FARMINGTON HILLS—Officials at GreenPath Financial Wellness, a national nonprofit that provides financial counseling and education, was awarded a $1 million grant from the United Services Automobile Association (USAA) to help communities of color and low-income military families experiencing financial hardships reduce debt and improve credit scores and financial confidence through proven financial counseling and debt management programs.
This grant is a continuation of the Financial Health Equity Initiative, in which GreenPath used a USAA grant to address educational and economic disparities among similar constituents in Bexar County, Texas.
The 2022 grant expands GreenPath’s ability to provide free one-on-one financial counseling to Black, Indigenous, People of Color (BIPOC) households and military families in nine regions including: Phoenix, Arizona; Colorado Springs, Colorado; Tampa, Florida; Annapolis, Maryland; New York, New York; Austin, Texas; Dallas, Texas; San Antonio, Texas; and Chesapeake, Virginia metropolitan areas. With this funding, GreenPath certified counselors will assist vulnerable households with budgeting, debt management, student loan counseling, credit report reviews and housing counseling. The grant also helps GreenPath provide multi-touch financial coaching to help families with goal setting, making financial decisions, and building good financial habits.
“USAA is committed to helping improve the economic mobility of under-resourced communities as we believe all Americans should have the opportunity to rise on their merit,” said Justin Schmitt, assistant vice president of Corporate Responsibility at USAA. “GreenPath’s intentional focus to increase financial literacy for 4,000 clients, reduce their debt by 20% over 12 months and improve their financial confidence is aligned with our focus to improve financial readiness within the military and our local communities.”
Research shows that Black and Hispanic Americans are more likely to have experienced job and other income losses during the pandemic, and more likely to have found themselves in deep financial holes. Additional studies of military families show a lack of confidence in managing debt, with 70 percent of service members stating that they could benefit from guidance about everyday financial questions.
“The communities served through this initiative are experiencing stark realities when it comes to household finances,” said Kristen Holt, president and CEO of GreenPath Financial Wellness. “We’re thankful for the support from USAA so that people most impacted by financial insecurity, including COVID-related financial challenges, can increase financial resilience with access to financial counseling, education and debt management tools.”
GreenPath has a long-standing track record of providing trusted financial counseling. Annually, GreenPath provides one-on-one counseling to more than 100,000 people, and over 160,000 educational engagements. Through GreenPath’s Debt Management Program, more than $250 million in debt has been paid off by clients. With empathetic, trusted guidance from GreenPath, clients reduce their debt, improve their financial health, reduce stress and advance toward the financial future they want for themselves.
Those seeking guidance from GreenPath Financial Wellness can obtain one-one-one counseling by calling 866-648-8122. Assistance is free, and no appointment is necessary.
To learn more, visit www.greenpath.org.