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October 28, 2020, Mayor Tom Barrett announced today the launch of the Financial Navigators Program, a free service to help residents navigate critical financial issues related to the COVID-19 pandemic. The City of Milwaukee will offer this service in partnership with Riverworks Development Corporation, a local nonprofit that offers financial coaching to help Milwaukee residents reach their full financial potential.
“With COVID-19’s many challenges, it is more important than ever that Milwaukee families have the support they need to navigate resources that build and maintain financial stability,” said Mayor Barrett. “We are confident that this partnership with Riverworks Development Corporation, funded by the CFE Fund, will link many people with much-needed help.”
The Financial Navigators Program helps residents one-on-one to address personal financial issues and identify immediate action steps to manage expenses and maximize income. Participants will also be referred for services available through organizations like the Rental Housing Resource Center and Employ Milwaukee. The program will be available to Milwaukee residents remotely starting on Wednesday, October 28.
“Many people in our community are really hurting, and Riverworks is committed to helping people navigate these difficult and challenging times,” said Darryl Johnson, Executive Director of Riverworks. “Through this partnership between our Financial Clinic and the City of Milwaukee, we are hoping we can lessen the stress and pain that people are feeling.”
The Cities for Financial Empowerment Fund will provide the grant funding, technical assistance and training needed to launch the program in Milwaukee and other cities across the nation. Additional support is provided by Bloomberg Philanthropies, the Citi Foundation, JPMorgan Chase & Co. and the Wells Fargo Foundation.
“The pandemic has clearly heightened awareness around the financial hardships that so many people were already facing here in Milwaukee, and deep disparities that exist in society,” said Darlene Goins, Head of Financial Health Philanthropy with the Wells Fargo Foundation. “We applaud the CFE Fund for bringing together the City of Milwaukee, philanthropists, and financial services to reimagine solutions that can help improve financial stability and resiliency for individuals and families, particularly during this economic crisis.”
Residents can access these remote services by calling (414) 882-7440 or completing the web form at Milwaukee.gov/FN. The financial navigator will then send a short service agreement and call the client to begin their personal session. Organizations across Milwaukee can refer clients directly to a financial navigator.
I applaud the intentions here, but technology and philathropy are not long-term solutions to problems that are rooted in social stratification and dysfunction (which this epidemic has only magnified). Something systemic needs to change in order to stem the flow of people being left behind as well as to raise the skills and education of our lowest performers to levels commensurate with their potential.
Our future in a competitive world will not be determined by our best and brightest but rather by the quality of our common citizen. We are doomed to continued decline unless we realize this and act upon it.