Strengthening Financial Literacy with Colorado’s Support
Financial literacy is crucial, affecting daily decisions from saving and investing to managing debts and credits. Recognizing its importance, the city of Pueblo, with a $502,000 grant from the Colorado Attorney General’s Office, is launching a program aimed at boosting the financial savvy of its residents. Haley Sue Robinson, Pueblo’s Director of the Office of Public Affairs, explains that the two-year grant will support the creation of marketing materials and the employment of financial experts to guide locals, particularly youth, through the complexities of financial management.
Pueblo’s Financial Empowerment Centers Provide Key Services
Modeled after successful frameworks in over two hundred cities, including Denver, Pueblo’s Financial Empowerment Center offers residents access to expert financial planners across six city-wide locations. Since its inception, more than 300 individuals have benefited from these no-cost services, gaining insights into essential financial actions like opening a first bank account, managing student debt, and understanding credit basics. The initiative aims to fill the gap in household financial education, offering one-on-one coaching that provides a confidential and pressure-free environment to learn and ask questions.
Addressing Financial Challenges and Enhancing Accessibility
The initiative also targets immediate financial challenges, such as municipal fines and fees, helping residents reduce costs by engaging in educational sessions. Moreover, the program addresses the high rate of unbanked individuals in Pueblo, which stands at about five percent, slightly above the national average. Many residents prefer cash-only transactions due to various factors, including limited banking access, distrust in financial institutions, or high service fees. Pueblo’s Financial Empowerment Center seeks to change this by offering essential banking advice and encouraging the use of more conventional financial services to avoid costly alternatives like payday loans and check-cashing services.