A Random Control Trial of Financial Coaching: The Practitioners’ Overview of “An Evaluation of the Impacts and Implementation Approaches of Financial Coaching Programs”

Alexandra Hernandez, Haidee Cabusora, Josh Blankenbeckler, Karina Ron Oct 2015

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In 2012, The Financial Clinic (the “Clinic”) and Branches had the opportunity to influence the emerging financial coaching sector by putting its philosophies and model to test through a random control trial study report titled “An Evaluation of the Impacts and Implementation Approaches of Financial Coaching Programs” (the “Study”), led by the Urban Institute (UI) on behalf of the then new Consumer Financial Protection Bureau (CFPB).

Positive results hold promise to expand financial coaching, counseling and planning services nationally, but in a manner that is driven by customers’ strengths and own financial goals. The evidence base created through the Study will be key to establishing new “best practice” standards to lead the field, and build the case for additional resources and investments, thus expanding financial security for working-poor Americans.