Perceptions of Financial Education Among Administrators and Staff in the Asset Pilot Project for Head Start Families

Background and Purpose: Low-income families with young children lack sufficient financial knowledge, skills and access to appropriate financial services to achieve their financial well-being. Financial capability services have been integrated into social services to help overcome these barriers.

This study reports results from a project that provides financial education to staff of the ASSET (Access, Savings, Support, Education, and Training) project, a financial capability intervention operated by United Way in a Head Start (HS) program located in a Midwestern metropolitan area. The intervention includes five components: (1) an entry-level screening for state benefits, (2) five 2-hour financial educational sessions, (3) budget and credit counseling, (4) financial coaching, and (5) small-dollar matched saving with a 2:1 match rate and a match cap of $400. There were 339 HS families participating in the project between 2013 and 2015. One unique feature is that the ASSET project also included HS staff (n=107) in financial education training aimed at improving their capacity to improve client’s financial capability; they are the focus of this study.

Methods: The researchers interviewed 29 HS administrators, financial coaches, and staff on their perceptions of the program, suggestions for best practices, and recommendations for program implementation. Recordings were transcribed verbatim and a coding system developed using an inductive, constructivist approach. Researchers assessed inter-coder reliability, major themes were identified, shared with ASSET administrators and codes were revised through discussion.  

Results: The main themes identified include program strengths, challenges, organizational and programmatic implementation, and benefits. Interviewees emphasized the importance for service providers to improve their financial knowledge and mentoring skills in order to be able to build financial capability in HS families. For example, staff identified screening for benefits as a powerful tool for the HS annual assessment of families. However, both staff and parent participants had low test scores on financial knowledge, attitudes, and behaviors. Interviewees believed that technical assistance and training provided by the United Way (e.g., helping HS parents open bank accounts) were helpful for program implementation. Interviewees also requested education on homeownership, retirement, college savings, and credit, topics that were of particular interest to HS parents. Staff identified program challenges, such as HS parent recruitment and retention, and arranging schedules and providing child care services for HS parents during financial education sessions. Regarding outcomes, interviewees reported that the project was a catalyst shifting the financial culture within HS centers. One interviewee stated: “One thing that is cool here is that we have a way more financially healthy environment and people are talking more about money … and saying ‘my credit score is up’ or whatever… it is really exciting.”

Discussion and implications: Staff and administrators’ perceptions of financial capability services in the ASSET project inform efforts to educate human service staff and improve their ability to deliver financial capability services. Many human service providers also lack financial capability, and understand the importance of financial education for their professional practice. Beyond general financial capability education, specific technical assistance and program-related trainings are also helpful for successful program implementation.