LA CROSSE, Wis.—Marine Credit Union is reporting that Mayo Clinic Health System is funding mental health services for participants in “Finding HOME,” the Marine Credit Union Foundation’s long-term financial counseling program that ends in “guaranteed access to market rate homeownership.”
Marine CU said the collaboration – connecting mental health services to money management is the first of its kind in the La Crosse community.
“When struggles arise in life, people often lean into spending because of the dopamine spikes that happen when we anticipate and make purchases,” Marine CU reported. “A grant from Mayo has sponsored the Finding HOME team’s hiring of Miranda Barker, a financial trauma therapist who will work with households in the program to help them through these mindsets.”
A Deep Dive
According to Majel Hein, director of Financial Education with the MCU Foundation, a deep dive was taken into Finding HOME, revealing increased savings and credit scores along with decreased debt, but also “more than that.”
“Our households get pay raises and promotions, they go back to school, they make more intentional money decisions with reflection, and they have healthier communication skills,” said Hein. “However, what we have identified in Finding HOME is that we need mental health services that are not available to our households. Waiting lists are long and expensive. We often serve ALICE (Asset Limited, Income Constrained, Employed) individuals who make over the income limits to get any free services.”
‘Brighter Futures’
Added Community Engagement Director of Mayo Clinic Health System Jennifer Livingston, “Mayo Clinic Health System is proud to support the innovative collaboration between financial and mental health services in the Finding HOME program. By addressing the emotional and psychological factors that impact financial well-being, we aim to empower individuals and families to achieve lasting success and build brighter futures.”
Marine Credit Union noted that Finding HOME already employs two financial counselors – Hein, a Certified Financial Therapy Practitioner-1, and Lisa Musch, co-founder and CEO at SIMPLIFY, Inc. in Sheboygan.
Identifying ‘Red Flags’
According to the credit union, Hein and Musch will “identify red flags” that are manifesting financially for households, such as destructive coping mechanisms and arousal systems stuck in overdrive (anxiety, fixation), and refer them to Barker.
“I have found so much joy in being a part of the MCU Foundation team,” said Barker, who started in her position at the end of July. “When I think about the perfect place to work, I imagine collaboration, respect, compassion and of course some humor, and that is exactly how it feels working for the Foundation. I am grateful and honored to be part of this mission, especially when I get to help people feel empowered.”
Looking to Prove a Point
Marine CU said Finding HOME intends to pilot the offering to prove having a mental health professional on staff will make a significant impact for households struggling.
The goal of the pilot strategy is to reduce the voluntary dropout rate of households choosing to leave the program before completion, Marine CU added.
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