ST. LOUIS (6/23/15)--Prosperity Connection, a financial literacy initiative established by St. Louis Community CU, has been selected by the Consumer Financial Protection Bureau (CFPB) to participate in the federal agency’s Financial Coaching Initiative.
As part of the initiative, Prosperity Connection will host a full-time financial coach to work with its clients to help them with their financial goals.
Prosperity Connection provides financial literacy education, resources and support to low- to moderate-income residents in an effort to improve their standard of living and better their lifestyle. The organization offers free financial coaching, money management education, and also provides access to low-cost banking options for people who can’t get an account or reasonable loan elsewhere.
“We believe that access to quality financial education and coaching is critical to helping economically vulnerable populations gain the skills needed to manage limited resources and attain assets,” said Paul Woodruff, Prosperity Connection executive director. “Without a financial plan and the support of a coach, many low- and middle-income individuals can feel overwhelmed. We are thrilled to partner with the Consumer Financial Protection Bureau to bring an additional financial coach to serve the St. Louis community.”
The CFPB Financial Coaching Initiative provides financial coaching services at critical points in consumers’ lives as they move along the path to financial stability. The program helps both veterans as they transition from active duty status and economically vulnerable consumers seeking other services from social services and other providers.
Prosperity Connection is one of 60 partner organizations nationwide selected to host professional financial coaches. The sites include nonprofits and Department of Labor American Job Centers, which provide resources to help people find a job, identify training programs, and gain skills in growing industries.
Prosperity Connection was selected as part of a competitive process involving hundreds of organizations nationwide. All of the nonprofit organizations selected to host financial coaches for economically vulnerable consumers also provide services that complement financial coaching, such as job training and education, social, and housing services.