City of Tulsa Launching Office To Help Provide Financial Stability

The City of Tulsa is taking more steps to help people understand how to save their money and become financially stable.

Over the next two years, the city will be building the new Office of Financial Empowerment and Community Wealth. The new office will be an extension of the Tulsa Financial Empowerment Center, a place people have been going to for the past two years to learn how to best use their money. Nearly 600 people have gotten financial advice since the program launched in February 2020, according to the city.

“It could not have started at a better time,” said Tulsa Mayor GT Bynum. “We saw unemployment spike and financial challenges for people throughout our community hit.”

The Center has been a resource for people to get free counseling on how to manage their cash. By launching the new office, the city will be able to apply for grants and bring in more programs to help people. Non-profits like Restore Hope Ministries help people who struggle with paying for food and rent. For many, the tipping point can be as simple as a sick child or a flat tire.

“When life happens to that person and they don’t have an emergency savings account, they don’t have that financial literacy, then they can fall into a place where they have a need,” said Jeff Jaynes, executive director of Restore Hope Ministries.

In addition to helping those in need, the organization also refers people to the Empowerment Center to learn more about becoming financially stable.

As of December 2022, the City of Tulsa says the Financial Empowerment Center has helped clients reduce a total of more than $200,000 of debt. The program has also been credited for helping clients collectively build $200,000 in savings.