Background
The Institute of Consumer Money Management (ICMM) seeks proposals for an independent evaluation of Stackwell’s Student Investment Program (SIP) Cohort 3. The evaluation will generate credible, publishable evidence on the causal impact of seeded investment accounts, in addition to education, on participants’ financial behaviors, confidence, and related outcomes.
Evaluation Objectives
- Estimate the causal impact of seed funding (beyond education) on financial behaviors, attitudes, and confidence.
- Examine heterogeneity of impacts across participant subgroups.
- Assess mechanisms driving observed impacts and participant experiences.
Evaluation Model
ICMM seeks a mixed-method causal evaluation approach, using a randomized controlled trial (RCT) where feasible, or a rigorous quasi-experimental design where randomization is not fully achievable. Quantitative analyses should be complemented by qualitative methods.
Design and Methodology
For planning purposes, Cohort 3 is expected to include approximately 300 participants in the seeded investment condition and 350–400 participants in an education-only or non-seeded comparison condition, subject to final program implementation details. Proposals should clearly articulate assumptions, threats to validity, and methods to mitigate bias, including attrition and non-random assignment where applicable.
Data and Measures
Evaluators will work with ICMM and Stackwell to administer pre- and post-program surveys using validated measures from prior cohorts and from the financial education and behavioral economics literature, and to analyze administrative program data.
Deliverables
- Evaluation design and pre-analysis plan
- Interim memo(s) as appropriate
- Final report suitable for academic publication
Budget
The total budget for this evaluation project is not to exceed $50,000. Proposals must include a detailed line-item budget and budget narrative, clearly identifying direct and indirect costs. Budgets should be submitted using ICMM’s requested budget format and must be consistent with ICMM’s Indirect Cost Policy.
Submission Instructions and Timeline
Proposals must be submitted electronically no later than 5:00 PM (ET) on February 25th, 2026 to ICMM at rreeves@icmmnc.org. ICMM anticipates notifying selected applicants by March 2nd, 2026, with work expected to begin shortly thereafter.
Proposals should include:
- Summary of the proposed evaluation design and rationale.
- Research team qualifications and prior experience with similar studies.
- Proposed work plan, timeline, and deliverables.
- Detailed budget and justification.
- References for related completed work.
Proposals will be evaluated based on:
- Methodological rigor and feasibility.
- Experience with experimental designs and program evaluation.
- Familiarity with financial behavior, inclusion, or education interventions.
- Cost efficiency and ability to meet deliverable timelines.
- Commitment to transparency, reproducibility, and ethical data use.
Contact Information
Questions regarding this RFP should be directed to: rreeves@icmmnc.org
Program and Partner Background
Stackwell Student Investment Program (SIP): A joint initiative between Stackwell Capital and the Student Freedom Initiative that provides HBCU students with financial education, investing tools, and seed capital to strengthen financial literacy and promote long-term wealth building.
Stackwell Capital: A fintech company advancing racial equity in wealth creation through inclusive investing tools, education, and behavioral insights tailored to Black investors. (www.stackwellcapital.com)Institute of Consumer Money Management (ICMM): A nonprofit advancing financial wellbeing for low- and moderate-income individuals through applied research, grant-making, and program evaluation. (www.icmmnc.org)
