assignments and follow along in class •Participants adjust schedules to attend all 3 sessions •Participants will become comfortable speaking in a group setting •Participants have an opportunity to voice positive and negative experiences with personal finance •Participants will see the value of taking the class •Participants will be empowered to take control of their finances by tracking spending •Participants are able to discern needs from wants. •Participants will target items in their finances that are an issue to achieving a balanced budget •Participants are confident to create SMART goals •Participants evaluate longer term objectives as a series of short term goals. •Participants will understand the services offered by financial institutions •Participants will evaluate current banking strategies to determine what is best for his/her situation •Participants will use strategies in evaluating current and new credit opportunities •Participants will create a strategy in improving credit through the review of the credit report •Participants will understand the importance of an accurate credit report and its role in credit scoring •Participants will evaluate personal finances before applying for credit •Participants will develop a debt reduction strategy in paying off credit using the worksheet and techniques discussed in class •Participants will see the value of increasing savings and reducing debt •Participants will find alternatives to using predatory lending services •Participants will protect their personal information from identity theft. •Participants will understand methods to repair credit and improve score. •Participants will tie together budget, credit and other information to further personal goals •Participants will feel that their concerns are important and should be addressed •Participants will feel that they have made a start toward improving their financial situation

SUMMIT PIONEER: FINANCIAL EDUCATION ASSOCIATES

•Realize that they are not alone in their money problems. •Gain the understanding that it is not shameful to ask for help with money problems. •Learn that they can take actions right away that will save them money. •Feel pride in the successful steps they have taken. •Believe that the Teacher and Director are empathetic to their difficulties and are committed to their success •Trust that there is enough support from the staff and participants in their class to allow them to tackle difficult financial challenges •Put into writing their short-term and long-term financial goals. •Create a budget that allows them to decide what they want to spend their money on and how much money they can afford on various categories of spending. •Realize that they do not have to act like a victim when creditors call, but can take charge of the situation and address the situation initiate concrete actions to address the situation. •Understand that hundreds of people like them have graduated from this program and have made significant changes in how they manage money. •Realize that the knowledge and experiences they already have are valuable, and are respected by the staff and participants. •Help others in the group to solve their financial problems •Share what they have learned with others outside the program & see themselves as teachers.

SUMMIT PIONEER: GBIO, MOVING FROM DEBT TO ASSETS

•Client tracks daily and weekly expenses on his/ her own •Client recognizes costly expense(s) and is able to identify particular behaviors that relate to the expense(s) •Client has begun to at least partially follow a savings plan for three months. This is by following the budget in some areas, such as savings and expenses, but not necessarily all areas. •Client changes his/her behavior that directly relates to a particular expense that is costly •Client has followed outlined budget plan for the past three months. This allows for the financial coach and client to meet less frequently. •Client understand the importance of his/her credit report •Client knows how to access, read, and understand credit reports •Client independently takes the correct steps in resolving a credit report dispute •Client enters into payment plan with creditors and/or collection agencies •Client’s debt settlement agreements in place and in progress for 3+ months •Client identifies errors in his/her credit report

SUMMIT PIONEER: JEWISH FAMILY & CHILDREN’S SERVICES

•Initially attending for good free food, begin to realize information presented is relevant to their current situation •Shift in body language & attention •Show a shift in attitude toward presenter from ambivalent to engaged •Ask questions reflecting they are thinking about the content of the presentation •Start to ask questions relevant to their own personal situations •Begin asking pertinent questions regarding creating spending plan •Express satisfaction w/ the answers •Start sharing thoughts, ideas, and stories w/ group, not just presenter •Can distinguish between want & need when asked •Perform the exercise to create a spending plan with diligence •Understand value of spending plan •Share their spending plan •Increased knowledge of family financial basics •Learned to use checking/savings accounts •Increased understanding of credit and credit reports

SUMMIT PIONEER: METRO CREDIT UNION

•Increased awareness of subject matter, resources, products and services available to them.

•Understand how subject matter applies to their situation.

•Identify which products meet their needs

•Choose the financial products that best further their financial goals

•Understand resources and products of RTN that are geared toward their needs

•Attendees see the value of RTN credit union membership.

•Receive ongoing email communication from RTN.

•Employees join RTN for valued products and services because of the relationship between RTN and attendee of seminar.

