New office in Boston takes on income inequality

Mayor Marty Walsh launched Boston’s Office of Financial Empowerment in last October to help low- to moderate-income families navigate the often-complex financial system.

The mission of the new office is to link Boston residents in need of financial security and wealth generation with access to capital, education and services, according to Mimi Turchinetz, assistant deputy director of the Office of Financial Empowerment and coalition director of the Boston Tax Help Coalition. Eligible residents can sign up to receive help from a personal financial coach, a career specialist and free tax preparation, along with many other additional asset-building resources.

Collaborating with partners such as the United Way of Massachusetts Bay and Merrimack Valley, the Local Initiatives Support Corporation, and the Jewish Vocational Service, the Office of Financial Empowerment offers financial opportunity centers in Roxbury and downtown Boston and a resource center in South Boston.

Closing the income gap has become a priority in many urban centers throughout the country. Turchinetz said Boston is approaching the goal by expanding services on a larger scale, involving coalitions and supporting legislation that will have a broader effect.

The Office of Financial Empowerment teamed up with the Department of Youth Engagement in July and hosted the first Boston Youth Bank Day, which aimed to connect summer job employees with banks and nonprofits to teach them about responsible banking and financial literacy, she said. About 400 young employees attended the event, where they were encouraged to write down savings goals and some signed up for checking accounts for the first time.