Helping Low-Wage Workers Achieve Financial Stability
NHSA is preparing to report on results from Financial Stability First (FS1), an 18-month pilot that sought to increase low-wage workers’ access to economic tools, financial coaching, and financial services through their employers with an integrated services model. Thanks to generous funding from the MetLife Foundation, FS1 was implemented at pilot sites across the country and served over 4,000 front-line employees, specifically in nonprofit human service organizations. It expanded on previous work NHSA has done on financial supports in the workplace, like the Bridging the Gap Toolkit. NHSA tested the effect of employer-based delivery of financial tools and services on employees’ financial stability goals by integrating financial coaching into the HR/EAP departments. The model connected low-wage workers to reputable financial institutions and products, while simultaneously providing knowledge and encouragement to make workers’ financial goals attainable—all as part of the normal workday.
A full report will be published later this spring.