SUMMIT PIONEER: RTN FEDERAL CREDIT UNION

•Ps get a clear sense of a plan for improvement of their general situation. •Ps feel invested in the process because they have input on the goals defined at intake •Ps feel like their ideas are heard and like they are important to the process. •Ps feel invested in following the ground rules since they were part of the process of setting them. •Ps feel encouraged to participate and share their knowledge/opinions. •Ps become aware of the value of their experiences. •Ps understand there is an expectation that they will participate and contribute their thoughts and experiences to the class. •Ps feel encouraged to participate and share their knowledge and opinions. •Ps feel respected when their personal needs and barriers are considered. •Ps are better able to participate since participation takes place in ways that are comfortable to them •Ps become aware of information on their credit report. •Ps become aware of two of their credit scores. •Ps become aware of the change in their credit score. •Ps further examine and learn about their credit situation. •Ps. Feel empowered to improve their credit once they learn what they need to do. •Ps feel confident in their ability to work on their credit. •Ps feel comfortable knowing the action steps are attainable. •Ps continue to feel connected to and supported by their peers. •Ps feel comfortable sharing personal information. •Ps feel comfortable asking questions. •Ps feel comfortable making suggestions to others based on their own experiences. •Ps get to troubleshoot with peers, they gain a sense of the importance of their own experience and knowledge. •Ps are better able to focus on learning because their nutritional needs have been met. •Ps see that their needs are taken into account. •Ps can focus on the class and on their learning knowing their children are fed and cared for.

SUMMIT PIONEER: SOMERVILLE COMMUNITY CORPORATION

•Participants will believe that their credit scores are important •Participants will understand how their FICO scores can affect them •Participants will understand the basics of how their credit scores are calculated •Participants will know the five key components of credit history •Participants will be able correctly read their credit reports •Participants will know their credit score (at the time of the first one-on-one session) •Participants will feel confident that they can change their credit scores" •Participants without credit will build credit by applying for a secure credit card, paying down balances, settling collection accounts, etc. •Participants will know how to avoid scams •Participants will take action to avoid scams" •Participants will feel comfortable asking questions in order to better understand and address their particular challenges

SUMMIT PIONEER: URBAN EDGE

Special thanks to CWU for the bridge idea!

Awareness Mobility Stability

CONNECTION

UNDERSTANDING NEED IN TERMS OF A PROJECTED PATH

OF OUTCOMES

TRUSTING THE PARTNERS,

PROGRAMS, & PRODUCTS THAT CAN HELP THEM

CONFIDENCE

UNDERSTANDING BEHAVIORS &

TOOLS THAT LEAD TO THEIR FINANCIAL

GOALS

ENGAGING THE SUPPORT

STRUCTURES TO HELP ENSURE

THEIR SUCCESS

FINANCIAL HEALTH

DEVELOPING AND FOLLOWING A

SAVINGS & SPENDING PLAN THAT ADDRESSES NEEDS & GOALS

MAINTAINING HEALTHY CREDIT

READINESS & EFFECTIVELY

MANAGING DEBT

EARNING POTENTIAL

ASSET BUILDING

PURSUING LEVEL OF

EDUCATION TO MATCH

CAREER GOALS

ESTABLISHING SOUND

RETIREMENT & ESTATE PLANS

ACTIVATING EARNING

POTENTIAL TO MATCH

FINANCIAL GOALS

DEVELOPING & PROTECTING

ASSETS TO ENSURE A HEALTHY

FINANCIAL FUTURE

MEMBERS & PARTNERS BUILD THE FOUNDATION

CONNECTION Initially attending for good free food, begin to realize information

presented is relevant to their current situation Understand resources and products of RTN that are geared

toward their needs Trust that there is enough support from the staff and participants in their class to allow them to tackle difficult financial challenges Ps feel encouraged to participate and share their knowledge and

opinions. Participants are confident to create SMART goals

Clients are confident that they can address financial challenges because they know: who to call, where to go, & what to ask

Attendees will develop relationships with Committee Members and understand their role within the bank.

CONFIDENCE Start sharing thoughts, ideas, and stories w/ group, not just

presenter Increased confidence that they can accomplish goals through

establishing attainable short-term goals that lead to longer-term goals.

Recognize guests and family members who attend as well. Ps get a clear sense of a plan for improvement of their general

situation. Participants will understand how their FICO scores can affect

them Participants will become comfortable speaking in a group setting

Gain the understanding that it is not shameful to ask for help with money problems.

FINANCIAL HEALTH Understand value of spending plan

Ps further examine and learn about their credit situation.

Create a budget that allows them to decide what they want to spend their money on and how much money they can

afford on various categories of spending.

Participants will be able correctly read their credit reports

Attendees use the estate checklist during the forum to validate that they are on the right track to planning their

estates.

Client’s debt settlement agreements in place and in progress for 3+ months

EARNING POTENTIAL Increased familiarity with college campuses.

Know job outlook for career

Clients no longer need DTA assistance to maintain their household.

Students will possess greater knowledge about career paths and have increased understanding about which career they

have an interest in pursuing-this will take into account salary expectation, job growth, and job requirements such

as education required to enter

Increased familiarity of the college application process.

