Akron residents now have access to free legacy planning services that aim to shore up their long-term financial security, thanks to the City of Akron's collaboration with United Way of Summit & Medina and the Cities for Financial Empowerment Fund (CFE Fund). This initiative, available through the Akron Financial Empowerment Center (FEC), promises to help individuals and families on the lower rungs of the income ladder take essential steps towards protecting their assets for generations to come, without bearing any associated costs, according to a recent announcement from the City of Akron.
The significance of these services is underscored by research evidencing how most Americans possess assets like homes, bank accounts, and retirement plans which are expected to appreciate over time, however nearly 70 percent lack a will or estate plan to safeguard these holdings, posing a risk to their legacy, Akron officials and United Way representatives have articulated concerns that without intervention, many residents stand to leave their loved ones unprotected as they have not taken necessary steps to ensure their assets can be passed on, a point mentioned in their press release.
Annie McFadden, President & CEO at United Way of Summit & Medina, affirmed in a statement emphasized how "By offering free legacy planning services at the Akron Financial Empowerment Center, we are removing obstacles that too often prevent residents from protecting what they’ve built and ensuring their loved ones are cared for," according to the City of Akron, this gesture indicative of an overarching commitment to intergenerational prosperity within the community. Similarly, Akron Mayor Shammas Malik articulated his support for this partnership, enhancing his city's investment in its citizenry, expressing excitement and projecting this service as a foundation for enduring financial stability and comfort.
Acknowledging the criticality of not just building but preserving wealth, Jonathan Mintz, President and CEO of the CFE Fund, told the City of Akron's news page, "The Financial Empowerment Center counselors work hard to help clients build assets with the addition of legacy planning services, counselors can also help residents protect and preserve those assets for future generations," this partnership thus offering a twofold benefit: immediate financial betterment and long-term asset security.
The Akron Financial Empowerment Center has been operational since 2018 and reports aiding over 3,735 clients to reduce debt by $10,346,406 and boost savings by $3,873,327. The FEC model is a testament to the power of personalized, free counseling in altering financial outcomes for the better. These figures underscore the tangible benefits already rendered to Akron's populace. Cities for Financial Empowerment Fund's role as a facilitator in expanding such services across in excess of 145 locales nationally cements this initiative as part of an expansive fabric of support networks aimed at financial empowerment.
