Developing CSA Programs with Families in Mind April 26,

Transcription

1 Developing CSA Programs with Families in Mind April 26,

2 Welcome Monica Copeland Senior Program Manager Children s Savings CFED

3 Housekeeping This webinar is being recorded and will be available online and ed 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, gotomeeting@cfed.org

4 About CFED Our mission at CFED is to make it possible for millions of people to achieve financial security and contribute to an opportunity economy.

5 How Do We 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.

6 Campaign for Every Kid s Future Join today to help achieve our vision of 1.4 million Children s Savings Accounts by 2020!

7 Webinar Overview 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

8 Webinar Overview Agenda Background information CSAs and engagement Presentations Commonwealth and City of Boston Questions and Answers Resources

9 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

10 What Are CSAs? 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

11 How Do CSAs Work?

12 Family Engagement Savings participation High-touch vs. low-touch engagement Deciding on an engagement strategy

13 We build solutions to make people financially secure.

14 D2D Fund is now Commonwealth At Commonwealth, we believe lasting social and economic prosperity requires that everyone has wealth of opportunity, of tools, and of financial assets. We need to grow our common wealth and make wealth more common.

15 Commonwealth s Work with CSAs

16 What Does Engagement in CSA Programs Mean to You? Knowledge of Program Open Accounts Family Deposits Interaction with Post-Secondary Preparation Activities

17 Creating Action Requires Motivation, Ability, Triggers Motivation High Low Triggers work! Triggers Fail Hard to Do Ability Easy to Do Behavior = Motivation*Ability*Triggers B.J. Fogg Behavioral Model

18 Developing Engagement Starts with Programmatic Decisions Program Design Communication Design

19 Using Consumer Centric Design to Understand Engagement Commonwealth worked with Eos Foundation and the City of Boston to do indepth 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?

20 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 of 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

21 Programmatic Design Decisions How are you Making it Easier or More Motivating for People to Engage? Account Type Deposit Locations Opt-In vs. Opt-Out Community Partners Primary Distribution Channel Rules and Regulations (Location, Limits on Family Participation, Limits on Deposits) Incentives (Type, Seed, Amount, Behaviors Rewarded, Frequency)

22 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

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

24 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

25 Amanda Hahnel Associate 114 WESTERN AVENUE BOSTON, MA buildcommonwealth.org

26 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

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

28 Boston Saves Program Overview

29 By the Numbers Pilot Year 1: pilot schools, 11 classrooms, 246 K2 students $50 seed, up to $50 bonus, $5 incentive / quarter Year 1 engagement target: 15% in 90 days

30 BostonSavesCSA.org

31 Family Engagement Model Strategies for Engaging Families in the Boston Public Schools

32 Family Engagement Roadmap Focus on Schools Focus on Families Focus on Community

33 Family Engagement via Schools Collaborative Learning Cohort CSA Champions School-Centered, School-Led Approach Teacher-Inclusive Design

34 Family Engagement with Families Incentive Structure Parent Ambassadors Family-Inclusive Design

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

36 Measuring Success Boston Saves Engagement Goals: Metrics and Success Pilot Year 1

37 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

38 Advice for Other CSA Programs

39 Boston Saves Kerri Schmidt Kim Lucas

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

41 Contact Information 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

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

43 Join the Campaign for Every Kid s Future Join today to help achieve our vision of 1.4 million Children s Savings Accounts by 2020!

44 Thank You! Next Webinar: Understanding the Account in Children s Savings Accounts May 16, 2017 (2-3 pm EDT)