Head Start Family Financial Capability: 2013–2014 Annual Report of the Asset Project

Many U.S. families with young children are at risk of poor health and educational outcomes because they live below the poverty line. However, research suggests that asset-building efforts with financial education and social welfare supports provide positive benefits for child and family well-being. This report highlights a mixed-methods approach used to explore the impact of a financial-education intervention provided to Head Start families in the St. Louis area. The intervention combined 10 hours of financial education on debt management, banking, saving, budgeting, and credit scores with a savings incentive and one-on-one coaching to encourage the use of new financial knowledge and skills after class completion. Results from analysis of Year-1 quantitative data suggest that participants’ understanding of core financial concepts increased. Qualitative data show that participating parents gained
valuable insights on available subsidies, making financial goals, and achieving such goals. Head Start staff facilitating parental enrollment also indicated improved understanding of available subsidies and banking products helpful for savings.

Project: ASSET Project