Written By: Ana C. Silva, Allison E. Seitchik, and Jane D. Parent
This paper summarizes a field-based experiment exploring an individual and small-group financial coaching intervention. Both types of coaching programs had the same goal: to develop clients’ financial capability through a series of planned meetings focusing on client driven goals. Results indicated clients who were coached either individually or in groups demonstrated increases in financial knowledge, gains in confidence, reductions in stress, and positive changes in behavior. The findings provide support for coaching as an intervention for developing financial capability and suggests group coaching as an alternative for reaching more clients and spreading financial capability more widely in a cost-effective way.