1 Supportive Banking The Access Project: A New Concept To Support Recovery A Next Step to Financial Health and Wellness Presentation to NJPRA October 27, 2011 by Peter Stahl, CSPNJ, Director Tom Pyle, PsychOdyssey Services, Inc., Board Member (in formation)
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Supportive Banking The Access Project: A New Concept To Support Recovery A Next Step to Financial Health and Wellness
Supportive Banking The Access Project: A New Concept To Support Recovery A Next Step to Financial Health and Wellness. Presentation to NJPRA October 27, 2011 by Peter Stahl, CSPNJ , Director Tom Pyle, PsychOdyssey Services, Inc., Board Member. (in formation). Outline. - PowerPoint PPT Presentation
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Supportive BankingThe Access Project:
A New Concept To Support RecoveryA Next Step to Financial Health and Wellness
Presentation to NJPRAOctober 27, 2011
byPeter Stahl, CSPNJ, Director
Tom Pyle, PsychOdyssey Services, Inc., Board Member
(in formation)
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Outline
• Financial Wellness: Road to Recovery Nirvana • Financial Reality: Poverty as Barrier to Recovery• Making Progress: CSP’s Financial Services Experience• Next Steps: A New Psych Rehab Concept?
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Psych Rehab: A Continuing Evolution…Medical Model Recovery Model
Centralized DecentralizedHospital Agency
Institution Community
Paternalism Autonomy
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Research: Wealth Wellbeing
• Health, mental health, personal finance are interconnected (O’Neill, Sorhaindo, et al., 2005)
• Impulse and compulsive buying linked to negative psychology (Silvera, Lavack & Kroop, 2008; Baumeister, 2002; Verplanken, et al., 2005)
• Overspending and rising debt increase stress, reduces health (Drentea & Lavraka, 2000; Kim, Garman & Sorhaindo, 2003)
• Debt reduction and credit repair improve physical health (Bagwell, 2000; O’Neill, et al., 2005)
• Asset accumulation brings psychological and social benefit (Dynner & Paxton, 2001)
• Asset ownership boosts confidence and expectations (hope) (Yadama and Sherraden, 1996)
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SAMHSA’s 8 Dimensions of Wellness
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What Road to Recovery Nirvana?
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What Road to Recovery Nirvana?
Community Integration
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Integration? Those with SMI…
• 32% live below poverty line (Erickson and Lee, 2008)
• 72% are unemployed (Erickson and Lee, 2008)
• 46% of the homeless• 9% have college degrees (Erickson and Lee, 2008)
• Gear towards the individual• Teach… – Budgeting– Money management– Debt reduction– Credit repair– Long term goal planning
• Support until self-efficacy attained• Also address emotional stresses about finance
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FinEd Lessons Learned, ctd.
• Include FinEd in all wellness curricula• Teach stewardship for money• Address all aspects of finance• Encourage savings in every budget• Start with small savings accounts• Engage an IDA program• Focus on assets and QOL, not debt repayment• Use microloans instead of benevolence
The first federally chartered Credit Union of, by, and for individuals with psychiatric disabilities (and their families, friends, providers, and supporters).
A Membership Association of individuals with psychiatric disabilities and their supporters to promote financial literacy and build the Credit Union.
Credit Union• Savings Accounts• IDAs• Tax Prep and EITC’s• Microloans• Other loans• Low or no fee
transactional services
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Challenges• Current economic recession• Low interest rate environment• “Leveraging” participation• Deposit and loan growth• Operating capital
• (Not NCUA approval…)
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Opportunities• Real business• Of, by, and for consumers• Means for meaningful support• Accountability and responsibility • Employment• Skills development
• Financial independence
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Status• Board formed• Company (501c3) established• Research underway– Industry– Markets– Competition– Products and services– Funding
• Business plan being drafted• Application to NCUA being prepared
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Next Step: Pledges!
To Get Approval, Access Needs…
1. Members ( ~ 1000, to pledge deposits)2. Deposit pledges ( ~ $100,000)3. Consumer leaders ( ~ 100)
Note: Pledges, not yet moneyNote: All deposits Federally insured
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The 100 | 1000 | 100,000 Plan
• 100 Leading Consumers (“The Centurions”)
• 1000 Individual Members (including corporations)
• $100,000 Total Deposits Pledged
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The 100 | 1000 | 100,000 PlanAccess Financial
100/1000/100,000 Charter Campaign Membership and Deposit Pledges Mobilization Calculations
• Join Access Financial Literacy Association ($1.00)• Sign a deposit pledge card ($5 minimum)• Fill out our questionnaire• Tell your clients• Recruit your family• Involve your agencies• Network us to others• Share your ideas
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Join Our Project!For further information…
Visit CSPNJ’s tablefor brochures and ways to support
Contact:
Peter Stahl, Director, Access Projectt. 732-780-1175 x 27 | e. [email protected]