Financial Hope Collaborative
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Reducing health disparities by fostering economic stability and social mobility
Since 2009, the Financial Hope Collaborative has offered the Financial Success Program (FSP) to people who are struggling with their finances. The FSP is an evidenced based financial education and coaching model that has proven client outcomes such as decreased financial stress, increased incomes, and improved health outcomes.
Mission and Vision
Mission:
The Financial Hope Collaborative (FHC) at Creighton University builds financial confidence through an evidence-based financial education/coaching model.
Vision:
Economic stability is available to all to eliminate health disparities.
Programs
If you would like to learn about participating and/or enrolling in the Financial Success Program, click on the program link below:
Overview
Want to learn more about the Collaborative?
Financial Success Program
Money used to control me. Now I am controlling it.
— Dulce '09 Financial Success Program Graduate
Participants Information and Enrollment
The Financial Hope Collaborative has offered the Financial Success Program (FSP) to over 1,000 people in the Omaha metro area since 2009. The FSP is a model that consistently decreases financial stress, increase incomes, and improves health outcomes for people stressed about their money.
The FSP focuses on monthly cash flow management. The mantra "Cash Flow Creates Change" reinforces the importance of that skill along with identifying new financial choices. The FSP model includes:
- 9 weeks of in-class financial education
- 1 year of financial coaching
- Childcare
- Dinner
- Transportation
Classroom topics include credit repair, savings, predatory lenders, insurance and negotiating with creditors. Access to the Level Payment Plan with both OPPD and MUD is also available. Small, realistic action steps are designed to create the sense of moving forward and show that change is possible. Early success boosts confidence to tackle tougher financial issues. One year of financial coaching provides the support and resources as people make strides towards financial stability. Financial coaches come from a variety of backgrounds, but generally are someone who wished the FSP had been available for them.
Contact financialconfidence@creighton.edu to learn more or to enroll in the Financial Success Program.
Cura Recap for Participants
The Cura Project is a unique approach to helping people with Type 2 Diabetes better manage their health. This project runs for 18 months and includes four different components:
- A financial social worker who will connect you with resources and possibly help reduce prescription costs.
- An interactive 9-week class on financial education (includes dinner and childcare) and one year of financial coaching.
- Diabetic-friendly foods delivered to your home every two weeks.
- 6 months of individual health and wellness coaching.
This project can open the door to better health for people with Type 2 Diabetes by:
- Reducing your financial stress which often leads to better health outcomes
- Helping you control your diabetes instead of feeling controlled by it
Contact us at 402-717-3618 or fill out the our form to learn more about the Cura Project or to get enrolled
Medicaid Pilot
The Financial Success Program (FSP) is open to adults who currently are enrolled in Medicaid in the state of Nebraska. Classes are held in both Douglas and Sarpy Counties. The FSP will be available in both English and Spanish to adults receiving Medicaid benefits through December 31, 2023.
The FSP focuses on monthly cash flow management. The mantra "Cash Flow Creates Change" reinforces the importance of that skill along with identifying new financial choices. The FSP model includes:
- 9 weeks of in-class financial education
- 1 year of financial coaching
- Childcare
- Dinner
- Transportation
Classroom topics include credit repair, savings, predatory lenders, insurance and negotiating with creditors. Access to the Level Payment Plan with both OPPD and MUD is also available.
If you want to learn more and/or enroll in the Medicaid Pilot, contact financialconfidence@creighton.edu or call 402-280-3706, ext. 4.
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Financial Success - Tracey’s Story
Financial Success - LeClara's Story
Finances First Clinical Trial Findings
see text version below
Economic Stability Findings:
- 25% reduction in shutoff notices
- 23% reduction in overdrawn bank accounts
- 22% increase in paying bills on time
- 20% increase in income: from $24,200 to $29,000
- Significant improvements in constructive financial behaviors:
- Saving money regularly
- Setting financial goals
- Keeping a written budget
- Reviewing monthly spending
Economic Mobility Findings:
- 20% increase in salary
- reduction in clerical positions
Health Findings:
- Significant improvements in the Family Economic Strain Survey
- 5% reduction in the rate of tobacco use
- 19% reduction in health care not received due to cost
- Prevention of 5% increase in junk food consumption experienced by the control group
Women randomized to the Financial Success Program demonstrated significant increases in mean annual income and increased constructive financial behavior. This resulted in a significant reduction in financial stress as measured by the validated Family Economic Strain Survey. Participating women began to make healthier lifestyle choices, including a significant reduction in tobacco use, and were less likely to avoid needed medical care due to cost. Participation in the Financial Success Program resulted in achievement in various indicators of success. The result of the Financial First study are promising and continue to support financial education and coaching as a potential health intervention.
