Our Challenge
Financial insecurity has become the norm for most working Americans today. Described by the United Way as “Asset Limited, Income Constrained, Employed” (ALICE), nearly 34.7 million households in the U.S. are employed and earn above the poverty line but cannot afford basic expenses such as housing, transportation, child care and utilities. Combined with those in poverty, this bleak economic reality affects about 43% of households nationwide.
Today’s workers lead complex and unpredictable financial lives, just one shock away from financial disaster. New business models shift the risk to workers:
42% of workers make less than $15/hour, and as many as 60% experience variable schedules, leading to volatile incomes. These challenges make saving nearly impossible:
1/2 of all Americans cannot cover an unforeseen $400 expense and
have no retirement savings.
Today’s workers lead complex and unpredictable financial lives, just one shock away from financial disaster. New business models shift the risk to workers:
42% of workers make less than $15/hour, and as many as 60% experience variable schedules, leading to volatile incomes. These challenges make saving nearly impossible:
1/2 of all Americans cannot cover an unforeseen $400 expense and
have no retirement savings.
These workers are also the most financially underserved. Without a long-term plan and access to safe, goal-oriented products, they resort to expensive and predatory short-term services that cost them in the long run, such as payday loans and check cashers, creating a pernicious financial cycle.
Our Solution
We connect workers to an expert financial coach who provides them with personalized guidance and an action plan for achieving both their short- and long-term goals. The coach also connects them to safe, affordable financial products that meet their needs.
Our coaches are embedded into a variety of settings that are relevant to our clients’ lives—workplaces, government agencies, community organizations, and credit unions—so that they can receive help and guidance when they need it. Our coaching also incorporates principles of behavioral economics to help clients follow through on their action plan.
Across all programs in 2018, our clients achieved the following outcomes:
Neighborhood Trust coaches undergo a rigorous training in various aspects of consumer and personal finance and consumer rights issues. Today, our financial coaching services are available at over 80 institutional partners throughout the country. As we continue to grow, trust and action will always be at the heart of our work.
Our Programs
Our financial coaching services are available at a variety of institutions nationwide, including small businesses, nonprofits, unions, government agencies, and credit unions. We offer the following programs:
Please follow the links below to learn more about the program or services that best fit your needs, whether you’re seeking financial coaching yourself or would like to offer such a service to your community or constituents.
TrustPlus
Financial coaching, anywhere, anytime, as an employee benefit.
Pathways to Financial Empowerment
Financial coaching at credit unions nationwide.
Financial Empowerment Centers
Free one-on-one financial coaching in all five boroughs.
Getting Ahead
Our workshop program in NYC combining financial education and coaching.
Training and Technical Assistance
Sharing best practices of our financial coaching model.
Strategic Advocacy
Sharing our expert insights, stories and data to influence policy.
