For the past fifteen years, Change Machine has led the financial security field to new practices rooted in equity and the belief that customers are their own best experts. From demonstrating the impact of financial coaching, to leading the charge on scale by way of embedding, to launching a virtual community of practice that has returned $72 million to customers, Change Machine has a track record of building solutions that prioritize the financial realities of the customers we serve.
In 2014, Change Machine’s financial coaching framework was rigorously evaluated in the field’s first randomized controlled trial (RCT), commissioned by the Consumer Financial Protection Bureau and led by Urban Institute. The study conclusively demonstrated the impact of our work. On average, trial participants who received our intervention – whose annual income was $22,110 – increased their savings by $1,721, reduced their debt by $1,009, and improved their credit scores by more than 33 points. Trial results were published in a 2015 research report, and were re-released in the Journal of Economic Behavior and Organization in 2018.
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