Finances First Clinical Trial
Finances First: A Health Intervention in Low Income Single Mother Households was one of the first clinical trials in the country to determine the impact a financial education and coaching model (Financial Success Program) had on the health outcomes of single mothers. This randomized control trial was funded by the Robert Wood Johnson Foundation with local funders underwriting the FSP intervention.
This 2017-2020 trial found the Financial Success Program to be an effective strategy in changing financial behaviors along with achieving significant health-related improvements in single mothers whose income averaged $24,200. Additionally, a small number of participants who completed the program during the COVID-19 pandemic were studied; and found to be more resilient, hopeful, and better able to cope with adversity.
Financial Hope Collaborative History
After promoting access to the financial mainstream since 2001, the Financial Stability Partnership (FSP) was formally launched in 2006 by the United Way of the Midlands. Programs included Workplace Financial Education, the Financial Success Program (FSP), Alternatives to Payday Lending and the Omaha EITC (Earned Income Tax Credit now located at Family Housing Advisory Services).
In 2010, these programs were relocated to Creighton University under the Heider College of Business as the Financial Hope Collaborative. To quantify consistent, noticeable changes in financial behaviors and health, a small study began in 2011 to determine the impact the Financial Success Program had on the health of single, low-income mothers. The FHC and faculty from Creighton’s Pharmacy and other medical departments leveraged these promising outcomes to obtain a grant from the Robert Wood Johnson Foundation for what was one of the first clinical trials in the country to study this connection. This clinical trial (Finances First) ran from 2017 until 2020 with 345 participants. Findings showed statistically significant reductions in smoking, consumption of fast food, overdrafts, shut-off notices and late fees among others. Significant increases in income, promotions, savings and school attendance were also found. In 2022, the findings were published in the peer reviewed American Journal of Lifestyle Medicine.
These findings leveraged three ground-breaking partnerships in 2022 to further demonstrate the link between the Financial Success Program model and improvements in physical and emotional health for populations at risk.
- The first Medical-Financial Partnership in Nebraska, the Cura Project, began in January. Cura is a Latin word for “respect for the whole person”. The purpose of the Cura Project is to improve health and manage diabetes by focusing on financial and physical well-being for people diagnosed with Type 2 diabetes.
- The University of Nebraska Medical Center (UNMC) recruited the FHC to design and teach a modified version of the FSP model to train 240 community health workers across the state of Nebraska as part of a grant from the National Institute of Health (NIH) to decrease health disparities in underserved communities.
- A pilot to study the impact the FSP model has on the health outcomes of 100 adults who receive Medicaid benefits began in April.
The FHC’s innovative work has always been generously funded by private foundations, organizations, and individuals. This novel work would not have been possible without this partnership of outside financial support and the in-kind, internal support from Creighton University.
Background Information
Financial Success Program
The Financial Success Program (FSP) is a comprehensive financial education and coaching model that focuses on changing financial behaviors. It was launched in 2009 and over 1,000 people have since graduated from the FSP. The mantra "Cash Flow Creates Change" reinforces the importance of that skill along with identifying new financial choices.
Childcare, dinner and transportation are provided as part of the FSP model as those are often barriers to participation. Nine weeks of in-class training and one year of financial coaching are provided to build the financial confidence of financially stressed individuals. The FSP also has value-added components such as access to the Level Payment Plan with both OPPD and MUD.
Financial Coaches
One year of financial coaching follows the training session. Coaches meet monthly with FSP graduates to work on cash flow management and financial goals. An easy to use spreadsheet helps graduates see where their money is going which gives them the opportunity to make different choices. Small, realistic action steps are designed to create the sense of moving forward and that change is possible. Teaching people how to effectively manage monthly cash flow opens up the door to savings and debt reduction. Early success fosters the willingness to tackle tougher financial issues.
