Credit Unions Well Represented as Service Innovators
Five of the eight winners of the Center for Financial Services Innovation second round of Financial Capability Innovation Fund awards are either offshoots of credit unions, have credit unions partners or have a history of working with credit unions.
The eight winners will share a total of $2.5 million in grants. The CFSI did not release exactly how much each program received.
The Mission SF program that won the grant will research which financial education and incentive approaches working best to help lower income young adults develop better financial management and savings habits. In the program, 800 lower income youth will be divided into four groups. Three of three groups will receive savings accounts and some basic education and incentives to start using them, but two of the three will also receive different degrees of personal attention from peers about the savings accounts. The fourth group will function as the control and not get any savings accounts at all.
The goal, according to Margaret Libby, Mission SF executive director, is to try to measure how much additional face to face attention from a trained peer is needed to get more impact from the savings program.