Sacramento offers residents free financial counseling
A new program launched Wednesday gives Sacramento residents access to free financial counseling and coaching.
Through a partnership with the national nonprofit organization Cities for Financial Empowerment Fund, the city of Sacramento is offering its residents free professional, one-on-one financial counseling and coaching through its newly created Financial Empowerment Center.
According to a news release, counselors will help individuals and families with low and moderate incomes manage their finances, pay down debt, increase savings, establish and build credit and access safe and affordable mainstream banking products.
The team will also be able to connect people with local, state and federal resources available to help with financial concerns during the novel coronavirus crisis.
“First piloted in New York City under Mayor Michael R. Bloomberg in 2008, FECs across the country have worked with almost 109,000 clients, helping them reduce individual debt by over $150 million, and increasing their families’ savings by close to $26 million,” the news release stated.
The announcement means Sacramento becomes the 19th fully operating financial empowerment center in the country. This is a $500,000 investment, with the goal to help up to 1,400 people in the first year.
“Financial knowledge is an essential part of being included and having an opportunity to be successful," Sacramento Mayor Darrell Steinberg said. "Even in the best of times it can be challenging to connect with the information and the resources needed to make wise financial decisions, and of course now in these times it is even more difficult and, for many people trying to navigate the various federal state and local assistance programs, very frustrating."
Sacramento residents can make appointments in English and Spanish by calling 916-808-4927 or emailing FEC@cityofsacramento.org.
During the coronavirus pandemic all appointments will be done by phone or video chat.