Building financial knowledge, confidence – and stronger communities

By Gina Gallagher | Citizens Contributor

What helps build pathways out of poverty, opens doors to opportunity and gives all members of our communities a chance to learn, grow and thrive?

If you guessed financial literacy education, you’re correct! It plays such an important role in helping people develop the skills they need to manage money, reach their goals and build brighter futures.

At Citizens, we’re committed to helping people, every day, acquire the financial knowledge, confidence and tools they need to be financially healthy and inspire them to pursue their goals. That’s why we created Citizens Helping Citizens Manage Money, a financial empowerment program that lends the knowledge of our colleagues and provides financial support to community partners dedicated to enriching lives and communities.

Let’s meet two such partners: Urban Edge of Boston and Esperanza of Philadelphia.

Homeownership strengthens families. That was one of the first lessons 12-year-old Frandys Martinez learned when she left the Dominican Republic to live with her stepmother in Boston. Frandys recalls being in awe of her stepmother for owning their home, and one day, vowed to follow in her footsteps.

But as she reached adulthood, Frandys would encounter a barrier to homeownership common among BIPOC and those living in low-to-moderate income communities – lack of financial knowledge.

“I used to go on shopping sprees! I never had any financial guidance on credit: how to build it, why it’s important and how it relates to homeownership,” she shares.

It wasn't until she got married and had children that she was determined to get that financial education.

A friend pointed Frandys in a life-changing direction – towards Urban Edge.

Founded in 1974 to advocate for displaced BIPOC families, Urban Edge is a Boston-based nonprofit community development organization dedicated to strengthening communities and families. In addition to building affordable housing, Urban Edge focuses on providing wealth building and other services to ensure that families have a place to live – and a place to thrive.

Urban Edge knows that the number one way to build wealth is through homeownership and offers financial education, including home buyer seminars, credit card boot camps, basic budgeting education and one-on-one assistance from coaches.

“We work closely with partner organizations like Citizens to help families build their financial skills,” says Michael Rousseau, Director of Resource Development at Urban Edge.

Urban Edge is a longstanding partner of Citizens, receiving $50,000 in 2024, and more than $560,000 since the relationship began in 2004. Last year, 8 Citizens colleagues volunteered 40 hours with Urban Edge to provide financial empowerment tools and resources.”

Today, Urban Edge has grown to offer 18 First-Time Home Buyer classes each year and one-on-one counseling from coaches who represent the community and can meet Urban Edge’s clients wherever they are.

Clients like Frandys

Through hard work, workshops and coaching, she was able to pay off debt, build credit, secure a mortgage and make her childhood dream possible.

In 1986, Luis Cortés, Jr., and the Hispanic Clergy of Philadelphia had a powerful calling: to give a voice to the struggling Hispanic people who lined the pews of their churches each week in Hunting Park, Philadelphia. That mission would pave the way for “hope” or Esperanza, a social services organization that serves some 25,000 people annually through a wide range of programs, including affordable housing, legal and immigration services and community outreach services. At the heart of Esperanza’s work is equipping people with the tools and information they need to transition out of poverty and into the economic mainstream through homeownership, affordable housing and housing counseling.

“Our founder, Reverend Cortés, always shares the quote that it’s not just helping someone fish in the pond, but letting them know they can own the pond,” says Christine Nieves, Director of Development at Esperanza.

Like Urban Edge, Esperanza understands that purchasing a home is only part of the challenge for their clients; they must be able to thrive in their homes. That’s why 81-year-old, Puerto-Rican-born Eusebio, who owns a home in Hunting Park that was in dire need of repair, came to Esperanza.

Language barriers and a very limited budget led Eusebio to an untrustworthy contractor, who was not versed in city building codes. The contractor did such a poor job that Eusebio’s home faced demolition from the city.

Desperate to save his home, Eusebio turned to Esperanza, who not only connected him with a reputable engineer to address the problems, but helped him secure grants to pay for the repairs.

With the home no longer at risk, Esperanza also worked with Eusebio to create a long-term financial plan and introduce him to financial relief programs to manage energy costs.

Today, with the knowledge he gleaned from working with Esperanza, Eusebio is able to manage his finances, take proper care of his home and most importantly, feel secure in his golden years.

Esperanza has been a partner of Citizens for more than 20 years, receiving more than $1 million in funding since the relationship began in 2002. This year, they will receive $25,000 to support its Financial Literacy Project, which will strengthen low-income communities through bilingual financial literacy programs.

Read about our commitment to financial empowerment and the impact on our communities.