Pilot Stage Awardee: Family Mobility Savings Program
Communities First Inc received a $200,000 Pilot Stage grant in July 2023
Lead Organization: Communities First, Inc.
Collaborator(s): One Detroit Credit Union
Contact Name: Renee Kent, RKent@CommunitiesFirstInc.org, 810-422-5358
Focus Area: Financial product – Savings
The Family Mobility Savings Program is designed to jumpstart participant’s emergency savings, providing a financial cushion to weather financial emergencies while simultaneously setting the foundation for their financial futures. As participants successfully participate in mobility coaching designed to help them reach their personal and professional goals, Communities First (CFI) will make contributions directly to the participants’ savings accounts. When participants experience a financial emergency, their coach will support them in navigating the decision of whether to tap into savings and replenishing their savings after a withdrawal.
Highlights
Pilot Stage Objectives
Communities First, Inc.’s Family Mobility Savings Program (FMSP) builds upon research and best practices gathered during the first two stages of the innovation challenge. During the Pilot Stage, CFI will solidify the implementation and administrative framework for the FMSP, using the model to help at least 80 low-income individuals build emergency savings while simultaneously helping to set the foundation for their financial futures. Participants will:
- Open a savings account.
- Engage with CFI’s Family Mobility Services to create personal action plans that are designed to help them reach their personal and professional goals.
- Receive cash deposits as an incentive to work actively and successfully towards action plans and goals.
- Navigate the decision of when, whether, and how much to tap into savings in event of an emergency with the support of their coach.
- Experiment with different strategies for finding room in their cashflow to make their own deposits into savings.
Research Questions & Evaluation
As part of their Pilot Stage grant, the Family Mobility Savings Program team is participating in a third-party evaluation conducted by University of Michigan’s Poverty Solutions. This evaluation process is designed to help project leaders measure the success of their pilot, consider learnings from the implementation process and apply those learnings to their plans for growth. Among several questions to be explored during the Pilot Stage are:
- To what extent does FMSP support clients to establish sustainable emergency savings accounts?
- To what extent does FMSP support clients to make sustainable improvements to their overall financial well-being?
- Is the coaching component of the FMSP scalable?
- What changes will be necessary to operate FMSP at a larger scale?
Findings will be shared at the end of the Pilot Stage (September 2024). Come back soon to read about early learnings from implementation!
Learn More or Follow:
• New pilot program launched to help Detroiters build wealth, savings accounts (Model D Media, October 2023)
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