The NFCC Sharpen Your Financial Focus Initiative Impact ...
The NFCC Sharpen Your Financial Focus Initiative
Impact Evaluation
?
FINAL REPORT
Prepared by Dr. Stephanie Moulton and Stephen Roll
John Glenn College of Public Affairs,
The Ohio State University
April 12, 2016
Acknowledgements
The National Foundation for Credit Counseling (NFCC) would like to acknowledge the following
individuals and organizations for the important roles each group assumed in the development,
implementation and evaluation of the Sharpen Your Financial Focus (Sharpen) program:
?
Over 62,000 clients who participated in the initiative which began in September 2013;
?
The NFCC Board of Trustees, whose thoughtful leadership and creative ideas led to the initial
financial stabilization concept and $13 million in funding;
?
The NFCC member agencies across the United States that delivered the Three-Step Process, including
the MyMoneyCheckUp? self-assessment, a customized one-on-one financial review and targeted
financial education;
?
The NFCC staff members who created the overall initiative, working closely with many different
stakeholders and the NFCC governing bodies;
?
Sharpen Alliance Partner Experian? for its generous donation of thousands of free, one-year
subscriptions to TM, which later converted to membership in Experian
Credit TrackerSM;
?
The following partner organizations, media personalities and others that have a real commitment
to financial stability. This group of supporters, referred to collectively as the Friends of the Sharpen
Alliance, is instrumental in building awareness and publicity by supporting the initiative:
AllClear ID
American Savings Education Council (ASEC)
BAI
Clark Howard
Employee Benefit Research Institute (EBRI)
Family, Career and Community Leaders of America (FCCLA)
FraudAvengers (The Foundation for Payments Fraud Abatement & Activism [FPF2A])
Hope For The Warriors
Insured Retirement Institute (IRI)
Jump$tart Coalition for Personal Financial Literacy
Military Family Advisory Network (MFAN)
Mission Asset Fund
Society for Financial Education and Professional Development
Ways to Work
?
The Ohio State University researchers Dr. Stephanie Moulton and Doctoral Candidate Stephen Roll for
conducting the Sharpen evaluation and for their tireless research guidance and assistance; and
?
Most importantly, the NFCC wishes to express our appreciation to the following companies, which are
members of the Sharpen Alliance. Their generous financial support made the Sharpen efforts possible
and helped thousands of Americans improve their financial well-being.
SHARPEN YOUR FINANCIAL FOCUS RESEARCH TEAM
Stephanie Moulton, Ph.D.
Associate Professor, John Glenn College of Public Affairs
The Ohio State University
Dr. Moulton specializes in housing policies, consumer financial decision-making
and program evaluations. Dr. Moulton is also a research affiliate with the
University of Wisconsin¡¯s Center for Financial Security. Her research has been
funded by the U.S. Department of Housing and Urban Development,
the MacArthur Foundation and the U.S. Social Security Administration. Prior
to her academic career, Dr. Moulton worked in the nonprofit sector, designing and managing asset
building, homeownership and community development programs at the local and state levels.
Dr. Moulton received her Ph.D. in Public Affairs from the School of Public and Environmental Affairs
at Indiana University.
Stephen Roll
Doctoral Candidate, John Glenn College of Public Affairs
The Ohio State University
Stephen¡¯s current research focuses largely on consumer financial behaviors.
Prior to pursuing his doctorate, he received his B.A. in Economics and English
Literature from Indiana University and worked for several years as an analyst and
consultant for The Nielsen Company and Procter & Gamble.
Contents
Executive Summary .................................................................................................................................... 3
I.
Credit Counseling Background ......................................................................................................... 17
II.
What We Know About Credit Counseling Initiatives ....................................................................... 18
A. The Credit Counseling Research Literature ........................................................................ 18
B. Evidence from Related Programs ........................................................................................ 19
C. The Relationship between Counseling and Outcomes ........................................................ 21
III.
The Sharpen Your Financial Focus? (Sharpen) Program .................................................................. 24
IV.
Evaluation Overview......................................................................................................................... 25
V.
Sharpen Client Characteristics .......................................................................................................... 27
VI.
MyMoneyCheckUp? Results ............................................................................................................ 31
VII. Post-Counseling Survey Results ....................................................................................................... 37
VIII. Descriptive Credit Data Analysis ...................................................................................................... 41
A. Baseline Credit Characteristics ........................................................................................... 42
B. Credit Trends after Sharpen ................................................................................................ 42
IX.
Sharpen Your Financial Focus? Matching Analysis ......................................................................... 47
A. Introduction ......................................................................................................................... 47
B. Credit Evaluation Results.................................................................................................... 50
C. Subsample Analysis: Outcomes for Debt-Holding Clients ................................................. 55
D. Subgroup Analysis: Bottom 50th Credit Score Percentile ................................................... 58
E.
Subgroup Analysis: Clients in the Bottom 25th Credit Score Percentile ............................. 60
F.
Controlling for the Credit ¡°Shock¡± ..................................................................................... 62
G. Exploring the Dynamics of Consumer Debt ....................................................................... 64
H. Client Outcomes Based on DMP Status.............................................................................. 65
X.
I.
Alternative Model Specifications ........................................................................................ 67
J.
Matching Results Discussion .............................................................................................. 69
Conclusion and Future Directions ..................................................................................................... 74
Appendix A. The Three-Month Post Counseling Survey .......................................................................... 75
Appendix B. Sample Comparisons: MMCU? & Client Survey ................................................................ 77
Appendix C. Credit Evaluation Base Size Diagram .................................................................................. 79
Appendix D. Participation in Sharpen Deep Dive and Credit Outcomes .................................................. 80
Appendix E. Client Characteristics by Agency Evaluation Participation ................................................. 83
Appendix F. Comparing Matched and Unmatched Counseling Clients ................................................... 84
Appendix G. Regression Model and Methodological Notes ..................................................................... 86
Appendix H. Full Regression Output for Selected Models ....................................................................... 88
Appendix I. Summary Results for Debt and Credit Score Impacts.......................................................... 93
References
.............................................................................................................................................. 94
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- pre closing compliance review file checklist home
- chapter 3 survey research
- homeready mortgage
- blue advantage silver hmosm 205 blue advantage hmosm network
- debt management registration information as of 10 30 2020
- home advantage steps wshfc
- ffsp certification standards
- debt relief options
- advantage federal credit union job description
- research roundup the financial impact of military service
Related searches
- the importance of your name
- how to use your financial aid money
- what is the purpose of your existence
- the difference between your and you re
- what s the difference between your and you re
- the department of defense financial ma
- the department of defense financial management regulation
- what is the role of a financial manager
- questions to ask your financial advisor
- 19 questions to ask your financial advisor
- 2nd amendment the truth behind your rights
- games to sharpen your mind