Free Access to Financial Guidance and Coaching – Wells Fargo & LifeCents Working Together to Help Mitigate Economic Impact of COVID-19
Jun 10, 2020
Washington, D.C. –May 28, 2020 –With record numbers of U.S. adults filing for unemployment, and many people in need of assistance amid COVID-19, LifeCents is partnering with the Wells Fargo Foundation to support several national nonprofits in providing virtual financial guidance and coaching, cost-free, to help the public adapt in these challenging times. These efforts are part of the Wells Foundation’s $175 million commitment to help vulnerable populations navigate through this pandemic.
“COVID-19 is having an acute impact on millions of people who have lost income and are facing immediate and evolving concerns about their financial security. The situation is changing rapidly and the path for accessing government benefits and other assistance can be confusing and stressful,” said Darlene Goins, head of Financial Health Philanthropy for the Wells Fargo Foundation. “We want all people to know that financial coaches and counselors provided by nonprofit organizations can assist them with applying for public benefits, figuring out which bills to pay first and where to go for help with rent, groceries and other expenses, and start planning for recovery in a manner that respects their personal situation and preserves financial dignity.”
The first of these programs launched in April in partnership with the National Disability Institute and Association for Financial Counseling and Planning Education® (AFCPE®), titled the Financial Resilience Center. This initiative provides access to emergency resources, financial wellness guidance, and free financial counseling (offered through AFCPE) for the 100 million people with disabilities and chronic health conditions in the U.S.
“The COVID-19 pandemic has created an extraordinarily volatile and challenging economic environment that has highlighted the extreme financial fragility of the most vulnerable populations,” said LifeCents Founder and CEO Blake Allison. “Wells Fargo’s generous support of the community-based programs, such as the Financial Resiliency Center, is a much needed remedy in these unprecedented times. We are inspired to be working in partnership with NDI, AFCPE, and the other incredible nonprofits who are bringing these vital resources to life.”
In each community-based initiative, participants are provided with personalized financial guidance and resources, based on their unique needs, in order to help them navigate current challenges related to COVID-19 and build a more solid foundation for their financial future. Available resources include access to live coaching sessions, through partners such as AFCPE, to provide rapid “high-touch” interventions to those who need it most.
Six ways nonprofit financial coaches can help
Here are a few examples of ways that financial coaches and counselors can help people cope during COVID-19. Individuals and families can reach out one or more nonprofits to assess whether the assistance offered is right for your specific needs.
1. finding local resources for food, clothing, shelter and other basic needs
2. creating a household budget to maximize current funds and prepare for future emergencies
3. prioritizing bills and expenses to cover daily necessities
4. applying for unemployment benefits, SNAP benefits, and other emergency financial resources
5. opening a bank account and using digital tools for managing your money and paying bills remotely
6. building and protecting credit, including options for reducing or deferring credit card payments without getting penalized
With two more programs set to launch with nonprofit partners this summer, LifeCents and Wells Fargo remain committed to helping individuals from all walks of life take control of their finances and write the next chapter of their financial stories.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.98 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
LifeCents is a financial wellness company that empowers people to acquire the knowledge, build the habits and gain the confidence they need to make smarter everyday decisions. The LifeCents financial wellness platform helps people become financially aware, savvy and engaged, which is of great value to businesses and communities.