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Financial capability represents a critical shift of moving beyond financial education to adopting new behaviors that individuals can use to identify and utilize appropriate financial tools and make sound financial decisions in order to build and preserve their assets over time.
Financial capability among consumers is an essential element to achieve financial inclusion.
The Citi Foundation is deeply committed to the financial inclusion of low-income individuals, families and communities. In 2013, we invested more than $24.8 million in Financial Capability and Asset Building programs globally to enable people to better manage their financial lives and build and preserve assets. We support a range of programs that allow community partners to test, deliver and scale innovative approaches that provide consumers with the tools and support they need to achieve their financial goals, transforming financial knowledge into effective action. These investments, including financial coaching and counseling programs, enable consumers to implement financial plans, make payments, increase their savings, reduce debt and build their credit.
1 Chaia, A., Dalal, A., Goland, Tony, Gonzalez, M., Morduch, J., et al. (2009). Half the World is Unbanked. Financial Access Initiative