Catalyst Miami and Citi Launch “Ways 2 Wealth” Savings Program
No-fee, easy-to-open savings account paired with financial coaching for low-income community
MIAMI, Fla., September 4, 2014 /3BL Media/ – On September 4th, Catalyst Miami and Citi will launch the Ways 2 Wealth savings program for Florida’s low-income community, amid several activities for “Miami-Dade County Savings Awareness Week,” an effort to promote financial security and expand economic opportunity.
Diana Rodriguez, Special Assistant to Miami-Dade County Mayor Carlos Gimenez, is expected to present Catalyst Miami with a proclamation for their effort in promoting savings education in the community at the launch event, which will take place from 10:00 AM to 12:00 PM at 1900 Biscayne Boulevard, Suite 200, Miami, FL 33132. Commissioner-Elect Daniella Levine Cava, Catalyst Miami’s founder, is also expected to attend.
The Ways 2 Wealth program, created with the support of a $200,000 contribution from Citi Community Development, enables a nonprofit client to apply for a savings account onsite through a Web portal, without visiting a bank branch, saving time and empowering clients to put financial advice into action immediately. Participants in the program will also attend trainings, engage in financial coaching sessions with Catalyst Miami, and set personal financial goals. Participants who successfully complete the program will receive incentives of up to $125 after six months.
Participants in all Catalyst Miami financial, health, and wellness programs are eligible to enroll.
According to the Corporation for Enterprise Development, almost 50% of Florida households were found to be in a “persistent state of financial insecurity,” defined as lacking sufficient savings to cover basic needs during times of crisis. Miami-Dade County estimates were considerably higher, over 60%, well above the national rate.
Catalyst Miami aims to address these challenges, and increase awareness, by offering an array of savings education classes at numerous nonprofit agencies in Miami-Dade.
“We are very excited to offer residents of Miami-Dade County this new savings account with Citi,” said Gretchen Beesing, CEO of Catalyst Miami. “We see savings accounts as essential to establishing healthy financial habits. Our objective is to help clients plan their economic futures and provide opportunities for asset building.”
“This initiative by Catalyst Miami supports inclusive economic opportunities, access to financial services and prosperity for Miami-Dade County residents,” said Bob Annibale, Global Head of Community Development and Microfinance for Citi. “By combining financial coaching with easier access to a savings account, families can reduce their financial vulnerability and build assets to achieve long-term goals, whether they are higher education, home ownership or starting a business."
Catalyst Miami officially kicked off its Savings Awareness week at 10:00 AM on Tuesday, September 2nd with a savings education class in Liberty City. A complete list of activities is attached.
Miami-Dade County Savings Awareness Week
Monday, September 1st
Research Institute on Social and Economic Policy (RISEP) “State of Working Florida” Release
Where: CHOICES Kitchen, 711 NW 27th Ave, Miami, FL 33125
Tuesday, September 2nd
10:00 AM – Joseph Caleb Center 5400 NW 22 Avenue, Miami, FL 33142
6:00 PM – Restaurant Opportunities Center, 945 Pennsylvania Ave. Miami Beach 33139
Wednesday, September 3rd
10:30AM – Community Center, 833 6th Street, Miami Beach, FL 33139
11:00 AM – Miami Dade College Wolfson, 300 NE 2nd Avenue, Building 1, Room 1261, 33132
1:00 PM – Catalyst Miami, 1900 Biscayne Boulevard, Suite 200, Miami, FL 33132
5:00 PM – Dade County Federal Credit Union, 29850 S Dixie Hwy, Homestead, FL 33033
Thursday, September 4th
10:00 AM – Ways 2 Wealth Launch Event at Catalyst Miami
12:00 PM – Acción Center, 858 West Flagler Street
3:00 PM – Miami Dade College North, 11380 NW 27th Avenue, Miami, FL 331367
Friday, September 5th
10:00 AM – De Hostos Senior Center, 2902 NW 2nd Avenue, Miami, FL 33127
2:00 PM – Miami Dade College Wolfson, 300 NE 2nd Avenue, Miami, FL 33132
About Catalyst Miami
Catalyst Miami is a nonprofit organization accelerating social justice in South Florida by promoting comprehensive household wellness, transforming individuals into grassroots leaders, and activating networks to fight poverty.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi