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Financial Empowerment Centers

Spreading a proven model to help households get out of debt

More than 65 million people in the United States do not have a bank account, while 55% of households lack enough savings to replace a month of their income. By offering financial counseling as a free city service, Financial Empowerment Centers (FEC) offer an effective strategy for helping those most in need. Through a partnership with the Cities for Financial Empowerment Fund, Bloomberg Philanthropies is helping implement this innovative model. With Bloomberg Philanthropies’ support to date, the FEC initiative has helped more than 108,000 clients reduce $150 million in debt and build over $23 million in savings nationwide.

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For Local Government Innovators

Visit the Bloomberg Cities Network, created in partnership with Johns Hopkins for city leaders and innovators full of resources, learning opportunities, and connections to peers around the world. Join the network to receive exclusive resources, including access to world-class training and events, peer networking opportunities, powerful city solutions, and more.


Top photo: By offering financial counseling as a free city service, Financial Empowerment Centers (FEC) offer an effective strategy for helping those most in need. Photo credit: Getty