A new financial literacy center in Springfield has secured $1 million in funding.
The Center for Financial Literacy and Economic Prosperity will be housed in a restored building on the American International College campus.
“This groundbreaking initiative underscores AIC’s dedication to improving the financial well-being of Springfield residents,” said AIC Interim President Nicolle Cestero.
U.S Rep. Richard Neal, D-Springfield, was on the campus earlier this week to announce the federal funding.
He said it's important for people to be responsible for their own financial future.
"You are going to be more and more in charge of your your own finances as time goes on," he said. "There was a time when we could all depend upon the certitude of a defined benefit upon retirement, that is now more and more an emphasis on the defined contribution," he said.
Neal added that he hopes, once open, residents will use the center for financial advice.
"Having a financial adviser, where possible, is going to be a big deal as well. The new fiduciary responsibilities that are being embraced, they are going to also offer a lot more opportunities," he said.
The center which is also supported by the city and the Springfield Housing Authority, will offer free services such as financial education, research, and community engagement, as well as multilingual services.
Funding will support the rehabilitation of an AIC campus building to house the center. Officials said this project seeks to combat financial illiteracy and empower economically disadvantaged individuals and families in Springfield by providing comprehensive financial education, research, and outreach programs.
