Establishing and maintaining a savings account is an important step in building financial resiliency. People without savings often struggle to recover from financial shocks, or unexpected expenses that arise outside of routine bills or living expenses. In these situations, those without savings often turn to high cost financial services, such as credit cards or payday loans, which often lead to debt and increase the difficulty of establishing a savings fund for emergency expenses.
Through coaching offered through the Financial Opportunity Center, CMCA members learn financial management skills such as budgeting, reducing expenses, and lowering debt in order to increase their credit scores. By helping people improve their financial management skills and credit scores, CMCA supports families in becoming more resilient and in breaking the cycle of poverty.
Interested in supporting CMCA in this endeavor? Click here to find out how you can help.
1. Consumer Financial Protection Bureau. (n.d.). Why savings matters: The latest research. Consumer Financial Protection Bureau.