John Hancock recently committed $400,000 over two years to support StreetCred, a first-of-its-kind program offering free tax preparation and financial coaching during pediatric visits.
Founded in 2016, StreetCred’s initial focus was filing taxes and maximizing returns for financially stressed families through the Earned Income Tax Credit (EITC), the largest anti-poverty program in the United States.
One in five U.S. families doesn’t claim EITC and child tax credits, amounting to average refunds of $3,000 to $4,000 per year. These returns can help families secure housing, put nutritious food on the table, and provide a healthier and more stable environment for their children.
“StreetCred has been successful in helping to meet the immediate economic needs of our patient families at BMC,” said Lucy Marcil, MD, MPH, pediatrician and program founder.
“Partners such as John Hancock allow us to build on this success, scaling services and deepening our focus toward true economic justice.” — Lucy Marcil, MD, MPH
In 2020, StreetCred broadened its services to include financial coaching, help enrolling in 529 college savings plans, and more. The new services came in response to the pandemic, inflation, and other factors placing increased economic pressure on families.
Thanks to John Hancock’s investment, StreetCred will more robustly measure economic insecurity among patients and research longer-term financial health outcomes and health-care utilization of families served by the program. The goal is to use findings to build a more compelling case for large-scale public investment in economic well-being initiatives to improve health.
“At John Hancock, we believe empowering physical and financial well-being creates business value while achieving strong societal benefits. The work BMC is doing aligns with our ambition to foster healthier, more equitable communities as part of our Impact Agenda by empowering sustained health and well-being and driving inclusive economic opportunities. BMC understands the inextricable link between health and wealth and has a long history of confronting inequities head on. We’re proud to be a partner in advancing this critical work,” said Annie Duong-Turner, director, community investment lead, U.S. and Asia, at John Hancock.
Since its founding, StreetCred has helped 6,000 families secure more than $14 million in tax refunds.
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