Wells Fargo Grants Aim to Improve Financial Health for Struggling Families
With millions of Americans wrestling with financial insecurity, the Wells Fargo Foundation today announced $5.4 million in grants to nine organizations that help struggling households manage their finances, reduce debt, improve credit and gain access to other life-changing economic opportunities.
The nonprofits will develop and scale new approaches to improving financial health through collaboration with healthcare agencies, homeless shelters and others across the public and private sectors. Emphasis is on integrating financial coaching, and asset-building strategies into the delivery of existing social services that meet the complex needs of underserved communities.
“A disproportionate number of low-income households, and other vulnerable populations are living in the shadows and struggling to build savings,” said Brandee McHale, president of the Wells Fargo Foundation. “Given the magnitude of this problem, and the growing wealth divide, we can help more people reach their full potential by embedding financial counseling and other support into places where people already are — whether it’s at the doctor’s office, a library or in a shelter.”
The $5.4 million in grants are part of Wells Fargo’s philanthropic strategy, which focuses on solving three societal challenges: housing affordability, financial health and small business growth. The grants fall into three main categories: financial training, income tax assistance, and savings and credit building.
Source: Wells Fargo