Wells Fargo and Operation HOPE are bringing free financial coaching to Philadelphia
The two organizations are teaming up to bring new HOPE Inside centers to the city, increasing access to financial education services.
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On May 31, Wells Fargo and Operation HOPE, Inc., announced the opening of their HOPE Inside centers to four additional markets, with Philadelphia being one of them.
The new HOPE Inside centers are located inside a Wells Fargo branch in each market and include HOPE financial coaches who help empower community members to achieve their financial goals through free financial education workshops and one-on-one coaching.
The Philadelphia HOPE Inside Center is in the Parkwest Town Center branch in West Philadelphia.
“We know from our outreach and work with national and community stakeholders that financial education and guidance, and an individual’s sense of inclusion and trust, are all important factors in bringing more people who are unbanked into the formal banking system,” said Darlene Goins, head of Wells Fargo’s Banking Inclusion Initiative, in a statement.
She added that partnering with Operation HOPE is one key way to help remove barriers to financial inclusion and empower individuals with the necessary resources to manage their money, improve their credit, and achieve their financial goals.
John Hope Bryant, chairman and CEO of Operation Hope, Inc., shared that the HOPE Inside centers “mark a significant step forward in addressing barriers to financial wealth in diverse communities by offering a welcoming space, access to financial coaches, and expanded resources that support the financial goals of individuals with the greatest needs.”
“This collaborative effort drives meaningful change and ultimately helps address the deeply rooted barriers to financial empowerment in underserved communities,” added Bryant.
Philadelphia was chosen as one of the markets to receive the new center is thanks to the fact that the number of unbanked Black and Asian American households in the region is about 12% compared to only 2.8% overall.
The opening of the new locations is part of Wells Fargo’s commitment to making financial education and guidance more accessible to those most in need.
The goal is to open HOPE Inside centers in 20 low-to-moderate income communities serving 100 branches by the end of 2023.
HOPE Inside is part of Wells Fargo’s Banking Inclusion Initiative to help more people who are unbanked gain access to affordable, mainstream banking products, and help remove barriers to financial inclusion for African American, Hispanic, Native American, and other diverse households.
These groups account for more than half of unbanked households in the United States.