News Release: The Prudential Foundation Awards $100,000 Financial Skills Grant to LIFT
LIFT has announced that it has received a $100,000 capacity building investment from The Prudential Foundation, a not-for-profit corporation funded by Prudential Financial, Inc. The grant will strengthen LIFT’s capacity to design, implement, evaluate and improve innovations to build its members financial capabilities, such as financial coaching at LIFT’s resource centers in New York, Los Angeles, Boston, Chicago, Philadelphia and Washington, D.C.
“The economic importance of low-income families building financial skills is undeniable,” said Kirsten Lodal, co-founder and CEO at LIFT. “Many Americans, especially those with lower incomes, are unfamiliar with the concepts needed to make budgeting and savings decisions. As we seek to help families stabilize their lives and thrive long term, interventions that support building their financial capabilities are crucial. We are incredibly grateful to Prudential for their ongoing commitment to our work across the nation.”
Prudential’s grant will help ensure that LIFT’s program leadership and staff have the capacity to monitor and better address the needs of community members. Over the next twelve months, LIFT will train volunteers and staff to navigate programs, products and opportunities that focus on changing financial behaviors. This added capacity will help LIFT meet community needs.
“LIFT and Prudential share a dedication to removing the barriers to economic stability and prosperity in underserved communities,” said Lata Reddy, vice president of Corporate Social Responsibility at Prudential Financial, Inc. and president of The Prudential Foundation. “We are proud to partner with LIFT in its efforts to help its members build stronger economic futures by setting and achieving realistic financial goals.”
LIFT helps lift families out of poverty for good. LIFT pairs rigorously trained Advocates with committed families to build the strong personal, social and financial foundations they need to get ahead. By setting their own goals and working hard to achieve them, families are equipped to get a decent job, a safe home and a quality education for themselves and their children. They also build a support network, confidence in what they bring to the table and the skills to manage tough times in the future. LIFT operates resource centers in six cities across the nation where members of the community can come get help: Boston, Chicago, DC, New York, Los Angeles and Philadelphia. Nearly 100,000 Members in six major cities have already committed to do the hard work needed to achieve their goals–and it is working. Over the last year, LIFT helped put more than $9 million in wages and income supports into the pockets of struggling families . Learn more at www.liftcommunities.org
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of December 31, 2014, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.
For Immediate Release
Contact: Patience B. Peabody, LIFT
Tel: (202) 560-2457
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