June 14, 2016
YPI applauds the Los Angeles Times for highlighting financial capability in the opinion piece, “A proactive war on poverty,” on June 14. The LA County Board of Supervisors’ approval of the Center for Financial Empowerment the following day will bring financial stability to thousands of county residents.
Its work builds on successful partnerships in the Los Angeles area to offer financial capability services in low-income neighborhoods with innovative approaches and significant impact. On May 5, an initiative led by the Mayor’s Office, the Consulate General of Mexico, Citi Community Development and YPI was launched on-site at the Mexican Consulate. This financial empowerment window (Ventanilla de Asesoría Financiera) is now providing free, culturally- and linguistically-competent financial counseling, with 2,900 clients served since the launch.
In 2015, financial capability programs offered by YPI and its partners helped families save more than $100,000 in matched savings accounts, and brought more than $300,000 back to the community in tax refunds. Los Angeles is on the leading edge of building financial capability in communities like the LA Promise Zone, and the Center for Financial Empowerment will cement our place there. It couldn’t come at a better time.