Virginia Financial Success Network Final Evaluation Report

Helping unemployed workers get back on their feet is a central mission of the Workforce Innovation and Opportunity Act (WIOA). VFSN was implemented by VCCS across eight workforce regions in the state and sought to complement the standard WIOA services with financial coaching and additional supports, with the goal of improving outcomes for job seekers and their longer-term financial stability. This approach was tested through the WIF grant between 2014 and 2019.

The model the VFSN program was based on has been successfully expanded into different systems across the United States, including in community college systems. It has demonstrated improved outcomes for individuals, such as through increased college persistence and credentialing, as well as higher incomes, decreased financial obligations, and enhanced credit scores for participating individuals. The coaching, focused on financial literacy, is designed to help participants set goals, develop plans, and change behaviors over time.

The evaluation of the VFSN project included an implementation study, impact study, and cost study, and used data from data from interviews with key stakeholders, observations, focus groups, surveys, administrative data, and wage records.

(The report is 135 pages long including attachments.)

Findings from the VFSN evaluation included the following:

• While many aspects of the project were implemented as designed, VFSN had challenges with some of the program components: 1) the program operated at a somewhat smaller scale than planned (falling short of the 1,800 enrollment goal by approximately 300); 2) one of the financial tools – The Benefit Bank® - was delayed and not all components were developed; 3) support services were underutilized; and 4) the take-up of financial coaching was much lower than expected – with only 57 percent of participants meeting at least once with a coach.
• While VFSN established effective working relationships, and most participants reported positive experiences with the program, VFSN will not continue to be implemented at the state level. However, some regional workforce boards expressed interest in implementing some version of VFSN locally.
• VFSN did not have an impact on education attainment, employment, wages, or net worth. Further, service intensity did not lead to impacts on most outcomes, though receipt of more coaching sessions was associated an increase in the likelihood of earning a credential and increasing individual and household income.
• The average cost per VFSN participant was $7,900 – approximately 50 percent more than standard adult and dislocated worker WIOA service costs. VFSN costs varied by region, ranging from a two-year average of $2,139 to $12,353 per participant.

The evaluator offered several recommendations for implementing similar projects in the future. These included:

1. Implement a small-scale pilot prior to full implementation and assess customer motivation to set realistic targets;
2. Secure staff buy-in and reduce turnover to the extent possible;
3. Develop accountability measures;
4. Hire financial coaches with experience with financial services and resources as well as the workforce system context;
5. Offer additional support services;
6. Plan for shorter-term, flexible coaching services;
7. Encourage high levels of participation; and
8. Build in a mechanism for capturing credit scores beyond participant self-reports.

• Last Updated:
• Created:
• Resource Publication Date: 2019
• Author(s): Graber, C.; McConnell, D.; Quinn, D.; Burroughs, N.; Shapiro, Z.; Butts, J.
• Funding Source: U.S. Department of Labor, Employment and Training Administration
• Resource Availability: Publicly available
• Posted by: India Johnson
• Posted in: Workforce System Strategies