The Wells Fargo Foundation has announced grants totaling $5.4 million to nine organizations working to help families struggling to manage their finances.
The recipients will use their grants to develop and scale approaches to improving financial health through collaboration with healthcare agencies, homeless shelters, and other groups. The awards include $3 million to five organizations working to develop new approaches to building the financial skills of underserved consumers, including increased access to financial coaching and products and services that support financial health. Two organizations were awarded grants totaling $1 million to boost the capacity, and awareness, of Volunteer Income Tax Assistance programs. And three nonprofits were awarded grants in support of their efforts to connect traditionally underserved communities with financial products they can use to build credit, savings, and emergency funds.
"A disproportionate number of low-income households and other vulnerable populations are living in the shadows and struggling to build savings," said Wells Fargo Foundation president Brandee McHale. "Given the magnitude of this problem, and the growing wealth divide, we can help more people reach their full potential by embedding financial counseling and other support into places where people already are — whether it’s at the doctor’s office, a library, or in a shelter."