A Pathway to Financial Stability: City Launches Office of Financial Empowerment
ALBUQUERQUE – Today, Albuquerque families are a step closer to having the tools and resources they need to build stable financial futures. The City of Albuquerque announced the launch of its Office of Financial Empowerment (OFE), housed within the Office of Equity and Inclusion (OEI). This dedicated office will serve as a central hub for financial empowerment programs to provide Albuquerque residents, especially low- and moderate-income households, with the tools, education, and services needed to achieve long-term financial well-being.
The OFE was established with the support of a two-year grant from the national nonprofit Cities for Financial Empowerment Fund’s (CFE Fund’s) Financial Empowerment Cities initiative, which helps local governments institutionalize financial empowerment strategies through launching and leading a dedicated Office of Financial Empowerment. The office will expand and coordinate existing financial stability programs—including the City’s successful Bank On initiative and a newly-announced Guaranteed Basic Income program—while introducing new efforts to combat poverty, increase financial education, and connect residents with safe and affordable banking options.
“This is a critical step toward ensuring that every family, regardless of income level, has access to the tools they need to build a stable future and create generational wealth,” said Mayor Tim Keller. “Too many folks are one bad day away from homelessness, and by investing in financial education, access to safe banking, and long-term economic mobility, we’re helping families build more secure futures.”
With nearly one in five American households holding zero or negative net worth, and nearly 40% of Albuquerque households having delinquent debt, and half lacking sufficient savings to handle financial emergencies, the City is taking bold steps to address economic insecurity. The COVID-19 pandemic underscored the urgent need for stronger financial safety nets, and the OFE is poised to bridge these gaps by offering tailored financial empowerment services to those who need them most.
“We have really enjoyed working with the City of Albuquerque on the creation of their Office of Financial Empowerment and I’m thrilled to be here today for this exciting launch,” said COO of Cities for Financial Empowerment Fund Amelia Erwitt,. “Across over a decade of work with close to 150 municipal partners, we’ve seen that an OFE with dedicated leadership is more than the sum of individual programs – it’s a catalyst for truly embedding financial empowerment work across government. We applaud Mayor Keller’s commitment to financially empowering Albuquerque residents and look forward to continuing to partner with the City.”
OFE’s aim is to expand financial education and literacy programs; strengthen the Bank On Burque initiative so residents have access to safe, low-cost banking options that help them avoid predatory financial services; develop partnerships with local organizations, employers, and financial institutions to create pathways toward homeownership, small business success, and long-term wealth-building opportunities; and provide direct financial coaching and support to help individuals and families navigate financial challenges and achieve greater stability.
“Albuquerque is filled with disciplined and hard-working community members that show up day after day to make ends meet,” said OEI Community Empowerment Officer Dr. Nina Cooper. “Our Office of Financial Empowerment seeks to ensure they have the access to resources and pathways which move these folks closer to their self-identified financial goals.”
For more information on the Office of Financial Empowerment and its programs, visit https://www.cabq.gov/office-of-equity-inclusion.