*Names in bold indicate Presenter
This study assesses the combined impact of access to financial products and advice on the financial stability and well-being of low- and moderate-income adults. Using data from the New York City Office of Financial Empowerment, this analysis evaluates the effects of a program that connects lower-income individuals to direct deposit (via an existing account, a new safe checking account, or a prepaid card) and financial counseling on the bank account use and financial stability of individuals who participate in a transitional employment program: NYC’s Parks Opportunity Program (POP). POP is one of the country’s largest transitional employment programs.
The results of this analysis help provide an understanding of how financial counseling helps low-income individuals overcome barriers to banking. Outcomes six months after baseline include a combination of administrative and self‐reported data from NYC records, financial institution records, credit reports, and surveys. Findings are informative to the development of future programs and initiatives that facilitate financial access and improve financial well-being of underserved, low-income adult populations.