(image from capitalgroup.com)
Investment Management firm Capital Group in Los Angeles is launching the Community Wealth Council, a program aimed at increasing access to financial education and resources.
The Community Wealth Council is described by the organization as “a fellowship which equips nonprofit community leaders across the U.S. with the skills and knowledge to build financial education capabilities within their organizations.”
In the first cohort, selected fellows from 14 U.S. nonprofits will receive support over two years to build financial education programs for their communities. Fellows will attend eight months of instructional sessions, including roundtable discussions and project-based learning. They will be partnered with financial advisors volunteering their time and expertise to serve as mentors. The Council expects to expand globally in the coming years, according to the announcement.
The Council has been built in partnership with two nonprofits, The Practice Space, committed to offering inclusive and accessible educational content to foster community voice, and the Foundation for Financial Planning, a nonprofit committed to expanding access to pro bono financial planning. It was constructed to address Capital Group research findings which showed significant gaps in financial education and access to resources among nonprofit organizations.
“This new social impact program is an expansion of our commitment to supporting causes that matter to our associates. We know that effectively managing finances underlies so many aspects of life — everything from health care to housing to education and much more,” said Alexis Rosenblum, global head of sustainability and social responsibility at Capital Group, said via a statement.
Nonprofit community leaders consistently identified the need for training, mentorship and support to help solve an urgent demand for scalable solutions that help to foster financial security for more Americans, according to the announcement.
According to Paola Zambrana of Caregiver Action Network, whois one of the Community Wealth Council fellows, “46% of calls to our national hotline, one of the largest in the U.S., are related to finances. We see a real need for more programs dedicated to financial support for caregivers.”
For more information, visit www.capitalgroup.com.
