In The News

New York City’s Financial Empowerment Centers provide free financial planning to residents through neighborhood organizations. Thanks to a new grant from Bloomberg Philanthropies, the model is expanding to Philadelphia (as well as Nashville, Denver, San Antonio and Lansing, Michigan).

Personalized advice, moreover, adds more value for the poor. Wealthy people could manage their own money if they chose to spend the time, and tend to have the clout and confidence to negotiate favorable terms. But most poor people have no idea about their options. They may not be aware that they can get financial aid for college or tax credits for child care. “I didn’t know what was on my credit card statement,” said Ruben Felix, a tailor who has been Jaimes’ client since September, 2011. “Only the due date.”