ASSET BUILDING

NEXT ROUND

Left Anchor Best Practices

Research

Piers/ Tower Foundations

Resident Outcomes

Deck Collaborative & Outcomes-

Oriented Best Practices: Programs, Partners, & Products Suspender Cables

Policy Supports & Protection

Right Anchor Continuous Evaluation

THE MFEC COLLABORATION CONNECTS & SUPPORTS THE BRIDGE

AWARENESS MOBILITY

STABILITY

Outcomes Assessment & Training Performance

• Codes of Ethics & Conduct

• Internal & External Needs Assessment

• Standardized Assessment & Evaluation

• Customized Outcomes Assessment, Data Collection & Reporting

• Best Practice Models & Programs

Workshops & Peer Training Partnership

• Professional Networking & Events

• Best Practices Sharing & Workshops

• Peer Mentoring & Train-the-Trainer

• Facilitation & Moderation

• Seminars & Webinars

Campaigning & Business Development Promotion

• Public Awareness Campaign

• Regional and Federal Advocacy

• Educational Filmmaking Services

• Best Practices & Report Cards

• Online Member News & Events/Collecting Success Stories

• Trainer Clearinghouse: Matching trainers to jobs

• Customer and Client Development

• Co-Sponsorship for Qualified Members

MEMBER ACTIVITIES

MFEC LOGIC MODEL TIER I: MEMBER OUTCOMES

Outcomes Assessment & Training Performance

• Deliver stronger, more targeted, & more relevant outcomes-oriented services

• Develop capacity to garner funding

• Develop entrepreneurial opportunities & innovation

Workshops & Peer Training Partnership

• Share best practices

• Develop areas of weakness or partner to fill in gaps in resident outcomes

• Lead others in areas of strength

Campaigning & Business Development Promotion

• Gain access to untapped customer, client or program participant demand

• Learn &/or maintain a profit-oriented business model

• Develop sustainable & diverse portfolio of revenue sources

• Online personal needs assessment

• Matching need to member outcomes

• Pro bono investment consulting

• Matching to Safe & Effective Products

• Task Forces, Regional Fairs, Competitions & Events

Products

• Research Clearinghouse

• Research & Policy Summaries

• Regional Gap Analysis

• Advising Policymakers Policy

ACTIVITIES FOR RESIDENTS

Special thanks to CWU for the bridge idea!

Awareness Mobility Stability

CONNECTION

UNDERSTANDING NEED IN TERMS OF A PROJECTED PATH

OF OUTCOMES

TRUSTING THE PARTNERS,

PROGRAMS, & PRODUCTS THAT CAN HELP THEM

CONFIDENCE

UNDERSTANDING BEHAVIORS &

TOOLS THAT LEAD TO THEIR FINANCIAL

GOALS

ENGAGING THE SUPPORT

STRUCTURES TO HELP ENSURE

THEIR SUCCESS

FINANCIAL HEALTH

DEVELOPING AND FOLLOWING A

SAVINGS & SPENDING PLAN THAT ADDRESSES NEEDS & GOALS

MAINTAINING HEALTHY CREDIT

READINESS & EFFECTIVELY

MANAGING DEBT

EARNING POTENTIAL

ASSET BUILDING

PURSUING LEVEL OF

EDUCATION TO MATCH

CAREER GOALS

ESTABLISHING SOUND

RETIREMENT & ESTATE PLANS

ACTIVATING EARNING

POTENTIAL TO MATCH

FINANCIAL GOALS

DEVELOPING & PROTECTING

ASSETS TO ENSURE A HEALTHY

FINANCIAL FUTURE

MEMBERS & PARTNERS BUILD THE FOUNDATION

MFEC LOGIC MODEL TIER II: RESIDENT OUTCOMES

• Online personal needs assessment

• Matching need to member outcomes

• Pro bono investment consulting

• Matching to Safe & Effective Products

• Task Forces, Regional Fairs, Competitions & Events

Products

• Research Clearinghouse

• Research & Policy Summaries

• Regional Gap Analysis

• Advising Policymakers Policy

SHARED LOGIC MODEL TIER III: COMMONWEALTH SOCIETY

• Tier I Inputs

• Activities for Members

Member Outcomes

• Tier 2 Inputs

• Activities for Residents

Resident Outcomes • Education

• Employment

• Government

• Philanthropy

Innovation, Advancement, Civic & Social Investment

MASSACHUSETTS’ III TIER LOGIC MODEL

TIER I MEMBERS

TIER II RESIDENTS

TIER III

SOCIETY

AND WHO DOESN’T LOVE A MIXED METAPHOR !

Awareness Mobility Stability

“I’m financially

confident because

MassSaves.”

www.MassSaves.org

“I’m financially confident because

MassSaves.”

www.MassSaves.org

Let’s go to our first

annual member

meeting!

www.MassSaves.org