At HomeSource we provide Financial Coaching to both potential Homebuyers and those who may not be ready to purchase a home. Why do we do this?
Financial coaching builds the capacity of families to grow wealth and escape poverty. Without basic financial skills many families get trapped in a cycle of poverty. Did you know that
- 25.7% of Knox County households live in poverty?
- 14.8% of Knox County residents under the age of 65 living without health insurance?
- Knox County residents have an average of $4,896 Credit Card Debt?
- Tennessee is currently 37th out of 50 states in Average Credit Score?
- 17% of Tennessee’s population has “Declining Credit”?
- Tennessee has the highest amount of bankruptcies in the country?
- Current Savings levels for families throughout the US is 3.5%, down from 11% in 2013?
Low-income families need, now more than ever, help managing their finances. HomeSource Financial Coaching classes help families figure out what path is right for them and how to go about achieving basic financial goals.
A University of Wisconsin Study (2016 Coaching Census)funded by the Asset Funders Network and Center for Financial Security found that financial coaching led to an overall improvement of client’s financial situation, especially around savings, credit and budgeting.
HomeSources’ Financial Coaching is a combination of classroom participation followed by up to a year of individual tracking and coaching meetings designed to track clients savings and credit scores and to coach them through any difficulties that may arise.