Funders Invest in Financial Coaching Services

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NEW ORLEANS — From the Asset Funders Network:

Louisiana-focused funders and financial institutions will invest more than $1 million to expand financial coaching services across the state to help Louisianans build emergency savings and increase their financial health.

The Louisiana Financial Coaching Cohort is an initiative of the Louisiana chapter of the Asset Funders Network, a national grantmaker membership organization focused on advancing equitable wealth building and economic mobility. The cohort will bring together funders and nonprofit service providers to design, implement and support inclusive financial coaching strategies that help Louisianans increase their savings.

The LA AFN funders for this initiative include Capital Area United Way, the Conrad N. Hilton Foundation, Entergy Louisiana, the Foundation for Louisiana, JPMorgan Chase & Co., Red River Bank, the Huey and Angelina Wilson Foundation and the United Way of Southeast Louisiana.

“Louisiana-focused funders and service providers bring a diverse array of knowledge, expertise and approaches to helping individuals and families meet basic needs and build savings in the wake of unexpected crises,” said Jannease Seastrunk, senior vice president of Red River Bank. “This cohort is about scaling our learnings and efforts to create a robust infrastructure of financial coaching, a proven tool towards building resilience and securing financial health.”

A report, released today by the Asset Funders Network and the Center for Financial Security at the University of Wisconsin-Madison, explores how financial coaching and other services evolved in response to the COVID-19 pandemic. Louisiana is one of six states and regions featured in the report. Data, insights and recommendations from the regional brief provide a launch point for the cohort’s efforts, which include a focus on emergency savings and virtual and hybrid platforms to improve access and retention.

“Financial health is the foundation of strong and resilient households, communities and economies,” said Diana Holmes, Chase Community Manager for New Orleans. “Chase is proud to be part of the statewide Asset Funders Network. Working together, our collaborative can create lasting change by investing in Louisiana families so they can build wealth for generations to come.”

Over the next year, the Louisiana Financial Coaching Cohort will recruit and convene members to drive awareness about financial coaching’s value as an integrated financial services strategy and work to define a collective standard for Louisiana-based providers.

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