GreenPath Receives Million Dollar Grant from USAA to Help Military Families and Communities of Color Improve Financial Health
The initiative demonstrates the continued commitment of the two organizations to stabilize finances and improve the financial well-being of those affected by economic hardship.
FARMINGTON HILLS, Michigan, January 6, 2022– (COMMERCIAL THREAD) –GreenPath Financial Wellbeing, a national nonprofit organization that provides financial advice and education, received a million dollar grant from United Services Automobile Association (USAA) to help financially struggling low-income communities of color and military families reduce debt and improve credit scores and financial confidence through proven financial counseling and debt management programs. This grant follows on from the Financial Health Equity Initiative, in which GreenPath used a grant from the USAA to address educational and economic disparities between similar constituents in Bexar County, Texas.
The 2022 grant expands GreenPath’s ability to provide free one-on-one financial counseling to Black, Native, Colored (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 the metropolitan areas of Chesapeake, Virginia. With this funding, GreenPath Certified Counselors will help vulnerable households budget, manage debt, provide student loan counseling, review their credit report, and provide housing counseling. The grant also helps GreenPath provide multi-touch financial coaching to help families set goals, make financial decisions, and develop good financial habits.
“The USAA is committed to helping improve the economic mobility of underfunded communities because we believe all Americans should have the opportunity to rise on their merits,” said Justin Schmitt, assistant vice president of corporate responsibility at the USAA. “GreenPath’s intentional goal of increasing the financial literacy of 4,000 customers, reducing their debt by 20% over 12 months and improving their financial confidence aligns with our goal of improving financial preparedness within the company. army and our local communities. “
Research shows that black and Hispanic Americans are more likely to have suffered job losses and other income during the pandemic, and more likely to end up in deep financial holes. Additional studies on military families show a lack of confidence in debt management, with 70 percent of military personnel saying they could benefit from advice on daily financial matters.
“The communities served by this initiative are facing tough realities when it comes to household finances,” notes Kristen Holt, President and CEO of GreenPath Financial Wellness. “We are grateful for the support of the USAA so that those most affected by financial insecurity, including financial challenges related to COVID, can increase financial resilience by having access to tools for financial counseling, education and debt management. “
GreenPath has a long history of providing reliable financial advice. Each year, GreenPath provides individual counseling to over 100,000 people and over 160,000 educational engagements. Thanks to GreenPath’s debt management program, more than $ 250 million in debt has been repaid by customers. With empathetic and trusted advice from GreenPath, customers reduce debt, improve financial health, reduce stress, and move towards the financial future they want for themselves.
Those seeking advice from GreenPath Financial Wellness can get personalized advice by calling 866-648-8122. Assistance is free and no appointment is necessary.
About GreenPath’s Financial Well-Being
As one of the nation’s largest financial advisory firms, GreenPath Financial Wellness has helped millions of people manage debt and credit, student loans, homeownership, and foreclosure prevention. Michigan-based GreenPath and its affiliates work directly with individuals, banks, credit unions and employer partners across the United States from more than 33 locations and through telephone access and online tools. . GreenPath is a member of the National Foundation for Credit Counseling, Michigan Diversity Council, Texas Diversity Council and is accredited by the Council on Accreditation. To find out more, visit www.greenpath.org or dial 866-648-8122. Follow the association on Facebook and Instagram @greenpathfinancial and on Twitter @GreenPath.
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GreenPath Financial Wellbeing