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Prosperity Connection™ Selected to Host Financial Coach to Help Economically Vulnerable Clients

Prosperity Connection has been selected by the Consumer Financial Protection Bureau (CFPB) to participate in the federal agency’s Financial Coaching Initiative. As part of this initiative, Prosperity Connection will host a full-time financial coach to work with its clients to help them with their financial goals.

“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,” says Paul Woodruff, Executive Director of Prosperity Connection. “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.”

Millions of consumers are economically vulnerable, including the 49.1 million people living below the poverty line and the more than 68 million who are financially underserved. These consumers are the most likely to lack access to traditional financial services, which may include products that are more appropriate for their needs and less costly. In-person, individualized and trustworthy guidance can help these consumers make good financial decisions and reach their financial goals.

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 as well as economically vulnerable consumers seeking other services from social services and other providers.

Prosperity Connection is one of 60 diverse partner organizations from around the country that have been selected to host professional financial coaches. The sites include various nonprofits, as well as 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.

The coaches hired for the program have experience working with the populations they will service, are accredited by the Association for Financial Counseling and Planning Education, and will be trained in financial coaching techniques.

More information on the CFPB’s Financial Coaching Initiative is available here.

About Prosperity Connection
Prosperity Connection (formerly known as the St. Louis Community CU Foundation) was organized in 2010.  Its mission is to strengthen the St. Louis region through economic empowerment by providing 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. These key resources make it possible for individuals to earn economic independence. Prosperity Connection is a 501(c)(3) designated charity. For more information, please visit www.prosperityconnection.org.