Financial Empowerment Centers
Spreading a proven model to help households get out of debt
More than 65 million people in the United States do not have a bank account, while 55% of households lack enough savings to replace a month of their income. By offering financial counseling as a free city service, Financial Empowerment Centers (FEC) offer an effective strategy for helping those most in need. Through a partnership with the Cities for Financial Empowerment Fund, Bloomberg Philanthropies is helping implement this innovative model. With Bloomberg Philanthropies’ support to date, the FEC initiative has helped more than 108,000 clients reduce $150 million in debt and build over $23 million in savings nationwide.
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Top photo: By offering financial counseling as a free city service, Financial Empowerment Centers (FEC) offer an effective strategy for helping those most in need. Photo credit: Getty