Women’s Money Matters Benefits Women in Somerville
Somerville—Women’s Money Matters (WMM,) a leading nonprofit dedicated to empowering women to achieve financial stability, is thrilled to announce the receipt of American Rescue Plan Act (ARPA) funds to launch Financial Futures, a financial wellness program in Somerville.
The City of Somerville granted these funds to Women’s Money Matters to provide financial wellness programming to Somerville women living on low incomes. Financial Futures aims to empower these women by providing them with the necessary tools and knowledge to gain confidence and independence in managing all aspects of their finances.
In collaboration with esteemed organizations in Somerville, such as the Somerville Housing Authority, Somerville Center for Adult Learning Experiences (SCALE), Community Action Agency of Somerville (CAAS,)
Riverside Community Care, Mutual Aid Medford & Somerville, and Padres Latinos De SPS (Latino Parents of Somerville Public Schools), we have been able to reach a diverse group of women across the city. The program tailored personalized learning experiences for 73 women, while 21 others joined collective cohorts, showcasing a community-wide effort towards financial education.
Participants reported outstanding outcomes, including a dramatic increase in budgeting skills, with 86% of graduates now utilizing a budget to manage their finances, up from 21% at the program’s start. Confidence in managing finances soared to 96%, and 89% of graduates reported having savings, a significant rise from 32%.
This Financial Futures program has been a beacon of hope and progress, particularly for Nancy, one of our program graduates. Nancy’s journey, supported by her dedicated coach, Julie, stands as a testament to the transformative power of personalized financial education. Nancy’s heartfelt gratitude to Julie, “Thank you very much, Julie, for all the coaching and reaching out to us during our time in WMM. You’re the perfect candidate to be part of this awesome teaching financial program! Wishing you much success in your career! Love, Nancy” encapsulates the meaningful bonds and personal growth that form the heart of this program.
The City of Somerville, Women’s Money Matters, and several community organizations celebrate the courage and commitment of women like Nancy, who have seized the opportunity to reshape their financial futures. Echoing the sentiments of many, Nancy exclaims, “Credit, cash, budget, savings—all this and more I’ve learned about in this amazing program with amazing women and our coaches and leaders. Thank you kindly, my friends and sisters, for a wonderful experience!”
Nancy’s experience with Julie highlights the program’s focus on providing tools for managing finances and nurturing solid, supportive relationships that extend beyond the program itself. Women’s Money Matters and the City of Somerville are committed to maintaining this momentum, ensuring every woman in the community can access the financial education necessary for a stable and prosperous future.
The Somerville’s Mayor’s Office of Strategic Planning & Community Development’s Jennifer Mancia said, “Partnering with Women’s Money Matters is one of my proudest accomplishments this year, and there are many moments where I share information about our collaboration and the positive impact it is having on Somerville residents.”
Nancy’s story, alongside the voices of many other graduates, shines a spotlight on the resounding success of the Financial Futures program—where women come together to learn, grow, and succeed in their financial endeavors, fostering resilience and empowerment within the Somerville community.
About Women’s Money Matters:
Women’s Money Matters builds the financial wellness, confidence, and security of women living on low incomes through a unique program that combines instructional workshops and personal, one-to-one coaching. For more information about Women’s Money Matters and its programs, please visit https://womensmoneymatters.org/
About the City of Somerville
The City of Somerville is dedicated to fostering a vibrant, inclusive community that focuses on enhancing the quality of life for all its residents through diverse, innovative programs. https://www.somervillema.gov
