Budget Buddies: Providing financial coaching for low-income women

Budget Buddies seeks to reduce the number of women living on the economic margins by providing financial coaching that empowers them to transition to a life of economic independence.

The Problem

Women, especially women of color, in the United States are vulnerable to economic disenfranchisement. Women earn less than men do, they are more likely to work part time, and they are more likely to put their jobs in jeopardy to take care of their families. Today, 1 in 7 seven women in the U.S. live in poverty. In addition to all these co-founding factors, many women have never had a proper education regarding their personal finances. Without such a background, people can often feel trapped and intimidated by financial matters - and wary of seeking help even when safety net channels to exist.

The Solution

Budget Buddies is a robust financial literacy program for low-income women. Budget Buddies provides six months of skill building workshops. Within these workshops, each attending woman is paired with a coach who works with them one-to-one to help manage their finances effectively. By the end of the six months, 92% of attendees state that they are in a place where they always pay their bills on time versus 55% of attendees at the start of the program.