mpowered – Colorado Personal Financial Coaching | Debt …

Posted: June 1, 2019 at 11:53 am

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HistoryThrough a $1.9 million grant from the Bloomberg Philanthropies and Living Cities Cities for Financial Empowerment (CFE) Fund in 2012, Denver was chosen as one of five U.S. cities to replicate New York Citys evidence-based Financial Empowerment Center model. The model provides free, one-on-one financial counseling by trained professionals to low-income residents both at new local Financial Empowerment Centers and by integrating counseling into the delivery of municipal services.

mpowered leads the provision of direct financial coaching services to the community through the effort, which launched to the public in spring of 2013. In Partnership with the Denver Office of Financial Empowerment, mpowered manages and supports the implementation of the Financial Empowerment Center model.

Why Denver?As a growing City, poverty in Denver is sometimes hidden, but approximately 21% of the citys 600,000 residents live below the federal poverty level and many more live below a level of true self-sufficiency. 36,000 families are estimated to be functioning outside the financial mainstream, with many using high cost financial services in place of conventional banking. 188,000 residents (31% of the population) rely on federal assistance programs through the Department of Human Services. Others turn to nonprofit providers to help meet basic needs.

Financial counseling and financial literacy efforts, particularly when delivered in concert with additional stabilization services, can be strong tools to move families out of poverty and toward self-sufficiency.

Financial Empowerment CentersOpened on March 12, 2013, Denvers network of Financial Empowerment Centers offers free, unbiased, one-on-one, professional financial counseling in English and Spanish. The Centers are designed to help clients:Take control of their debtDeal with debt collectorsImprove their creditBuild savingsCreate a budgetFind safe and affordable financial productsAnd other services based on client needs

As a result of partnerships with various City of Denver agencies and other direct human service nonprofit organizations, the Centers are co-located to provide easy access for clients in need.


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June 1st, 2019 at 11:53 am

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