Worcester City Hall. File photo
Worcester Housing Authority tenants now have access to free financial coaching intended to help them improve their lives and lift them out of poverty.
The housing authority and Workers Credit Union say they are teaming up to provide one-on-one financial counseling to WHA residents to support them in managing their finances better. WCU will provide certified financial coaches to WHA’s Transitional Housing Program, which helps homeless families move into long-term housing, the credit union said in an announcement.
WCU said the coaches will aid the residents in identifying the root causes of their difficulties, and in turn, residents can learn how to do better budgeting, develop emergency savings accounts, build credit, and create strategies for resolving debt.
“This program helps them build their financial literacy. We want them to be able to afford rent and achieve their financial independence,” Edlin Ortiz, WHA vice president of family services, said in a statement.
The program has helped single mother Essence Thomas to improve her financial standing and goals. Since working with a financial coach, she has paid off three loans and her credit score has gone up 50 points. Thomas and her son have lived in WHA housing since November of 2022, and she now has a job in the hotel industry.
“I hadn’t looked at my credit score in four years. I knew things were on there I was avoiding. [The financial coach] made me feel like I could trust him and be vulnerable with him talking about my financial decisions. I can wake up and not worry about where I’m going to sleep that night. I can take food from my refrigerator without asking someone else if I can have it. It’s ours,” Thomas said.
Tom Littlepage, Workers Credit Union assistant vice president and a financial wellness coach, said, “I assure them their financial situation isn’t permanent and work with them on a plan with tasks they can do that have a positive impact right away.”
The initiative is based on WCU’s personalized financial wellness program called The Workers Way, which provides financial wellness coaching to its members at no cost.
