Dr. Michael S. Gutter,
Family Financial Management State Specialist
IFAS, University of Florida
What is the Master Money Mentor
Program?
• In essence, a coordinated referral network of
volunteer mentors who will provide one-on-one
financial mentoring related to:
–
–
–
–
–
Budgeting
Savings Plans
Working with Financial Institutions
Understanding Credit and Debt
Family Communication about Money
• UF Extension serves to provide the infrastructure and
support for this program thanks to a gift from
Mission
• To provide support and education to low and moderate
income Florida families to promote positive financial practices
• We want to increase financial knowledge and positive financial
practices related to budgeting, saving, banking, credit, debt,
and family communications
• We also want to spread that knowledge in rural and low
income communities where it can have a profound impact.
What Do Mentors Do?
• General Description:
– Master Money Mentors provide one-on-one mentoring for
individuals/families that are experiencing financial difficulties.
• Nature of Position:
– The volunteer receives approximately 20 hours of intensive training
in financial mentoring, basic money management, strategies for
dealing with financial problems, credit and debt management,
savings, mentoring techniques, and community resources.
– Following the training, each volunteer agrees to provide 50 hours of
financial mentoring per year.
Mentor Responsibilities
• Provide 50 hours of financial mentoring per year.
• Six hours of approved continuing education each year.
• Be familiar with a variety of financial management tools and
community resources that may be useful to individuals and
families.
• Complete volunteer activity reports and return them to the Family
and Consumer Services Extension Agent.
• Promote UF/IFAS Extension as an educational resource.
• Practice effective communication and mentoring skills to interact
with individuals and families in a respectful, nonjudgmental
manner.
Mentor Qualifications
• Good communication and interpersonal skills.
• Ability to work with individuals in a respectful and
nonjudgmental manner.
• Ability to maintain participant confidentiality and trust.
• Ability to attend all training sessions.
• Access to a telephone, email and transportation.
• Commitment to follow UF/IFAS Cooperative Extension
financial management recommendations and avoid
implying UF/IFAS Extension endorsement of any
financial institution or product.
Target Audience
•
•
•
•
Low to moderate income individuals and families
Veterans
Distressed homeowners
Those underserved by financial services sector
– Unbanked and underbanked
• Working to meet the needs of diverse
audiences
Evaluation
• In-take process establishes initial financial
situation
• Mentors are asked to utilize our online client
management system
– Includes their financial position
– Notes from meetings
• Staff code the data to aggregate and
breakdown by county, mentor, etc.
Accomplishments and Impacts
• 500 mentors in roughly 30 counties
• Currently over 700 program participants are
working with mentors
– 98.4% of the participants served by FMMM and
Florida Saves are at or below the median income
level for their area. ($23,707 annual income)
– 100% have developed a budget
– 29% have received foreclosure prevention
counseling, loan modifications are pending still in
some cases
How do I get involved?
Questions?
Email [email protected]