Half the households in Miami-Dade County are struggling to afford the basics of housing, transportation, health care, child care and food, according to the United Way ALICE Report. In response, Wells Fargo and United Way partnered nationally in 2012, to launch the Financial Capability Network with a $5 million grant from the bank to help low- and moderate-income residents receive financial coaching, set goals and build a path to financial stability. Locally, Wells Fargo is granting $200,000 to United Way of Miami-Dade, in addition to the $300,000 local grant from 2012.
During the first three years of the grant, the United Way Center for Financial Stability, operated by Branches, continued to strengthen families through financial coaching, and expanded its services to serve Miami-Dade County employees at their workplaces. To date, 1,400 county employees have accessed services – from financial coaching to free tax preparation and benefits enrollment to employment assistance and credit counseling.
“Being employed doesn’t guarantee a family will meet all its basic needs every month, in fact we know that 29 percent of households in Miami-Dade County are working hard and are still facing difficult decisions at the end of each month,” Harve A. Mogul, president and CEO, United Way of Miami-Dade, said. “This is why the Wells Fargo grant is timely and important – it helps us empower and strengthen working families through financial coaching.”
The next two years of the grant will build on the work of the past three years, focusing primarily on financial coaching at the United Way Center for Financial Stability, continuing to serve County employees at their workplaces and potential expansion into other workplaces.
“We believe that financial education is one of the most effective strategies in helping individuals and families succeed financially,” said Joe Atkinson, Wells Fargo region president. “This kind of ongoing support will empower families as they begin to get on more solid financial ground and stay there. The more individuals reached, the greater the impact on our communities and our economy.”
National research shows that clients who receive coordinated services, such as those offered at the United Way Center for Financial Stability, are three to four times more likely to improve their economic condition through increased income, decreased debt, and/or increased saving and asset building. In addition to Miami-Dade, the Financial Capability Network is underway in Winston-Salem, NC, Jacksonville, FL; Atlanta; Des Moines, IA; Houston; Phoenix; and San Francisco.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. In 2014, Wells Fargo donated $281.2 million in grants to 17,100 nonprofits, and team members volunteered 1.74 million hours around the country. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.