West Columbia receives financial wellness grant

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The city of West Columbia and the town of Springdale will use a $20,000 grant from the Wells Fargo Foundation to establish a financial wellness program for more than 250 employees.

The funding will provide classes and training materials along with custom workshops and one-on-one financial sessions, according to a news release.  

The one-year grant is a collaboration between Wells Fargo and the Center for State and Local Government Excellence, the International Public Management Association for Human Resources, and the National Association of State Treasurers’ Foundation. The funding, aimed at alleviating the financial stress of the COVID-19 crisis, was awarded to 24 state and local government jurisdictions.

“We are honored to be one of 24 recipients in the nation to receive this fully federally funded grant,” West Columbia Mayor Tem Miles said. “Our dedicated staff can always benefit from financial planning tools and education in all stages of their careers. This added tool will help them now and in their futures.”

A recent poll (.pdf) conducted by the Center for State and Local Government Excellence found that 56% of the nation’s 19 million state and local government employees reported negative financial effects from the pandemic.

“Based on previous SLGE research, we know that only 29% of state and local government employers offer financial literacy programs to their workforce, while 68% of public employees would participate in these programs if they were offered one,” Joshua Franzel, SLGE president and CEO, said. “This grant program offers a real opportunity for state and localities like the city of West Columbia and town of Springdale to launch financial wellness programs for workers who deliver important public services.”