It is believed that once a hole is dug too deep, it is impossible to climb out. It’s easy to feel overwhelmed and out of control when that happens. Luckily, for Hamilton, LifeSpan’s Coaching and Financial Wellness program responds to the constantly adapting community need for financial change and economic stability.
LifeSpan’s Coaching and Financial Wellness began as Consumer Credit Counseling Services in 1981 in response to rising community credit card debt, and lenders who refused to negotiate with their customers to find solutions. Lifespan helped people get out of credit card debt, offered traditional budgeting advice, and provided financial education. With the advent of predatory lending and high foreclosure rates in the early 2000s, LifeSpan added housing expertise.
When the recession hit in 2008, unemployment was on the rise while income levels were in decline. This reinforced the community need to practice budget management and seek professional help.
Financial literacy became a critical component for community members to achieve and maintain financial health. To better reflect this expanding need, Credit Counseling Services became Financial Counseling and Education (FC&E).
The credit counseling environment began to shift again around 2010, as the recession was coming to an end. Homeowners facing foreclosure could no longer access rescue funds and needed to work on home loan modifications. New trends came to light: people were asking for help too late, and lending institutions had begun working directly with their customers for repayment. Around the same time, busy lives, transportation issues, and the stigma of having financial problems, participation in traditional credit counseling services declined.
In response, LifeSpan scanned the environment and found that workforce development was an increasing community need. A fundamental shift allowed the company to continue to provide the essential financial literacy that impacts health, wellness, school performance, and work productivity. LifeSpan engaged new partners and clients in the workplace, bringing expertise to them where they are.
This shift started by offering services to employers with a focus on employee retention, which they learned was affected by financial concerns. LifeSpan also hired a new leader for the team who had a background outside of credit counseling who could lead, build and maintain relationships and implement change with a new vision. “By shifting financial counseling and coaching emphasis to empowerment and engagement, reframing our basic financial literacy activities, and developing relationships with new partners,LifeSpan is strengthening the financial wellbeing of the community,” said Mary Day, manager of Coaching & Financial Wellness (formally FC&E).
Lifespan’s evolution continues through a new collaboration with Butler County Job and Family Services and other partners designed to reduce barriers to employment. In an effort to respond to modern day challenges of juggling transportation, childcare and other responsibilities, Lifespan now travels to the client. For example, LifeSpan provides onsite financial coaching and education to employees at Miami Valley Gaming and Ohio National, and teaches financial literacy workshops to clients at other social service agencies and community partners. ThyssenKrupp Bilstein and LifeSpan have partnered with United Way to pilot onsite Life Coach services as part of the company’s Employee Assistance Program. “Our Life Coach helps employees work through issues impacting their productivity or attendance such as childcare , conflict with a coworker or supervisor, and other challenges,” said Mary.
These classes open the door to speak with LifeSpan’s certified financial counselors who share how to plan and successfully move forward in solving financial problems or reducing obstacles to financial literacy. While LifeSpan still offers most of the traditional consumer credit counseling services, the focus is now on the whole person. “LifeSpan’s strength in responding to community needs and staying true to our mission of strengthening families and individuals improve the quality of their lives has allowed us to adapt over the years and continue to provide needed services,” said Bill Staler, ceo for LifeSpan..
To learn more about LifeSpan’s Coaching & Financial Wellness or to find out how to bring a Life Coach to your company, visit www. lifespanohio.org or call 513-868-9220.