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EBO Centre’s Budget Coaching Program aiming at financial autonomy leads to an unexpected result!
31 May 2021
Submitted by the EBO Centre
Français
In 2020 the
EBO Centre
tested a "Financial Empowerment Budget Coaching Program" with a “vitamin-effect” component (financial incentive). It was based on EBO's budget counselling model for socially and economically vulnerable people developed using over 40 years of practice.
Working with a diverse group of nearly 20 people, and mostly low-income participants for six months while in the middle of the pandemic, EBO aimed at improving their level of financial autonomy.
The challenge? Engage participants long enough to empower them with improved money management skills. Six months later? The evaluation report produced by an independent firm revealed that 100 per cent, without exception:
Were very/totally satisfied with the program
Reported that the program has greatly/totally increased their control over their budget
Maintained perfect attendance… and not because of the financial incentive
Were very/totally satisfied with the coaching.
More importantly, they were able to measure:
A more positive attitude towards budgeting (+55 per cent)
In the middle of the pandemic, a reduction (-45 per cent) of their financial stress level
A high level of motivation to improve their budgeting skills (9/10)
Thirty-eight per cent of participants were more confident in their ability to plan, manage and adjust their budget
And finally, their level of financial autonomy almost doubled (+96 per cent)
But the most unexpected outcome had to do with savings: none of the participants had a savings program, but more than 50 per cent of participants started saving and maintained it for the duration of the budget coaching program (six months). As most of the participants were people on low income, it is EBO's hope that it will alter the stereotype among many, that savings efforts and vulnerable, low-income people do not belong together! They are critical in supporting those in moving ahead and thriving.
EBO Financial Education Centre
EBO Financial Education Centre is an Ontario Financial Empowerment Champion (FEC) through the
Ontario Financial Empowerment Champions
project.
EBO Financial Education Centre (formerly Entraide budgétaire Ottawa) is a budget counselling community service that was founded on January 18, 1979 by community advocates who decided to pass on the knowledge they acquired in a course on budget counselling that was offered to Ottawa residents. Today, this community involvement is still reflected in the organization's day-to-day activities. To learn more about EBO Financial Education Centre, please visit www.centre-ebo.com
Français
Le programme de coaching budgétaire du Centre EBO visant l’autonomie financière suscite un résultat inattendu!
En 2020, le Centre EBO a testé un programme de coaching budgétaire visant l’autonomie financière, assorti d’un incitatif financier, et reposant sur notre modèle d’intervention, développé pendant 40 ans de pratique auprès des personnes socialement et économiquement vulnérables.
Travaillant avec un groupe d’une vingtaine de participants, pour la plupart à faible revenu, le programme visait à améliorer leur niveau d’autonomie financière. Le défi? Maintenir l’engagement des participants assez longtemps pour nous permettre de renforcer leur capacité à gérer leur argent. Six mois plus tard? Le rapport d’une firme indépendante fut sans équivoque : 100% des participants, sans exception :
Furent très/totalement satisfaits du programme
Ont affirmé que le programme a beaucoup/totalement renforcé leur prise en charge de leur budget
Ont maintenu un taux de participation de 100%... et pas à cause de l’incitatif financier
Furent très/totalement satisfaits du coaching
Et surtout, nous avons pu mesurer :
Une meilleure attitude face au budget (+55%)
Une réduction de leur niveau de stress financier (-45%)… au milieu d’une pandémie!
Le maintien d’un haut niveau de motivation envers la prise en charge de leur budget (9/10)
38% des participants étaient plus confiants en leur capacité de planifier, gérer et ajuster leur budget
Et finalement, leur niveau d’autonomie financière a quasiment doublé (+96%)
Mais le résultat le plus inattendu touche l’épargne : aucun des participants ne faisait de l’épargne régulière avant le début du programme… mais plus de 50% ont volontairement débuté et maintenu un programme d’épargne pendant toute la durée du programme (six mois) ! Et rappelons-nous que les participants étaient pour la plupart à faible revenu. On espère donc que ce résultat changera la perception qu’entretiennent encore trop de gens voulant que l’épargne et les personnes à faible revenu ne fassent pas bon ménage !
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