According to Jon Campbell, Head of Social Responsibility for Wells Fargo, the initiative will address the major obstacles these households face by offering “access to education and resources so that they can cover their monthly expenses, track spending, plan for the future and use financial products and services effectively.”
UWW will issue a request for proposals in the coming months to select three to six local United Ways as the initial anchors of what will be known as the Wells Fargo Financial Capability Network.
Brian Gallagher, UWW President and CEO, believes the project is a natural extension of an already thriving partnership between Wells Fargo and United Way.
“Wells Fargo is not only our organization’s largest campaign in the U.S., it’s also a national leader in financial stability work that is improving the lives of individuals and families,” he said. “Thanks to their generosity, this important new initiative will have a lasting impact and help us reach more people in more communities across the country.”
Once chosen for participation, local UW chapters are expected to document and share best practices. Ideally, the program can be replicated in other regions as Wells Fargo and United Way continue to expand the reach of their Financial Capability Network each year.
*As a part of the company’s “Hands-On Banking” program, a Wells Fargo volunteer speaks with students at Mt. Gleason Middle School (a United Way Leadership Matters campus) about how to manage their finances.