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Nashville Residents Increased Their Savings By $3 Million

3/2/2021
Andrea Fanta, andrea.fanta@nashville.gov

Financial Empowerment Center Releases 2020 Impact Results

Nashvillians have increased their savings and reduced their debt with support from the Nashville Financial Empowerment Center (FEC), according to 2020 FEC impact numbers.

Since its inception in 2013, the FEC has:

  • Served 8,400 clients in a total of 24,000 counseling sessions
  • Helped clients increase savings by $3 million
  • Helped clients reduce debt by $16.5 million

A partnership of the Mayor’s Office and United Way of Greater Nashville, FEC offers free, one-on-one financial counseling to help Davidson County residents move from financial instability to financial empowerment with new savings habits, higher credit scores and lower debt burdens.

“Becoming financially empowered means people can save for the future and build a better foundation for their families,” said Mayor John Cooper. “When Nashvillians are able to purchase a home or start a small business, our entire community thrives. I’m grateful to our dedicated counselors for the work they do every day.”

Counselors help clients manage bills, work through debt, establish and improve credit, create a budget, open a bank account and save for the future.

“We believe that when we improve the economic wellbeing of our neighbors, we improve the economic climate of the whole city,” said Samantha Williams, Financial Empowerment Network manager. “No matter your income level or financial situation, the FEC is here to help you get on track. It isn’t always easy, but our professionally trained counselors are here to help you find the way forward.”

To schedule a free virtual financial counseling session, visit fec.nashville.gov or call 615-748-3620. The FEC does not provide direct financial assistance. For help with basic needs, such as food, shelter, and emergency aid, call United Way’s 211 Helpline.

About United Way of Greater Nashville

At United Way, we unite the community and mobilize resources so that every child, individual and family thrives. Together, we are working to create a community where every child receives a quality education, no one lives in poverty or poor health, and the most basic needs of our families are met. We are uniquely positioned to the lead this fight by bringing individuals, businesses, nonprofits and government to the table to have the tough conversations, mobilize the resources and make the smart investments that will create lasting solutions for our region’s most pressing issues. For more information, visit unitedwaynashville.org and follow us on social media @UWNashville.