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Improve Personal Financial Strategies with One-on-One Coaching
Friday, June 20, 2014 6:30 AM

Customized, one-on-one coaching sessions can help individuals remain accountable to their financial goals. So reports the Financial Health Check pilot initiative from the nonprofit think tank Ideas42, which specializes in studying the economic behaviors of low-middle income households. You can download the full FHC report from the Filene Research website.

While credit unions may not be able to help in every transaction, they can serve as go-to support structures for members looking for ways to eradicate financial issues before they become more damaging. The key is to remain invested in these members as they leave your branches. Periodic follow ups can be an effective mechanism to help change their savings behaviors. Those who participated in the FHC pilot had 21 percent more savings by the end of the study than the control group.

The report offers suggestions to credit unions on how to develop an efficient financial management service or product: 

  • Help members set specific financial goals 
  • Help members follow through on their intentions 
  • Send out consistent reminders
  • Monitor progress

The report concludes that customized intervention in the form of one-on-one coaching can have a profound impact on a member's financial life.