Financial literacy is the ability to understand and manage financial resources. Filing annual tax returns is an often stressful and complicated process for those who lack financial literacy.
With support from Wells Fargo Bank, the CSUN VITA Clinic is helping community members achieve their financial goals.
The bank provides funding to support the clinic and provide financial education and financial coaching to its clients. Wells Fargo team members were also on hand to provide financial guidance and advice to taxpayers.
“The partnership we have formed with Wells Fargo, providing financial guidance and support to the taxpayers we serve, is truly unique as it empowers the taxpayers to take charge of their financial well-being by repaying old and burdensome debts, starting a savings account for retirement, putting money aside for the kids’ college education or saving enough money for a down payment for their first home,” said Rafi Efrat, Bookstein Chair in Taxation and the director of the CSUN VITA Clinic. “We are grateful for their investment in our community.”
According to a 2016 article published by Fortune, the Financial Industry Regulatory Authority, Inc. (FINRA), a private regulatory firm, found that just over two-thirds of Americans polled cannot pass a basic financial literacy test, a trend that has worsened since 2009. The same study noted that a large portion of the population, including African Americans, Latinos, women and millennials, were still facing financial difficulties and lagging considerably behind in financial literacy.
The financial planning component of the CSUN VITA Clinic helps individuals and families achieve financial literacy.
“Investing in our local communities is part of our culture at Wells Fargo,” said Robin Choi, San Fernando Valley region bank president for Wells Fargo. “These no-cost services assist us equipping our customers with the tools needed to succeed financially.”
“I firmly believe in the importance of financial planning and in the importance of financial literacy,” she said. “Financial planning needs to be a family conversation. We get clients with different levels of financial literacy and we sometimes have to go back to the basics. Once the conversation starts, clients are receptive and their anxiety and stress about their finances is considerably reduced.”