Testing five innovative ideas.

Knowing and doing are two different things. We know we should eat healthy foods, but we can't resist that burger and fries.

Same thing with our finances. We all know that we should set a budget and stick to it, put aside some money for a rainy day, and use credit judiciously. But most of us could use some help in improving our financial management skills and turning our knowledge into action.

Citi has been in a leader in encouraging this new financial capability approach, and it's what inspired my organization's Financial Capability Innovation Fund. With support from a collaborative of funders led by the Citi Foundation, we are providing $1.5 million in grant capital to test five innovative ideas for linking financial information and education with products and services in ways that help underserved consumers better manage their finances and improve their life chances.

CFSI scoured the landscape for good ideas and found nearly 250 of them. Five came out on top:

• Consumer Credit Counseling Service of Delaware Valley will test whether social commitments and text alerts can help consumers reduce debt.
• Co-opportunity will leverage technology via a new online platform to enhance the effectiveness and scale of its volunteer budget coaching program.
• Filene Research Institute will test whether rewarding consistent timely loan payments with interest rate reductions leads to better payment behavior.
• Mission Asset Fund will franchise its Cestas Populares program, a peer loan coupled with product-specific peer-led education, to help immigrants build credit and manage credit wisely.
• Grow Brooklyn and Piggymojo will leverage technology, peer support and automation to help low-income savers turn virtual 'impulse saving' into real cash in their account.

Researchers will evaluate each of these bold ideas to see what really works, and CFSI will spread the word far and wide. With the right information, products and support, we can help consumers take control of their finances and set themselves up for success.