Enhanced program relaunches as the San Francisco Financial Empowerment Center
San Francisco, CA – September 10, 2024 – Treasurer José Cisneros announced today that his Office’s free, one-on-one financial counseling program has helped clients to eliminate four million dollars in debt, and is today relaunching as the San Francisco Financial Empowerment Center (FEC).
In nine years, the program has:
- Eliminated $4 million in debt
- Helped clients save $696,000
- Increased the average credit score by 70-points
"Financial counseling is an essential tool in our fight for economic security in San Francisco," said Treasurer José Cisneros. "I encourage anyone who lives, works or receives services in San Francisco to make an appointment with a financial counselor today to get help eliminating debt and saving for your future."
Previously called Smart Money Coaching, the program is relaunching today as part of the Cities for Financial Empowerment Fund’s national Financial Empowerment Center (FEC) model. The model emphasizes local government as a trusted source of financial counseling and a coordinator of partnerships that complement other social services through collaborations; professional, trained financial counselors; and data-driven services. The transition provides access to infrastructure and a valuable national learning community to strengthen services and equip the program with the tools to enter the next phase of growth. San Francisco is one of several dozen local governments that is working to launch or has already launched a local FEC initiative. The national FEC movement is supported by seed funder Bloomberg Philanthropies and other generous partners.
“Local leaders know first-hand the connection between family financial stability and community financial stability,” said Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund. “Today, Treasurer Cisneros and the City of San Francisco, long a champion and partner in this work, join the CFE Fund’s growing national movement to bring free, high-quality financial counseling as a public service to residents; we are proud to partner with Treasurer Cisneros and his team to do so.”
The San Francisco Financial Empowerment Center offers free, confidential, and personalized financial counseling tailored to each client's goals. Counseling is available virtually or in person at various community locations. Services are available in multiple languages, and clients can schedule as many meetings as needed. Anyone who lives, works, or receives services in San Francisco can sign up for an appointment. The program is releasing a report today highlighting the program's work since its inception: Building on Success: Celebrating the Impacts of Smart Money Coaching and Introducing a New Chapter.
“At the Library, we strongly believe in partnerships that strengthen our services and Improve our community,” said City Librarian Michael Lambert. “Our longstanding partnership with the Treasurer and Tax Collector's Office has been so important in helping San Franciscans to achieve financial stability thanks to direct counseling in our libraries. We are excited about the relaunch of this program and we look forward to many more years of supporting these resources that help people secure their financial footing for the future.”
San Francisco FEC has numerous vibrant partnerships with City departments and nonprofits to embed counseling in existing services, and make sure it is available and accessible to San Francisco’s most vulnerable and underserved communities.
“We are proud to collaborate with Treasurer Cisneros and his team at the Office of Financial Empowerment on programs like San Francisco Financial Counseling, which are key to supporting low-income residents and families in San Francisco, said Trent Rhorer, Executive Director, SFHSA. “By offering financial counseling and education to our clients, we are able to more effectively meet the diverse needs of our community and help them thrive.”
“Financial literacy and empowerment are crucial for the success of young people, especially those who’ve experienced homelessness and housing insecurity,” said Sherilyn Adams, Chief Executive Officer of Larkin Street Youth Services. “The Office of Financial Empowerment is a committed collaborator in our efforts to support vulnerable youth in San Francisco. We’re excited to renew our partnership for the relaunch of the Financial Empowerment Center, which has played a pivotal role in preparing our young people and helping them employ the tools and skills necessary for successful and prosperous futures.”
"I was financially confused, but my counselor helped me develop a long-term mindset to fix my financial bad habits,” said Tyree, a young person referred to financial counseling from Larkin Street Youth Services. “He was genuine in guiding me, and I've really changed the way I think about money. I still take advantage of the service - my financial counselor is on speed dial!"
"The Women's Building is proud to partner with San Francisco’s financial counseling program to offer these vital services directly in our space,” said Tania Estrada, Executive Director of The Women's Building. “It's a shining example of coordination in support of the financial well-being of our community, ensuring that individuals and families have the tools and resources they need to achieve stability, security, and long-term prosperity. By providing these essential services, we're not just addressing immediate financial concerns but also empowering our community to build a stronger, more resilient future."
“This program has made a profound impact on our scholars that we serve in Our Get Through College Program, said Kevin Williams, 100% College Prep Program Manager. “Through this free, personalized service, our scholars have acquired essential financial skills that have not only supported their academic journey but will also guide them in their future careers.”
To sign up for a financial counseling appointment, visit sfgov.org/ofe/counseling. Counseling is available in person, online and via phone.
About the Cities for Financial Empowerment Fund
The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in over 100 cities and counties, and has disbursed over $67 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund; learn more about the FEC Public movement at www.fecpublic.org.