Financial Success Program
The Financial Success Program (FSP), a program of Creighton University’s Financial Hope Collaborative, is funded by a grant from the Financial Investors Regulatory Authority (FINRA) Foundation to explore which financial education program components are the most effective in creating behavior change for low income single mothers. The FSP focuses on three core components: an outstanding trainer, ongoing financial coaching and an easy to use money management system. Dinner and daycare are also included in the program.
The eight week curriculum was created to address the immediate financial issues for the target population. The curriculum includes tracking expenses, saving for emergencies, and repairing credit reports. Information on taxes, insurance, predatory lending, legal issues, and the psychology of money are also provided. The FSP Program also provides the following value added components:
- Ability to enroll in utility level payment plans
- Planning for best use of EITC/tax refund
- Ongoing Monthly meetings---education, support, and accountability
Results from the participants’ pre and post-tests show significant increases in the clients’ financial well being, sense of control and hopefulness. Participants’ newfound hopefulness and attitude changes toward their finances has translated into a 90% retention rate during its first year. This is one of the highest retention rates for a financial education program in the country.
The program’s mantra is: Cash Flow Is Queen.
As of April 2014, there have been 227 "queens" who have graduated from the program. This year long program is not for the faint of heart; but for those who are willing to put their financial house in order are in for the best time of their lives!
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