Financial coaches are primarily community members who have struggled with financial issues themselves. Coaches receive four hours of initial training along with quarterly meetings to highlight opportunities, learn new skills and identify emerging financial issues. Ongoing support and an extensive list of resources are also provided.
Interested in becoming a financial coach? Email the FHC at financialconfidence@creighton.edu
Research Publications
Financial Education and Coaching: A Lifestyle Medicine Approach to Addressing Financial Stress
Peer Reviewed Journal Articles
- White ND, Packard K, Kalkowski J, et al. Improving health through action on economic stability: results of the Finances First randomized controlled trial of financial education and coaching in single mothers of low-income. American Journal of Lifestyle Medicine. 2022;0(0).
- Galvin, D, Kalkowski, J. “A Researcher–Practitioner Collaboration to Enable Replication of an Evidence-Based Financial Education and Coaching Program That Improves Health in Low-Income Single Mothers” Health Promotion Practice, 2022, 24(2).
- White ND, Packard KA, Kalkowski JC, Ryan-Haddad AM, Black LL, Flecky KA, Furze JA, Rusch LM, Qi Y. Two year durability of the effect of a financial educational program on the health of single, low-income women. Journal of Financial Counseling and Planning 2018;29(1):68-74.
- Packard KA, Kalkowski JC, White ND, Ryan-Haddad AM, Black LL, Flecky KA, Furze JA, Rusch LM, Qi Y. Effect of a financial education program o the health of single, low-income women and their children. International Public Health Journal. 2015;7(1):37-54.
- White ND, Packard K, Kalkowski J, Ryan-Haddad A, et al. A novel financial education program in single women of low-income and their children. International Public Health Journal. 2015;7(1):49-55.
- Prawitz, A., Kalkowski, J: Responses to Economic Pressure by Low-Income Families: Financial Distress and Hopefulness (Journal of Family and Economic Issues, February 2012.)
- Fuji, White, Packard, Kalkowski and Walters Effect of a Financial Education and Coaching Program for Low-Income, Single Mother Households on Child Health Outcomes
Peer Reviewed Book Chapters
- Packard KA, Kalkowski JC, White ND, Ryan-Haddad AM, Black LL, Flecky KA, Furze JA, Rusch LM, Qi Y. A financial education program and health of single, low-income women and their children. In Caron RM, ed. Public Health: Improving health via inter-professional collaborations. New York: Nova Science. 2014:49-62.
- White ND, Packard KA, Kalkowski JC, Ryan-Haddad AM, Black LL, Flecky KA, Furze JA, Rusch LM, Qi Y. Education program for single women of low-income and their children. In Caron RM, ed. Public Health: Improving health via inter-professional collaborations. New York: Nova Science. 2014:63-72.
Non Peer Reviewed Journal Articles
White ND, Packard K, Kalkowski J, Bradley T. Building hopefulness through financial education and coaching. American Journal of Lifestyle Medicine. 2021;15(1):19-22.
White ND, Packard K, Kalkowski, J. Financial education and coaching: a lifestyle medicine approach to addressing financial stress. American Journal of Lifestyle Medicine. 2019;13(6):540-543.
Prawitz, A., Kalkowski, J: Responses to Economic Pressure by Low-Income Families: Financial Distress and Hopefulness. Journal of Family and Economic Issues. February 2012
Oral Presentations
Fuji KT, White N, Packard K, Furze J, Kalkowski J, Walters R, Black L, Flecky K, Peterson J, Rusch L, Ryan Haddad A. Effect of a Financial Education and Coaching Program for Low-Income, Single Mother Households on Child Health Outcomes. Academy Health Annual Research Meeting. Washington, DC, June 5, 2022.
White ND, Packard K, Kalkowski J. Improving health through action on economic stability: Results from a randomized-controlled trial of financial education and coaching in low-income single-mothers. Invited presentation at the American College of Public Health’s Annual Meeting. Denver, CO. October 24-27, 2021.
Packard K, White ND, Kalkowski J, et al. Effect of Financial education on single mothers’ resilience. Invited presentation at the 14th Annual Health Disparities Conference. Virtual Conference. April 8, 2021.
