This is one research brief in a series of five completed through the Employee Financial Wellness Programs Project. In this study, we focus on a workplace credit-building counseling program. This service is offered by a non-profit service provider that combines credit-building education, one-on-one counseling, and access to financial products to help low-income workers establish good credit. Good credit expands access to housing and employment opportunities and enables workers to access safe and affordable sources of credit to cope with and recover more quickly from financial emergencies by avoiding predatory and high-cost credit such as payday loans.
The purpose of this study was to examine take-up, engagement, and financial outcomes associated with the credit-building counseling program that was offered to employees of a non-profit agency that provides services to adults with intellectual disabilities between March 2018 and March 2019. The service delivery model included an on-site seminar on the credit system that was presented at mandatory employee meetings, optional one-on-one in-person counseling sessions, ongoing contact with a credit building counselor (via text message, email, or phone) plus 6-month and 12-month credit report checks.
Project: Workforce Financial Stability Initiative
Citation
Frank-Miller, E., Fox-Dichter, S., Wolter, S., Hampton, J., & Zeng, Y. (2019). Workplace credit-building counseling at a Midwest employer: An assessment of take-up, engagement, and outcomes. (SPI Research Brief No. 19-06). St. Louis, MO: Washington University, Social Policy Institute.