The report compared clients' financial status at the start of coaching with their status after coaching was under way:

97 percent of participants who didn't understand a credit report gained that knowledge;
54 percent of clients who started with no savings had some savings after participation in coaching, resulting in median savings of $668;
48 percent of clients with savings at the start of the project increased that amount over time, with a median increase of $938;
55 percent of clients who had unsecured debt when they began coaching decreased the amount of that debt, with a median decrease of $3,005;
47 percent of clients raised their credit scores over the course of the project, with a mean increase of 59 points;
67 percent of participants were women, 51 percent of whom increased their credit scores while 39 percent of males did so;
58 percent of clients who had 10 or more months in coaching increased their credit scores, while 29 percent with less than five months were able to do so.

To achieve the project's goals, NeighborWorks America and the Citi Foundation supported access to training courses for 1,500 practitioners to increase their knowledge in creating and delivering effective financial capability and financial coaching programs.

Instant Insights /

Financial coaching leads to higher credit scores, more savings

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