The City of Sacramento’s Financial Empowerment Center (FEC) is celebrating the milestone of serving more than 1,000 clients with the support of free, professional, one-on-one financial coaching. This milestone coincides with the its three-year anniversary of the FEC, which launched May 2020.
Collectively, these clients have achieved 2,081 milestones and outcomes relating to credit, debt, savings, and bank/credit union account access goals, according to the City’s Financial Empowerment Manager Amy Williamson
“Having launched right after the onset of the pandemic, we’ve been operating the FEC during a time in which more people than ever need financial guidance,” said Williamson. “We are thrilled to have helped so many Sacramentans navigate challenges and reach their goals.”
Every FEC client designs an individual goal plan with their coach. Here is what they have accomplished together:
- Clients working on savings goals have accumulated an average of $2,162 and a collective total of $404,462.
- Those aiming to reduce debt have paid down an average of $2,588 and a collective total of $737,461.
- Of those working on credit, 43 clients have established scores for the first time and 129 clients have increased their scores, the majority by 35 or more points.
- Seventy-five clients have opened safe and affordable financial institution accounts, either due to being unbanked or a desire to improve account terms.
FEC client Sophia O’Neal-Roberts said she came to the FEC seeking structure and clarity around tracking spending to prioritize savings, for unexpected expenses and long-term goals such as home purchase and retirement. She has since set up and begun to contribute to both a high-yield savings account and a 401(k).
“My FEC coach really holds me accountable to my goals and constantly gives me resources to guide me in the right direction,” said O’Neal-Roberts. “I feel a sense of stability with my finances now. It also helps to know I have someone to consult about my finances if I have any questions or concerns. They want to see me succeed and it’s given me more faith in myself too. It’s exciting to see the effort I am putting in paying off.
“I would encourage everyone to join this program, you really get out of it what you put into it. The FEC has made such a difference in my life.”
The City of Sacramento contracts with the Sacramento office of International Rescue Committee (IRC) to operate the FEC. All members of the financial coaching team at IRC complete an extensive training and exam process.
To request an appointment with an FEC financial coach, email FEC@cityofsacramento.org or call 916-808-4927.