The city of Philadelphia has opened its 12th Financial Empowerment Center.
The new center in the District 1199c health care union’s training facility on South Broad Street is another way the city tries to help educate residents on managing their money. Mayor Michael Nutter says too many people rely on checking cashing outfits or other places more expensive than a bank or credit union.
“Helping people to understand how to manage their finances. how to start saving money focused on a child’s education or buying a house,” are just some of the goals the center could help people achieve Nutter said.
Henry Nicholas of the Hospital and Healthcare Workers union says they have had 100,000 successful graduates from their financial literacy effort.
“We do good work and have a 100 percent approval record, we have not failed,” Nicholas said. “Every student has graduated and we are the only school in Pennsylvania that has graduated every student.”
Philadelphia now has 12 financial empowerment centers, that’s doubled in the last year or so thanks to several charities including the Bloomberg Foundation.