We have partnered with MMI for over 3 years, creating meaningful change in reaching those struggling with debt. In partnership with MMI, we are inspired by their clients' stories of struggle and triumph. We know that debt can happen to anyone, from any walk of life and that there is no single profile that personifies someone challenged by debt. Every agency in the financial counseling industry wants to spread the word of their impact in order to help more people, but all of us face a significant obstacle: the stigma of debt. We lose access to the typical word-of-mouth referral networks because clients rarely share their experiences openly.

A 2018 survey conducted by Capital Group, a leading investment management firm, found that people are less likely to talk about their finances than politics, drugs or racial issues. Often this stigma prevents people from seeking help. Estimates vary, but one study found that only 8% of those who reported needing debt advice have sought it, while MMI’s own research found that 91% of those who sought advice did not seek it from a professional. Studies show that the leading barriers to seeking help with debt include: a lack of confidence or knowledge, and feelings of embarrassment, shame, moral failure, and incompetence.

[LOGIC MODEL]

We created a comprehensive Logic Model to address the stigma and shame that has been a major roadblock in reaching individuals struggling with personal debt.

We wanted to find new and inventive ways to ignite conversations in families and communities around debt and show people they are not alone in their struggle. We knew we had a diverse group of clients from different backgrounds and all walks of life — faces and voices that look and sound like the wide range of folks in debt all across America. MMI’s Peer Advocate team is comprised of these diverse clients. Together they serve as ambassadors, giving interviews, putting real faces on the debt struggles that too many fight alone, and using their voices to help others. Stories from those who have walked the path themselves are much more powerful than traditional marketing techniques.

[APPROACH]

First, we developed a system to identify and recruit individuals who successfully completed a debt management plan and organize them in an intelligent database, allowing easy access to their location, demographics and unique story. Subsequently, we recruited over 300 MMI Peer Advocates in over 45 states who have collectively repaid over $12 Million in personal debt.

We then continually spread their messages across several channels, including earned media, podcasts, blogs, webinars, and events. In addition to placements in major national outlets, like CNBC, we sought out hyper-local media opportunities for our Peer Advocates, as consumers have more trust in these news sources. We leverage the extensive expertise and local relationships of both our internal marketing team and agency partners to realize memorable and highly-effective media coverage. We prioritize local media appearances because we believe that seeing people in your own community who have overcome their debt gives these stories an even greater personal appeal.

Our Peer Advocates have different interests in platforms and preferences of communication, so we work with them to maximize impact based on their comfort for participation. Aside from media interviews, we also offer them opportunities for panel discussions, internal focus groups, and industry presentations.

We know it’s important for industry leaders to be exposed to the intimate, personal nature of our Peer Advocates’ stories. In these settings, personal stories are too often lost amongst metrics and studies.

[IMPACT]

In addition to the positive response from industry partners on how these stories have helped crystalize their understanding and inform their approach, MMI has seen an increase in market-specific calls for financial counseling that are directly attributable to the implementation of the Peer Advocate program. Specifically, after the air date of stories featuring Peer Advocates, MMI has experienced as much as a four-fold increase in the number of individuals reaching out for counseling. MMI validated that these lifts were due to the in-market interviews through target tests with control groups.

In 2021, MMI was awarded a significant capacity-building grant from Chase Bank to fund the important work of the Peer Advocate program. Due to its continued success, we expect to receive additional support.

We have helped grow impressions by at least 20% annually and continue fully supporting the reach of MMI’s earned media efforts.

[SUCCESS]

MMI experienced a significant increase in counseling activity in the following markets where Peer Advocates were featured in local news programming:

283% lift in Tampa over control market (Miami) - July 2021

269% lift in Houston over control market (Dallas) - October 2021

180% to 217% lift in Hartford/New Haven over control market (Philadelphia) for five weeks following – January 2022

132% to 423% lift in Honolulu over control market (Salt Lake City) for 10 weeks following – January 2022

169% to 401% lift in Houston over control market (Dallas) for 16 weeks following – March 2022

173% to 272% lift in Atlanta over control market (New York) for nine weeks following – April 2022

When mapped against each other, the number of client secessions for Money Management International directly correlates to the online and broadcast reach of content about MMI and its peer advocates.

[PEER ADVOCATE FEEDBACK]

“I just completed the Peer Advocate application, which left me a little emotional. My journey hasn't been an easy one, but I want to thank you and your colleagues at MMI for having provided me with a tremendous avenue to get out of the debt trap.” - Horace Simmonds, Brooklyn, NY

“The MMI support took the shame out of being in debt, and gave education and ownership to overcoming the challenges and stress of financial instability. I’m glad I can pay it forward as an MMI Peer Advocate!” - Heather McAfee, Richmond, VA

Fighting the Stigma of Personal Debt

[LOGIC MODEL]

[APPROACH]

[IMPACT]

[SUCCESS]

[PEER ADVOCATE FEEDBACK]