Measuring Financial Capability and Well-Being in Financial Coaching Programs
This brief describes the data collected and lessons gleaned from the Financial Coaching Impact & Evaluation Fellowship, which took place over the course of 10 months in 2017.
The five participating organizations in the Fellowship worked with Prosperity Now to collect data from approximately 100 clients using both the Financial Well-Being Scale and the Financial Capability Scale over the course of six months. On average, the Fellows saw higher rates of financial capability and financial well-being among clients, both during and after financial coaching. Despite some challenges with implementing and scoring the scales, all five Fellows expressed interest in continuing to track client outcomes using at least one of the two scales.
Ultimately, this brief argues that the Financial Well-Being Scale and the Financial Capability Scale are promising tools for financial capability programs seeking to understand the impact of their programs.