Millions to Go.
The Financial Clinic improves financial security for working poor people who are stuck in the wage gap: they earn too much to qualify for government benefits but too little to be self-sufficient.
What Are the Five Pillars of Financial Security?
Assets, Banking, Credit, Debt, and Taxes—setting and working toward sound financial management goals in all of these areas can make a material difference in our customers’ lives and help them achieve financial self-sufficiency and mobility.
- ASSETS: We build our customers’ assets by working with them to create and implement plans for consistent savings. We increase their income by accessing employee benefits and public-funded supports.
Average customer savings: $1,428.
- BANKING: We connect customers to low-cost, mainstream banking services and help them lower their use of expensive fringe financial services.
Average customer savings: $157.
- CREDIT: We boost customers’ credit scores by addressing negative information on their credit reports and helping them build a solid credit history.
Average credit score increase: 42 points.
- DEBT: We help customers reduce their debts through financial planning and advocacy with creditors.
Average debt reduction: $6,643, or 48% of a customer’s average income.
- TAXES: We ensure that customers receive their tax credits, and we help them plan to save a portion of their refunds for long-term goals.
Average savings: $2395, or 21% of annual refunds.