Abstracts and Poster Presentations
Packard K, White N, Kalkowski J, Galvin D, Walters R, Fuji KT, Flecky K, Black L, Furze J, Peterson J, Rusch L, Ryan Haddad A. Impact of a Financial Education and Coaching Intervention on Economic Stability in Low Income, Single Mother Families. AcademyHealth Annual Research Meeting. Washington, DC, June 5, 2022.
Ramirez S, Williams E, Schwartz J, Fuji K, White N. Can financial wellbeing be improved in low-income patients without increasing salary? Findings from a financial education and coaching intervention. ASHP Midyear Meeting. Las Vegas, NV, December 5, 2022.
White N, Packard K, Kalkowski J, Fuji KT, Black L, Flecky K, Peterson J, Rusch L, Ryan Haddad A, Walters R. Evaluation of a Financial Education and Coaching Intervention on the Resilience of Single Mothers of Low-Income during the COVID-19 Pandemic. Academy Health Annual Research Meeting. Washington, DC, June 5, 2022.
White ND, Packard K, Kalkowski J. Improving health through action on economic stability: Results from a randomized-controlled trial of financial education and coaching in low-income single-mothers. Invited presentation at the American College of Public Health’s Annual Meeting. Denver, CO. October 24-27, 2021.
Packard K, White ND, Kalkowski J, et al. Effect of Financial education on single mothers’ resilience. Invited presentation at the 14th Annual Health Disparities Conference. Virtual Conference. April 8, 2021. White ND, Packard K, Kalkowski J. Reducing stress through financial education and coaching in single mothers of low-income. Poster, American College of Lifestyle Medicine. Orlando, FL. October 30, 2019.
Packard KA, Ryan-Haddad A, White N, Kalkowski J, Furze J, Flecky K, Rusch L, Black L. A novel financial education program in single women of low-income and their children. Poster, All Together Better Health VII International Conference. Pittsburgh, Pennsylvania, June 8, 2014.
Kalkowski J, White N, Packard K, et al. Promoting health and strengthening communities through financial education. Poster, All Things Ignatian Symposium, Creighton University, Omaha, NE, February 2014.
Kalkowski J, Packard K, Gillespie N, et al. Impact of Financial Success Education Program on Quality of Life and Health in Single, Low-Income Mothers. Poster, Women’s Health 2013: The 21st Annual Congress. Washington, DC, March 2013.
Gillespie ND, Packard K, Kalkowski J, et al. Cardiovascular risk factors of women and children in an urban financial education program. Poster, ACPM Preventive Medicine meeting, Orlando, FL, February 2012.
Funding Information
Provide support to help our programs thrive and increase economic stability and social mobility in our communities.
The FHC’s innovative work has always been generously funded by private foundations, organizations, and individuals. This unique approach to economic stability would not have been possible without this partnership of outside financial support and the in-kind, internal support from Creighton University.
Thanks to all who currently support and have supported the Financial Hope Collaborative since 2010:
$100,000+
Elevance Health, Inc. (2023)
UnitedHealth Care (2022)
Robert Wood Johnson Foundation (2017-2019)
Sherwood Foundation (since 2017-2019)
Creighton LB 629 (Tobacco Funds) (2017)
Con-Agra Foundation (2014-2016)
$75,000
Sherwood Foundation (since 2007)
$50,000+
Weitz Family Foundation (since 2006)
William and Ruth Scott Family Foundation (since 2006)
Centris Federal Credit Union (2018-2021)
Peter Kiewit Foundation (2017-2019)
Mammal Foundation (2006-2012)
Lozier Foundation (2006-2007)
Additional Funders
Heider College of Business Dean’s Fund (in kind since 2010)
Mutual of Omaha Foundation (2018-2023)
Sokolof Foundation (since 2013)
First National Bank of Omaha (2013-2022)
John Fahey (2013-2022)
Chris Dunlap and Dr. Ed Horwitz (2022)
Past Funders
FINRA Investor Education Foundation (2010-2016)
United Way of the Midlands (2010-2014)
Con-Agra Foundation (2013-2015)
Ron Quinn (2020)
Women's Fund (2014)
Iowa West Foundation (2013)
