Comerica Bank Empowers Moms and Daughters Through Financial Education Program

Rhea-AI Summary

Comerica Bank, in partnership with PF Bresee Foundation, is launching the Women in Charge Financial Empowerment Camp starting June 14, aimed at improving financial literacy among mothers and daughters. The six-week program will cover budgeting, credit management, and debt reduction, utilizing Comerica's Money $ense curriculum. Participants who improve their credit score by 10 points and save $100 will receive a $100 reward. This initiative is part of Comerica's broader $27 million pandemic relief contributions, focusing on supporting women and families.

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• Launch of Women in Charge Financial Empowerment Camp to improve financial literacy.
• Participants can earn $100 by achieving financial goals.
• Part of a broader $27 million COVID-19 relief program.

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• None.

DALLAS, June 11, 2021 /PRNewswire/ -- Comerica Bank and Southern California nonprofit PF Bresee Foundation are demonstrating how financial education can serve as a catalyst for change with the creation of the Women in Charge Financial Empowerment Camp. Mothers and their daughters will participate in a six-week camp designed to educate and empower with the goal of improving credit and increasing savings.

The inaugural Women in Charge Financial Empowerment Camp, beginning June 14, will share the importance of budgeting, credit impact and debt management with the help of Comerica's Money $ense curriculum. The camp will also leverage FamilySource Center CARES counselors to educate participants on how to take advantage of private and public benefits programs such as CalFresh, SoCal Gas utility discount and DWP energy savings programs.

"Financial education is a powerful tool and we are excited to partner with PF Bresee Foundation to share these important lessons in a unique and impactful way," said Comerica Bank Chief Community Officer Irvin Ashford, Jr. "Comerica is committed to building up its communities and there is no greater way to make a lasting impact than investing in individuals to help them achieve financial stability."  

At the conclusion of the program, participants will look to increase their credit score by 10 points and increase savings by $100. Those achieving the two goals will receive $100. The camp's six lessons include: Making A Budget Work; Shopping for Groceries on a Budget; Debt Management; Programs to Help Reduce Expenses; Credit Scores and Reports; and Identity Theft.

"In a time where a pandemic has exacerbated the financial security of our families, Women in Charge provides tools necessary to thrive," said Seth Eklund, Executive Director of the PF Bresee Foundation. "Focusing on the women and budget implementers of their households is to strengthen the success of each family."

Support for the Women in Charge Financial Empowerment Camp was developed as a result of Comerica's COVID-19 relief contributions which focused on nonprofit organizations targeting women, young girls and seniors. Earlier this year, Comerica and the Comerica Charitable Foundation announced a commitment of $16 million aimed at supporting small businesses and communities impacted by the pandemic. Comerica's two-year total of COVID-19 contributions has reached $27 million spread across its five-state footprint of Arizona, California, Florida, Michigan and Texas.

About Comerica Bank

Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $86.3 billion as of March 31, 2021.

About PF Bresee Foundation

Founded in 1982, Bresee was created by community leaders to address systemic disadvantages faced by local residents. Over the past 39 years, Bresee has grown from a grassroots drop-in tutoring program to keep local youth off the streets after school, to a robust organization offering a holistic approach to uplift Central Los Angeles residents to achieve not only immediate socio-economic stability, but long-term prosperity.

Today, Bresee's mission is to battle poverty by empowering youth and families in Los Angeles with the skills, resources and relationships necessary to thrive. To pursue this mission, Bresee offers diverse services under three program divisions: Youth Services, Family Services and Gang Prevention.

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SOURCE Comerica Bank

FAQ

What is the Women in Charge Financial Empowerment Camp?

It is a program by Comerica Bank and PF Bresee Foundation aimed at educating mothers and daughters on financial literacy.

When does the Women in Charge Financial Empowerment Camp start?

The camp begins on June 14, 2021.

What are the goals of the Women in Charge Financial Empowerment Camp?

The goals include increasing participants' credit scores by 10 points and savings by $100.

How much has Comerica Bank contributed to COVID-19 relief efforts?

Comerica Bank has contributed $27 million in COVID-19 relief, focusing on supporting women and families.

What topics are covered in the Women in Charge Financial Empowerment Camp?

Topics include budgeting, credit impact, debt management, and programs to help reduce expenses.