Isles Financial Solutions Receives $160,000 Contribution from Citi Community Development
May 07, 2013
Trenton, N.J. – Isles, Inc. recently received a $160,000 contribution from Citi Community Development to support the expansion of Isles Financial Solutions. Isles Financial Solutions (IFS) is an employer-based financial capability initiative for low-wage workers, designed to create positive, long-term behavior change in financial knowledge and decision-making.
Isles empowers IFS customers to improve their financial capacity through an innovative mix of financial coaching, credit-building finance, savings products and group-based learning. Currently, Isles works with employees at Princeton University and Trenton community members. With this funding, Isles will expand these services at Princeton University as well as begin working with at least one new local employer of lower wage workers.
In addition, $10,000 of this contribution will be used to fund the Personal Finance Employee Education Foundation (PFEEF) to conduct an evaluation of the effectiveness of IFS services. The year-long evaluation will measure the improvements in employee financial capability, savings, and credit scores, as well as the benefits to employers of improved worker productivity and reduced financial distress.
“We’re honored and delighted that Citi would provide us the support to expand IFS services to more workers in Mercer County,” states Peter Rose, Isles Managing Director of Community Enterprises. “We’re excited about this opportunity to measure the effectiveness of our model, which we believe offers a unique blend of services that can rapidly help improve the financial capacity, increase savings and lower high-cost debt for lower wage workers.”
During an IFS pilot at Princeton University in 2012, 40 low to moderate income employees were invited to join the program to reduce their debt and build assets. These individuals became active participants with measurable positive consumer financial behavior changes that included:
- 100% prepared and are using a household budget;
- 50% improved their credit scores (at least 100 points);
- 100% accumulated at least $500 in savings;
- 75% decreased overall debt at least 25%; and
- 50% decreased what they paid in interest and fees.
“Isles Financial Solutions is truly a results-oriented program helping lower income workers effectively address their financial issues and enabling them to focus more on their jobs and careers, benefitting both themselves and their employers,” said Helen Steblecki, Citi’s State Director of Community Development for New Jersey. “Citi is pleased to support Isles in its expansion of this program and the Personal Finance Employee Education Foundation in its evaluation of IFS to provide further evidence of the critical need and benefits of this type of comprehensive financial counseling program.”
About Isles
Founded in 1981, Isles, Inc. is a self-help, urban green development organization in Trenton, New Jersey. With a mission to foster self-reliant families and healthy, sustainable communities, we design and develop effective services that support this mission and share what we learn with others who can make a difference. To learn more about Isles Financial Solutions, visit us at
www.isles.org or contact
prose@isles.org.
