City Financial Inclusion Efforts: A National Overview
City Financial Inclusion Efforts: A National Overview highlights the growing commitment of city leaders to address the financial challenges of their residents. The report is a result of NLC‘s in-depth scan of financial inclusion programs in cities across the U.S.
In 65 percent of the cities surveyed for this report, mayors, councilmembers and city treasurers are working with community partners to increase the availability of financial education and counseling, build pathways to safe and affordable financial services and implement other innovative programs to help families build financial stability.
Financial Inclusion Emerging as an Important Priority for Cities
Mayors and other city leaders know that many low-income families don't have the ability to pay all of their monthly bills or the necessary savings to cover unexpected expenses. These kinds of financial challenges can threaten the well-being of families and undermine local economic development.
Cities in all regions of the country are engaged in financial inclusion efforts. For example, New York and Boston have established city offices of financial empowerment; Lansing, Mich., and Nashville, Tenn., are providing financial counseling and other services to families; and in San Francisco, every child entering public kindergarten receives a savings account for college with $50 already deposited.
The project was made possible with support from the MetLife Foundation