SLIDE 1 Financial Coaching Network Bi-Monthly Peer Call
Weds, June 27, 2018, 11-12:00 PT/ 2-3:00 ET
Today’s Topic: Financial Coaching & Racial Equity
SLIDE 2 Housekeeping
▪ This call is being recorded and will be mailed to registrants and available online within one week. ▪ This is a group discussion! However, all webinar attendees are muted at the start to ensure sound quality. ▪ Share comments or ask questions at any time by raising your hand to be unmuted or typing the question into the text box on the control panel.
Tip: Phone audio works best. Be sure to enter your audio PIN!
▪ If you experience any technical issues, email gotomeeting@prosperitynow.org.
SLIDE 3 Welcome
Fran Rosebush Baylor
Director of Field Engagement Prosperity Now
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Prosperity Now’s mission is to ensure everyone in our country has a clear path to financial stability, wealth and prosperity.
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▪Is a broad community of practitioners from around the country who are interested and engaged in financial coaching and counseling ▪Seeks to keep practitioners and other stakeholders informed and connected on the latest information, research and tools available ▪Is collaborative in nature and seeks partnership of other national and local partners to design and facilitate activities ▪Has partnered with Change Machine to offer FCN members free access to SHARE for a full year ▪Is Free!
The Financial Coaching Network…
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Today’s Agenda
✓ Introduction of Today’s Guests ✓ Getting to Know You – Opening poll question ✓ Exploring Today’s Topic – Financial Coaching & Racial Equity ✓ Panel Discussion – we’ll hear from one of your peers ✓ Group Discussion – What’s your experience? ✓ Closing & Next Steps
SLIDE 7 Lebaron Sims
Senior Research Manager Prosperity Now
Shenell Thompson
Founder Brick by Brick Consulting
Today’s Guest Speakers
SLIDE 8 Welcome
Hiba Haroon
Savings & Financial Capability Prosperity Now
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Getting the Most Out of Today’s Call
▪Join from a quiet space ▪Grab a coffee or snack and settle in ▪Engage! Send us your questions and comments as you listen ▪Reflect on ways to apply what you learn today to your own work
SLIDE 10 Lebaron Sims
Senior Research Manager, Applied Research Prosperity Now
Hiba Haroon
Senior Program Manager, Savings & Financial Capability Prosperity Now
Exploring Today’s Topic
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Financial Coaching Network Racial Equity Survey Results
SLIDE 12 ▪ Black ▪ Latino/a ▪ White ▪ Asian ▪ Native American ▪ Other (share more in the chat box!)
Use the Comment Box to let us know more!
Poll Question #1
How do you identify?
(Select all that apply)
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▪ Majority (51%) People of Color ▪ Majority (51%) White ▪ Unknown
Use the Comment Box to let us know more!
Poll Question #2
Are the leadership staff at your organization…?
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▪ Majority (51%) People of Color ▪ Majority (51%) White ▪ Unknown
Use the Comment Box to let us know more!
Poll Question #3
Are the staff at your organization…?
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▪ Majority (51%) People of Color ▪ Majority (51%) White ▪ Unknown
Use the Comment Box to let us know more!
Poll Question #4
Are the individuals to whom you offer financial coaching…?
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Comfort discussing internalized and interpersonal racism with peers
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▪ Racial composition of peers ▪ Leadership support/encouragement to have these discussions ▪ Relationships with peers outside of work ▪ General organizational culture ▪ Other (share more in the chat box!)
Use the Comment Box to let us know more!
Poll Question #5a
If you feel comfortable—What factors contribute to you feeling comfortable discussing internalized & interpersonal racism with your peers? (Select all that apply)
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▪ Racial composition of peers ▪ Leadership support/encouragement to have these discussions ▪ Relationships with peers outside of work ▪ General organizational culture ▪ Other (share more in the chat box!)
Use the Comment Box to let us know more!
Poll Question #5b
If you don’t feel comfortable—What factors contribute to you feeling comfortable discussing internalized & interpersonal racism with your peers? (Select all that apply)
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Comfort discussing institutional and structural racism and their impacts on economic equality with peers
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▪ Racial composition of peers ▪ Leadership support/encouragement to have these discussions ▪ Relationships with peers outside of work ▪ General organizational culture ▪ Other (share more in the chat box!)
Use the Comment Box to let us know more!
Poll Question #6a
If you feel comfortable—What factors contribute to you feeling comfortable discussing institutional & structural racism and their impacts on economic equality with your peers? (Select all that apply)
SLIDE 21 ▪ Racial composition of peers ▪ Leadership support/encouragement to have these discussions ▪ Relationships with peers outside of work ▪ General organizational culture ▪ Other (share more in the chat box!)
Use the Comment Box to let us know more!
Poll Question #6b
If you don’t feel comfortable—What factors contribute to you feeling comfortable discussing institutional & structural racism and their impacts
- n economic equality with your peers? (Select all that apply)
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Interest in learning more about institutional and structural racism and their impacts on economic equality
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Knowledge alone changes behavior
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Financial coaching is unable to address the racial wealth divide.
