Central Ohio, like many areas across the country, faces growing income inequality. Despite overall economic growth, many, particularly low-income families, struggle to make ends meet. In Columbus, for example, more than half of the population growth from 2000 to 2020 came from individuals living below 200% of the poverty line. Research shows that financial education is one of the most cost-effective ways to improve financial knowledge and behaviors.
Community Financial Wellness (CFW) was created to address these disparities, providing essential financial literacy resources to local nonprofits and the people they serve. The program helps participants build the confidence and skills to set and achieve financial goals while addressing the mindset and behaviors that influence their financial situations. It encourages creating personalized budgets, establishing emergency funds, and accessing the support needed during financial challenges. Through this program, individuals gain the tools to make informed financial decisions, develop a savings habit, and build a financial cushion—all of which contribute to long-term stability. Additionally, the program offers $500 in matching funds to incentivize participants to open savings accounts, helping them take their first step toward financial security. To be eligible, participants must be engaged with one of the nonprofit partners and are eligible to receive the match one time.
A core principle of Community Financial Wellness is the seamless integration of trusted tools and vetted resources, fostering stronger connections between nonprofits and local communities. This approach enhances nonprofits’ capacity to serve their communities more effectively. The partnership with the Columbus Financial Empowerment Center (FEC) exemplifies this collaborative approach. The FEC offers personalized services, such as financial coaching, debt management, and access to safe financial products, creating a supportive network that enhances the educational experience. By working together, the program ensures a holistic approach to financial education, meeting individuals where they are and supporting them throughout their financial journey.
We asked FEC participants who have utilized CFW for their feedback and only heard positive experiences. Bri Williams says, “Prior to engaging with the FEC, I felt overwhelmed by managing debt, creating a budget, and sticking to it. The one-on-one counseling sessions provided me with a clear and actionable path forward. My counselor, Marcia Slekitis has been incredibly supportive and knowledgeable, helping me to develop a realistic budget, create a debt repayment plan, understand my credit report, and hold me accountable on a monthly basis.”
According to Bri, “The Community Financial Wellness training has offered practical and accessible information on topics such as saving strategies and planning for the future. These sessions are still available to me to review at any time, easy to access and help remind me of the knowledge and tools to make informed financial decisions and build a more secure future for me and my children. Thanks to the support and guidance I received from JFS, I have been able to establish a consistent savings habit. I now have built an emergency savings fund of over $3,000.00. The impact has been profound, not only financially but also providing me with a resource to share with family, friends, and those I work with in our community. Personally, it has helped me reduce stress, set boundaries with those I love and increased my overall awareness of how I allocate my funds.”
As Central Ohio moves toward a more equitable future, partnerships like Community Financial Wellness and the FEC are providing tailored education, encouraging saving, and fostering a thriving community for all. Beyond teaching financial literacy, Community Financial Wellness empowers individuals to build a brighter, more secure future for themselves and their families.
Rebecca Wiggins
Executive Director
Community Financial Wellness
