Center for Working Families Year in Review (FY25: July 2024-June 2025)

The Center for Working Families (CWF) continues to support Boston and area residents in building financial stability, accessing job training, and growing assets. Core initiatives include the Financial and Employment Coaching, the Boston Tax Help Coalition, Bank On Boston, and Boston Saves, the City’s children’s savings account program.

Free financial and employment coaching is a cornerstone of the Center for Working Families. The goal is connect low- to moderate-income families to resources and services that allows them to thrive in the financial and labor market. Residents are able to achieve economic stability and build wealth through integrated employment services, financial coaching, education, and access to no-cost and low-cost financial products. Research shows that integrating financial empowerment and workforce development leads to stronger job retention and increased net income. Healthy, sustainable communities are built when residents have living-wage jobs and confidence in their economic futures. CWF helps residents gain both the career pathways and financial skills needed to achieve long-term stability.

CWF employs four full-time coaches who support residents in English, Spanish, and Haitian Creole and are trained to provide accommodations to the disability community. Coaching begins with understanding each client’s short- and long-term financial goals, followed by creating a personalized budget and savings plan. The coaches also assess employment situations and recommend training pathways toward living-wage jobs. In FY25, CWF served 1,359 clients, 352 of which were new coaching clients and 380 of which received free tax preparation services.  Approximately 70% of clients completed three coaching sessions, resulting in a 47-point average increase in FICO Score. These clients also had an average hourly income of $27.00. The median debt reduction of CWF clients was $1,485 and 91  clients obtained employment. 

In addition, CWF offers free virtual workshops on employment, financial, and consumer awareness topics to all residents, regardless of whether they are coaching clients. This includes Banking Basics; Credit Building for Adults and Teens; Retirement and Estate Planning; and Budgeting workshops. In FY25, 400 residents attended these workshops. 

Another significant outcome for CWF was that out of the 10 clients identified for homeownership, three have successfully purchased homes. The remaining seven are currently progressing through various stages of the coaching process. 

Success Story:

Elsa V signed up for financial coaching with coach Jessica Bruno after receiving a Financial Check-Up in 2023. Jessica worked with Elsa to outline her financial goals and create a plan to realize them. One goal that Elsa aspired to was buying a home. However, after several unsuccessful attempts, she had lost hope. As her financial coach, Jessica committed to supporting her through the entire homebuying process. Elsa remained committed as well, consistently attending her coaching sessions and following the plan Jessica created for her. Through her own hard work and with Jessica’s support Elsa was able to remove a negative account on her credit report and create a budget that led to her building savings.

Thanks to the foundational personal finance milestones Elsa accomplished through financial coaching she was primed to restart her homebuying journey. She was referred to the Massachusetts Affordable Homeownership Alliance (MAHA) where she completed a Homebuyer 101 course. She went on to complete MAHA’s Homeowner 201 course because of her desire to own a three-family house, and potentially become a landlord. These courses helped her better understand the homebuying process and what to expect as a homeowner. Upon receiving her certification for both courses, Elsa was accepted to MAHA’s STASH First-Gen Home, a matched savings program for first-generation, first-time homebuyers in Massachusetts. She completed the program in December 2023 which allowed her to obtain grant funding of up to $40K to purchase a home in Boston. In June 2024, Elsa closed on a three-family home in Dorchester, a testament to her hard work and dedication. This major milestone is also a shining example of how financial literacy empowers residents to achieve their financial aspirations.  

 Learn more about the Center for Working at boston.gov/working-families.