Mayo Clinic Sponsors Mental Health Services for Finding HOME Program
In a first-of-its-kind collaboration, Mayo Clinic Health System is sponsoring mental health services for the Finding HOME program in La Crosse, Wisconsin. The program, initiated by Marine Credit Union Foundation, provides long-term financial counseling to individuals and families, with the ultimate goal of helping them achieve market-rate home ownership.
The collaboration between mental health services and money management aims to address the emotional and psychological factors that impact financial well-being. Many people turn to spending as a coping mechanism when faced with life’s challenges, seeking the dopamine spikes that come with making purchases. To support participants in overcoming these mindsets, Mayo Clinic has provided a grant to hire Miranda Barker, a Financial Trauma Therapist. Barker will work directly with households in the Finding HOME program, helping them navigate their past traumas and behaviors that may hinder their success with personal finances and wealth-building.
The Finding HOME program, founded by the MCU Foundation, already employs two financial counselors who identify red flags in households’ financial situations and make referrals as necessary. However, they recognized the need for additional mental health services that were often inaccessible due to long waiting lists and high costs. With the support of Mayo Clinic, they hope to empower program participants by addressing both their financial and mental well-being.
We certainly see increased savings and credit scores along with decreased debt through Finding HOME, but it is more than that, said Majel Hein, Director of Financial Education with MCU Foundation. Our households experience personal growth, such as pay raises and promotions, further education, and improved money management skills. However, we have identified the need for mental health services that are not readily available to our households.
Mayo Clinic Health System is proud to support this innovative collaboration, as it believes that addressing the emotional and psychological aspects of financial well-being can lead to lasting success and brighter futures for individuals and families. By providing mental health services alongside financial counseling, the Finding HOME program aims to reduce the voluntary dropout rate of participants and help them overcome the challenges they face.
The hiring of a Financial Trauma Therapist specifically for program participants demonstrates the commitment of the MCU Foundation and Mayo Clinic in ensuring holistic support for their clients. This new addition to the program’s team is expected to make a significant impact and help households overcome their past traumas and behaviors that may hinder their financial progress.
Finding HOME plans to pilot this offering to demonstrate the positive effects of having mental health professionals on staff. By providing evidence of the program’s success, they hope to secure more resources to expand the availability of mental health services to households in need.
Overall, this collaboration between Mayo Clinic Health System and Finding HOME showcases the growing recognition of the connection between mental health and financial well-being. By addressing both aspects, the program aims to empower individuals and families to achieve lasting success and build brighter futures.
