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February 2016
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In This Issue
Tax Season at the Clinic
Financial Coaching in the News
Success Story: Financial Coaching Can Change Lives
Clinic on the Move: Speaking Engagements and Presentations
Tax Season at the Clinic
In 2015, Clinic staff and volunteers
prepared over 10,000 tax returns
for working poor Americans in New
York City. In 2016, the Clinic
continues its Volunteer Income Tax
Assistance (VITA) program to serve
additional New Yorkers by
partnering with organizations in
Brooklyn, Manhattan and Queens,
in addition to serving filers at
virtual sites throughout New York City.
To complement its tax services, the Clinic recommends policies that encourage
college savings through 529 accounts and advocates for cash earners around the
EITC.
Tax appointments can be made online or by calling (212) 505-3482. Please share
this announcement. We encourage all filers to schedule an appointment sooner
rather than later as slots fill up quickly!
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Financial Coaching in the News
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Issues Coaching in the News
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Last fall, the Clinic announced that the
results of a groundbreaking new
national study conclusively
demonstrate its financial coaching
model and programs help low- and
moderate-income people move toward
achieving their financial goals. The
milestone study, “Financial Education
Program Evaluation Support Services
Study,” led by the Urban Institute and
funded by the Consumer Financial
Protection Bureau, shows for the first
time that financial coaching, once viewed as an emerging field, can make a measurable
difference in an individual’s financial well-being by helping clients take financial control
of their lives – resulting in improved credit, reduced debt and increased savings.
Recently, Harold Pollack, The University of Chicago professor, and co- author of The
Index Card shared some results from the RCT featuring the Clinic's financial coaching
model in an article for Vox. From Professor Pollack:
"Clients who worked with financial coaches reported being less stressed than their
counterparts in the control group, which didn’t meet with a financial coach. Clients were
also more likely to do basic things well: paying bills on time to reduce late fees, reducing
balances in long-term delinquency, making regular deposits into a savings account,
chipping away at high-interest debt, building up a modest emergency fund."
The Clinic's rigorously evaluated financial coaching model and capacity building
strategy also made an appearance in a new book, What It's Worth, a collection of essays
on the myriad factors that contribute to financial well-being. Compiled by the Federal
Reserve Bank of San Francisco and CFED, What It's Worth includes input from dozens of
experts in the field. You can download a copy here.
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Success Story:
Financial Coaching Can Change Lives
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Clinic on the Move: Speaking Engagements &
Presentations
February 25: Establishing Key Partnerships to Support Out-of-School Youth (OSY)
Chief Program Officer Haidee Cabusora will speak at a panel discussion at the
Workforce Professionals Training Institute (WPTI). This panel is part of WPTI's work
to to help OSY providers to successfully implement the program and performance
elements required by the new Workforce Investment Opportunity Act Legislation. March 15: WorkBOOST NYC Information Session
The Financial Clinic will present an information session on the application to
participate in WorkBOOST NYC, a service and capacity building opportunity for
workforce-focused organizations and programs in New York City. The event will
take place on Tuesday, March 15 from 9:30-11am. Click here for more
information.
March 16: Leveraging Innovation to Support the Financial Health of LMI Families
with Children
The Clinic's Founder and Chief Executive Officer Mae Watson Grote will speak on a
panel at this invite-only event hosted by Center for Financial Services Innovation
and New America to engage key cross-sector thought leaders in exploring the
intersection of people, policy and products in the search for ways to improve
financial health and, by extension, child well-being for low and moderate-income
(LMI) families.
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