LISC’s Financial Opportunity Centers Surpass Other Programs
An independent study has found that Financial Opportunity Center clients, who access a range of services, have more success meeting their financial goals than people in programs offering employment assistance alone. Their gains include landing and keeping a job, growing credit and increasing annual earnings. The research findings will help LISC refine and propel its financial stability work on behalf of low-income Americans.
LISC’s Financial Opportunity Centers (FOCs) offer clients bundled services that include one-on-one financial counseling, employment assistance and help accessing public benefits to supplement work income.
An independent study by the Economic Mobility Corporation found that, compared to people in programs offering employment assistance alone, FOC clients were more likely to:
- be employed year-round
- reduce non-asset-related debt
- build positive credit histories
These findings offer concrete evidence that our model is successful in helping low-income people reach their financial goals and create a brighter future for their families. The evaluation was conducted as part of a grant from the Social Innovation Fund to implement evidence-based solutions.
LISC’s Financial Opportunity Centers program would not be possible without the support of funders who provide their time, expertise and resources. National funders include: The Social Innovation Fund (Corporation for National and Community Service), Citi Foundation, MetLife Foundation, JPMorgan Chase, The John D. and Catherine T. MacArthur Foundation, State Farm, Bank of America, The Kresge Foundation, Accenture, Walmart Foundation, W.K. Kellogg Foundation, The Annie E. Casey Foundation, U.S. Bank and Capital One.
