Broward County’s Financial Capability Program Match Savings Component

About the Program

Category: Human Services (Best in Category)

Year: 2022

Broward County’s Financial Capability Program (FCP) Match Savings Component provides financial education through financial workshops and one-on-one financial coaching to help Broward County residents develop individualized financial goals and foster good financial management practices. The program requirements include Broward County residency, at least 18 years of age with a household income within 300% of the Federal Poverty Guidelines. The participants complete a financial well-being assessment to determine their level of confidence with money and finances, attend two financially themed workshops, complete a monthly budget and along with the financial coach develop at least two SMART goals (Specific, Measurable, Attainable, Realistic, and Timely). The participant selects a match savings goal and commits to saving a specific amount monthly towards their desired goal. The match savings goals include first-time home purchase, micro-business capitalization, post-secondary education, vehicle purchase or repair, non-emergency rental security deposits and condominium special assessment. The financial coaches meet with participants monthly and work together to develop a savings plan designed to complete the savings goal selected in no less than three (3) months and no longer than eighteen (18) months. The financial coaches provide support, encouragement and act as accountability partners to ensure the participants stay the course. Upon completion of the savings, the participant's savings goal is matched by a County contribution that ranges from $2,000 to $4,000. The FCP is life-changing, uplifting and serves as a reminder that all things are possible.