We make it easy to take steps towards financial empowerment for yourself and others
As ABC members, we guide people and institutions to local asset building programs and services. We pave the paths for people's training and reward their good work with certificates that can be used for professional advancement and admiration from friends and family. Membership is free and open to any individual or institution who wants to contribute to expand the financial well-being in their communities.
We foster collaborations between universities, local nonprofit agencies, public and private institutions to increase the financial capability, and ultimately financial well-being, of any person or entity who wishes to join us.
Latino families lost about two-thirds of their wealth in the Great Recession (Pew Research, 2011). Without intervention, African Americans will need 228 years and Latinos 84 years to accumulate the amount of wealth whites have today (Collins, Asante-Muhammed, Nieves, & Hoxie, 2016). Asset-building community products (e.g., matched savings accounts) can help rebuild this wealth.
However, with the vast majority of federal spending for asset building helping those with highest incomes, little is left for programs designed to help low to moderate income earners accumulate assets. Yet it is challenging for service providers to recruit vulnerable clients to such programs (Padua and Doran, 2016). We promote financial empowerment by guiding persons and institutions to local asset building programs and services.
Alliance for Economic Inclusion (AEI). The Los Angeles AEI is an FDIC initiative focused primarily in the City of Los Angeles, California, and is comprised of a broad-base of participating organizations representing financial institutions, community nonprofit organizations, and government agencies. ABC promotes saving pledges through LA Saves.
Cal State LA Center for Engagement, Service, and the Public Good. The Center’s High Impact Community Engagement Mentorship Project provides stipends to many of the students performing the navigation, and seed funding for the project.
Cal State LA Federal Credit Union. The credit union has supported ABC's Annual Celebrations from the beginning. Thank you!
Center for Social Development (CSD). We also used the Financial Capability and Asset Building (FCAB) training for social workers in the Financial Empowerment class. Cal State LA is the first Hispanic-Serving University to partner with CSD FCAB project.
Consumer Financial Protection Bureau (CFBP). ABC is proud to have been selected as one of the 61 organizations nation-wide in the 2018 Training Cohort. We used CFBP’s Your Money, Your Goals Toolkit for Social Service workers to train students in the Financial Empowerment elective. The CFBP also sent us free materials to promote savings at tax time, and additional training for volunteers. The CFBP provides all these products and services free to the community.
Los Angeles Public Library (LAPL). We partnered with LAPL to provide financially empowering services for their New Americans Initiative in four libraries.