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Impact of Financial Counseling on Financial Stability : Analysis of the New York model
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Financial counselling may be an effective way to improve individuals’ financial behaviour and outcomes. However, its impacts have not been adequately studied. Previous studies show weak positive effects of counselling, but are subject to a number of limitations. This study, a collaboration between the Center for Financial Security and the New York City Department of Consumer Affairs Office of Financial Empowerment, partially addresses this issue by comparing the effects of one-on-one financial counseling to generalized financial education. This report—a progress update at the study’s midpoint—describes the study design and presents baseline data.