Families in in Min ind April 26, 2017 www.savingsforkids.org - - PowerPoint PPT Presentation

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Developing CSA Programs wit ith Families in in Min ind

April 26, 2017

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Welc lcome

Monica Copeland Senior Program Manager Children’s Savings CFED

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Housekeepin ing

• This webinar is being recorded and will

be available online and emailed to those who registered

• All attendees are muted to ensure

sound quality

• Ask a question any time by typing the

question into the text box of the GoToWebinar Control Panel

• If you experience any technical issues,

email gotomeeting@cfed.org

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Our mission at CFED is to make it possible for millions of people to achieve financial security and contribute to an

• pportunity

economy.

About CFED

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How Do We e Do

• It

We push to expand innovative practical solutions that empower low- and moderate-income people to build wealth. We drive policy change at all levels of government. We support the efforts of community leaders across the country to advance economic opportunity for all.

www.savingsforkids.org

Join today to help achieve our vision of

1.4 million Children’s Savings Accounts by 2020!

Campaign for Every Kid’s Future

www.savingsforkids.org

• Goals
• Provide information to help organizations assess the needs of

families before starting a CSA program

• Share examples of how to engage with families in a CSA

program and how to keep them involved once a program is up and running

Webin inar Overvie iew

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• Agenda
• Background information – CSAs and engagement
• Presentations – Commonwealth and City of Boston
• Questions and Answers
• Resources

Webin inar Overvie iew

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Presenters

Kerri Schmidt Deputy Director, ReadBoston and Boston Saves, Mayor's Office of Workforce Development City of Boston Kimberly Lucas Director of Civic Research, Mayor’s Office of New Urban Mechanics City of Boston

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• Long-term savings or investment accounts for children (0-18)
• Usually used for postsecondary education expenses
• Provide incentives to build savings (e.g., seed deposit and

matches)

• Account withdrawals are restricted

What Are CSAs?

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How Do CSAs Work?

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Famil ily Engagement

• Savings participation
• High-touch vs. low-touch engagement
• Deciding on an engagement strategy

We build solutions to make people financially secure.

D2D Fund is now Commonwealth

At Commonwealth, we believe lasting social and economic prosperity requires that everyone has wealth – of

• pportunity, of tools, and of financial assets.

We need to grow our common wealth and make wealth more common.

Commonwealth’s Work with CSAs

What Does Engagement in CSA Programs Mean to You?

Knowledge of Program Open Accounts Family Deposits Interaction with Post-Secondary Preparation Activities

Creating Action Requires Motivation, Ability, Triggers

Behavior = Motivation*Ability*Triggers B.J. Fogg Behavioral Model

Ability

Easy to Do Hard to Do

Motivation

High Low

Triggers work! Triggers Fail

Developing Engagement Starts with Programmatic Decisions

Program Design Communication Design

Using Consumer Centric Design to Understand Engagement

• Commonwealth worked with Eos Foundation and the City of Boston to do in-

depth interviews and focus groups with over 100 families

• Interviews conducted with families representative of those in the Boston Pubic

Schools

• Four Types of Family Interviews:
• What do people do right now?
• What do they say they want?
• What design do they prefer?
• How do they want to be communicated with?

What Families are Doing and Feeling Right Now?

Feeling:

• Don’t trust public institutions
• Don’t trust most financial

institutions

• Unsure of future prospects
• Overwhelmed by financial

management

• Overwhelmed by future cost
• f college
• Desiring to express agency
• Low future orientation

Doing:

• Making their own

“committed” savings products

• Depositing/banking in a

variety of ways

• Using multiple financial

institutions

• Few users or automated

deposits

• Online banking
• Using flexible withdrawals

Programmatic Design Decisions– How are you Making it Easier or More Motivating for People to Engage?

Account Type Opt-In vs. Opt-Out Primary Distribution Channel Incentives (Type, Seed, Amount, Behaviors Rewarded, Frequency) Rules and Regulations (Location, Limits on Family Participation, Limits on Deposits) Community Partners Deposit Locations

Programmatic Designs

• Ability to link any account
• Universal seed
• Incentives that understand financial volatility
• Rewards that are exciting and eye catching
• Ability to access money with some restrictions

Communication Design

• Through channels families trust
• With an offer that triggers action
• Opportunities to reduce emotional or real barriers

Use of Family Insights in CSA Programs

• Prizes
• Any Account
• Deposit Anywhere
• Based in Communities
• Any Account
• Universal Seed
• Integrated into Public

Schools

• Incentives that Allow for

Financial Volatility

114 WESTERN AVENUE BOSTON, MA 02134

buildcommonwealth.org

Amanda Hahnel Associate Innovation Director Ahahnel@buildcommonwealth.org @buildcommwealth @Amanda_Hahnel

Boston Saves

Family Engagement Model

The City of Boston’s children’s savings account program Kerri Schmidt + Kim Lucas Boston Mayor’s Office of Workforce Development • 04.26.17

Overview

Boston Saves Family Engagement Model Pilot Success and Learnings Advice for Other CSA Programs

Boston Saves

Program Overview

By the Numbers

Pilot Year 1: 2016-2017

5 pilot schools, 11 classrooms, 246 K2 students $50 seed, up to $50 bonus, $5 incentive / quarter

Year 1 engagement target: 15% in 90 days

BostonSavesCSA.org

Family Engagement Model

Strategies for Engaging Families in the Boston Public Schools

Family Engagement Roadmap

Focus on Schools Focus on Families Focus on Community

Family Engagement via Schools

Collaborative Learning Cohort CSA Champions School-Centered, School-Led Approach Teacher-Inclusive Design

Family Engagement with Families

Incentive Structure Parent Ambassadors Family-Inclusive Design

Family Engagement via Community

Invitation to Financial Institutions + Business Community to Sponsor Incentives + Events Invitation to Community Organizations to Participate in Design, Events, + Evaluation

Measuring Success

Boston Saves Engagement Goals: Metrics and Success Pilot Year 1

Measuring Success: Pilot Year 1

Goal #1: Innovative Technology

What Worked? Technology Platform Developed with Family-Focus Groups What Did We Learn? Slow Technology Rollout

Goal #2: Innovative Engagement

What Worked? School-Centered Program Delivery Model What Did We Learn? Requires a Long Informational Period for Families

Advice for Other CSA Programs

BostonSavesCSA.org @BostonSavesCSA Kerri Schmidt Kerri.Schmidt@Boston.gov Kim Lucas Kimberly.Lucas@Boston.gov

Boston Saves

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Questio ions & Answers

What questions do you have for the presenters? Please share them in the chat box!

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• Monica Copeland, CFED - mcopeland@cfed.org
• Amanda Hahnel, Commonwealth - Ahahnel@buildcommonwealth.org
• Kerri Schmidt, City of Boston - Kerri.Schmidt@Boston.gov
• Kimberly Lucas, City of Boston - Kimberly.Lucas@Boston.gov

Contact In Information

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CSA Resources

Investing In Dreams (CSA design guide) cfed.org/programs/csa/investing_in_dreams.pdf

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Join today to help achieve our vision of

1.4 million Children’s Savings Accounts by 2020!

Join in th the Campaig ign for Every Kid’s Futu ture

www.savingsforkids.org

Thank You!

Next Webinar: Understanding the “Account” in Children’s Savings Accounts May 16, 2017 (2-3 pm EDT)