Brief

Assessing Head Start & Early Head Start Families’ Financial Capability: t his brief outlines strategies and tools Head Start/Early Head Start (HS/EHS) can use to gain a deeper understanding of how HS/EHS families are managing their finances to decide which services might help them build financial capability. Financial Coaching in Head Start Programs: t his brief discusses financial coaching in Head Start settings and presents methods for providing financial coaching as well as training resources for programs interested in building staff capacity to become financial coaches

This brief shares lessons learned from three local intermediary organizations that have supported nonprofits in their efforts to integrate financial capability services into existing program. Financial capability is the capacity—based on knowledge, skills, and access—to manage financial resources effectively. 

This brief shares lessons learned about integrating financial capability services into existing programs at four organizations serving rural communities. Financial capability is the capacity—based on knowledge, skills, and access—to manage financial resources effectively. This brief is organized into three sections: selecting financial capability services, deciding who will provide services, and identifying the right points in time to integrate financial capability services.

With support from the U.S. Department of the Treasury, Corporation for Enterprise Development (CFED), the Center for Financial Security at the University of Wisconsin-Madison (CFS) and the New York City Department  of Consumer Affairs Office of Financial Empowerment (OFE) partnered on a pilot program to test the effect of  pairing of financial access and an average of one to two hours of financial counseling on the financial capability of a population transitioning off of public benefits in New York City.

Many 401(k) retirement plans allow participants to take loans from their accounts before they retire. However, if they have not paid them off before leaving their jobs, they must pay them in full immediately. Based on a large dataset from Vanguard, this study is the first of its kind to quantify how many people take out loans and, of those, how many default. It proposes changes in retirement policy to reduce the financial risk posed by these loans, particularly for vulnerable groups.

This study surveyed thousands of Americans about their knowledge of retirement planning in general and Social Security in particular. It found that most Americans feel ill prepared for retirement and have a very low level of understanding of how the Social Security system works, when they should start claiming, and how much they are likely to receive in benefits. Respondents expressed a high level of trust in the Social Security Administration and would like more guidance from the agency on how to improve their retirement planning.