Partners
Center for Retirement Research at Boston College
National Foundation for Credit Counseling
Overview
ICMM has partnered with the Center for Retirement Research (CRR) at Boston College and the National Foundation for Credit Counseling (NFCC) to test how emergency savings accounts (ESAs) can be integrated into the recently launched WealthBuilder savings program. The goal is to help low-income families strengthen financial resilience while working toward long-term financial stability.
Project Status
Pilot Stage (2025) — Early implementation in select NFCC programs.
ICMM’s Role
ICMM funds the project and ensures the evaluation produces actionable insights for scaling ESA integration into credit counseling programs across the U.S.
Goals / Objectives
- Pilot the integration of ESAs into NFCC’s WealthBuilder savings program.
- Measure short-term financial security outcomes (e.g., reduced financial shocks, increased savings).
- Assess how ESAs support long-term wealth-building behaviors.
- Generate evidence for the effectiveness of combining short- and long-term financial tools.
Methods
Participants receive counseling through NFCC’s WealthBuilder savings program, with the added option to set aside funds in an emergency savings account. Researchers track savings behaviors, account balances, and financial stress indicators, comparing results with participants not using ESAs.
Expected Impact
- Increased short-term financial stability through accessible savings.
- Reduced reliance on high-cost credit during emergencies.
- Stronger foundations for long-term financial planning and wealth-building.
- Practical insights for credit counseling agencies nationwide.