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▪ Participant recruitment ▪ Participant engagement ▪ Participant behaviors/values ▪ Participant retention ▪ Coach recruitment ▪ Coach retention ▪ Funding/resources ▪ Data tracking
Primary challenges of financial coaching programs
SLIDE 26 Lebaron Sims
Senior Research Manager Applied Research Prosperity Now
SLIDE 27 ▪Racial equity as a strategy:
▪ The elimination of policies, practices, attitudes, and cultural messages that reinforce or fail to eliminate differential outcomes by race
▪Racial equity as an outcome:
▪ The condition that would be achieved if someone’s racial identity no longer predicted, statistically, their life trajectory and outcomes.
▪Racial wealth equity as an outcome:
▪ The condition that would be achieved if, statistically, White households and households of color from the same background, with the same access to resources, accrued the same assets and intergenerational wealth holdings.
Source: Interaction Institute for Social Change
Defining Racial (Wealth) Equity
SLIDE 28 1st level: Internalized Racism
▪ Private beliefs, prejudices, and ideas that people have about the inherent superiority of whites and inferiority of people of color
2nd level: Interpersonal Racism
▪ The external expression of racism between individuals
3rd level: Institutional Racism
▪ Discriminatory treatment, practices, and opportunities within
- rganizations and institutions that produce disproportionately
positive outcomes for white people and disproportionately negative outcomes for people of color
4th level: Structural Racism
▪ A system in which public policies, institutional practices, cultural representations, and other implicit and explicit norms work in mutually reinforcing ways to perpetuate racial group inequality
Source: Applied Research Center
How Does Racial Inequality Manifest?
SLIDE 29 Findings from the 2018 Scorecard
▪ Racial and ethnic disparities exist across all dimensions of financial security and quality of life measures—and public policy is largely to blame. ▪ The critical elements of household financial security continue to be influenced—and ultimately determined— by racial bias and discrimination. ▪ Systemic racial wealth inequality compounds through its effects on employment, homeownership, education, business ownership, and access to local resources and networks.
SLIDE 30 2018 Scorecard Outcome Ranks
Ranks 1 – 10 11 – 20 21 – 31 32 – 41 42 – 51
DC RI
WA OR CA ID NV MT WY UT AZ CO NM AK HI TX OK KS NE SD ND MN IA MO AR LA MS AL GA FL SC NC TN KY IL IN OH MI WI PA WV VA NY ME
MA CT MD DE NJ VT NH
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Race Influences State Outcomes
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Why does the racial wealth divide matter?
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▪ System – “A system is an interconnected set of elements that is coherently organized in a way that accomplishes something.”– Donella Meadows ▪ E.g. engine, household, economy ▪ Systems Thinking – A conceptual way of seeing the world and exploring the interrelation between parts and wholes, so we can focus on adjusting systems in order to help improve outcomes.
A Systems Approach
SLIDE 35 Shenell Thompson
Founder Brick by Brick Consulting @BrickbyBrickNC
Peer Panel Discussion
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Today’s Topic: Financial Coaching and Racial Equity
Group Discussion
SLIDE 37 Group Discussion Technology
▪ This is a group discussion! However, all webinar attendees are muted at the start to ensure sound quality. ▪ Share comments or ask questions at any time by raising your hand to be unmuted or typing the question into the text box on the control panel.
Tip: Phone audio works best. Be sure to enter your audio PIN!
▪ If you experience any technical issues, email gotomeeting@prosperitynow.org
SLIDE 38 Next Steps
▪ Please complete the survey! ▪ Sign up for other Networks and Campaigns to stay in the know about issues you care about ▪ Let us know your suggestions for future call topics ▪ Volunteer to lead a future call! ▪ Start planning now for the 2018 Prosperity Summit
(formerly Assets Learning Conference)
SLIDE 39 Plug into the Prosperity Now Community
Financial Coaching Network Racial Wealth Equity Network Affordable Homeownership Network Financial Coaching Network Adult Matched Savings Network Taxpayer Opportunity Network Campaign for Every Kids Future — Children’s Savings Accounts Medical Financial Partnerships (Health/Wealth) Innovations in Manufactured Housing (I’M HOME) Network
Visit any of the networks above at prosperitynow.org/getinvolved to get started.
Sign up for listservs and working groups, volunteer to facilitate peer discussions, serve in a leadership role and more!
SLIDE 40 Take action with Prosperity Now Campaigns!
Homeownership is key to building
will advocate for products and policies that provide more affordable homes to more people. HOMEOWNERSHIP Consumer protections create fairer, more transparent financial
we will ensure consumers keep the safeguards they deserve. CONSUMER PROTECTIONS Safety net programs help protect vulnerable individuals and families from falling deep into
will protect programs like SNAP, IDAs and more to help those in need when they need it most. SAFETY NET The vast majority of tax incentives go to those at the top, not to those who need it
will turn our upside- down tax code right- side up. TURN IT RIGHT-SIDE UP
Visit any of the Campaigns above at https://prosperitynow.org/take-action to learn more and join.
Sign up to stay informed about the latest developments and opportunities to take action by joining one of our four federal policy campaigns.
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Registration for the 2018 Prosperity Summit is now open! Visit the Summit website at summit.prosperitynow.org to learn more and to register!
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Financial Coaching Network Bi-Monthly Peer Call Series
Join us for the next call in August—and for the rest of the series! ▪ August 8 ▪ October 3 ▪ December 12
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Thank You!
Please complete our survey and we’ll see you on the next call!
