Why financial empowerment matters
Even in a strong economy, many Coloradans struggle to achieve financial stability because of rising debt, housing instability, limited access to safe financial products, and a lack of trusted financial guidance. These challenges disproportionately impact low- and moderate-income households, communities of color, immigrants and refugees, and rural communities across the state.
To help address these challenges, the Colorado legislature created the Office of Financial Empowerment housed within the Colorado Department of Law in 2021, the first statewide office of its kind, to grow the financial resilience and well-being of Colorado communities by expanding access to safe financial services and free financial coaching and counseling.
Investing in community-based financial support
Building on that mission, the Colorado Department of Law invested $3 million through the Expanding Financial Coaching and Counseling Grant Program in 2024 to support organizations working to improve financial stability, strengthen economic resilience, and expand access to individualized financial guidance across Colorado.
Between January 2024 and December 2025, OFE grantees provided one-on-one financial coaching or counseling services to 3,852 Coloradans and delivered additional financial capability services — including workshops, navigation support, and referrals — to more than 10,000 individuals statewide. Ninety-three percent of participants came from low- and moderate-income households, or those making less than 80% of area median income.
When the grants were announced, Attorney General Phil Weiser emphasized the importance of investing in community-based organizations, higher education institutions, and local governments already helping Coloradans navigate financial challenges. Over the last two years, those partnerships have expanded access to trusted financial support in communities across the state.
“Financial coaching gives people the tools and support to build long-term stability for themselves and their families,” said Attorney General Weiser. “Behind every data point is a Coloradan working toward a more stable future — paying down debt, building credit, preparing to buy a home, or simply feeling less financial stress. This work is creating meaningful change in communities across our state.”
Expanding access to financial coaching and counseling
A Servicios de La Raza financial education class. Photo provided by Servicios de La Raza.
Across Colorado, grantees provided individualized, culturally responsive financial coaching tailored to the unique needs and goals of participants.
At the Community College of Denver, the Coaching Connections program integrated financial coaching directly into student support services. CCD also launched a Financial Peer Mentor Program that helped students learn personal finance topics from trained peers while expanding individualized coaching services.
Participants reported gaining confidence managing money, improving credit, and planning for their futures.
“I am so grateful for our session. I have already seen my credit score increase just by paying down that one credit card debt balance,” one CCD participant shared.
The International Rescue Committee Denver expanded financial capability services for immigrant and refugee households, helping participants create household budgets, improve financial decision-making skills, and increase access to safe banking and credit-building opportunities. During the grant period, IRC Denver served 1,240 clients and completed more than 500 household budgets and credit reports.
Servicios de La Raza provided culturally responsive financial education and coaching services to more than 200 community members, helping participants strengthen budgeting, savings, and credit-building skills. The organization also partnered with community organizations and financial institutions to expand access to financial education resources.
NEWSED Community Development Corporation expanded culturally responsive coaching and education services in affordable housing communities and launched a youth financial coaching series to help teens prepare for college financial decisions.
One participant worked with NEWSED to pay down debt and create a long-term savings plan as he prepared to provide for his growing family. Through individualized coaching and additional income strategies, he successfully completed a debt repayment plan and is now preparing to purchase a home.
The City of Pueblo expanded the Pueblo Financial Empowerment Center, providing free financial counseling to help residents reduce debt, build credit, and prepare for long-term financial goals.
One Pueblo participant shared:
“Working with a financial counselor has helped me try and decrease my debt and think about my goals long term. I am now more focused on what needs to be done in my life financially so that I can progress in a positive way throughout the years.”
Building partnerships and expanding access statewide
NEWSED delivering an on-site financial education class in affordable housing community. Photo provided by NEWSED Community Development Corporation.
In addition to direct services, the grant program helped organizations strengthen partnerships, improve outreach, and expand access to financial coaching in underserved communities across Colorado.
Brothers Redevelopment used funding to modernize its contact center and data systems for its Colorado Housing Connects program, improving its ability to track outcomes and better serve clients statewide. The organization also launched its first formal program evaluation effort.
As a result, clients of Brothers Redevelopment reported these results after participating in housing counseling and educations classes:
- 94% of clients were satisfied.
- 92% reported increased confidence in housing issues.
- 83% reported reduced anxiety after participating in services.
The City of Pueblo used an equity-focused outreach campaign that included transportation shelters, radio, and local businesses to expand awareness of financial counseling services and connect residents to support at the Pueblo Financial Empowerment Center. The center also strengthened partnerships with banks, employers, and community organizations to improve trust and access to financial services.
Neighbor to Neighbor used funding to develop a new financial capability program that served 267 individuals while creating partnerships connecting clients to housing, employment, and financial recovery resources.
NEWSED partnered with property management companies to deliver on-site financial education classes in affordable housing communities, helping reduce barriers such as transportation and childcare while expanding access to underserved residents.
Benefits in Action expanded financial education programming in southeastern Colorado, helping increase access to financial information in rural communities through community presentations and outreach efforts.
NeighborWorks Southern Colorado expanded outreach efforts and community partnerships to grow awareness of financial coaching services and connect more residents with financial capability resources.
Strengthening Colorado’s financial coaching workforce
The grant program also invested in the long-term sustainability of financial coaching services by helping organizations strengthen staff expertise, improve infrastructure, and expand professional development opportunities.
The Savings Collaborative expanded its statewide coaching initiative by investing in credentialed financial coaches and training community ambassadors drawn directly from the communities they serve. During the grant period, the organization delivered more than 1,200 one-on-one coaching sessions while strengthening partnerships across Colorado, including with Denver’s Aging & Financial Wellbeing Division and Bank On Denver.
CCD partnered with a national financial wellness consultant to help build long-term sustainability for its student coaching model and strengthen integration of financial wellness into higher education systems.
Several organizations also used funding to improve evaluation systems, staff training, and technology infrastructure needed to deliver high-quality financial coaching and counseling services.
Seven of the 10 grantee organizations reported plans to continue offering one-on-one financial coaching and counseling services after the grant period ends, demonstrating the long-term sustainability of the investment.
Creating long-term financial opportunity
From college students and immigrant families to rural residents and households facing housing instability, the Office of Financial Empowerment’s investments helped connect thousands of Coloradans with trusted financial guidance tailored to their needs.
By expanding culturally responsive coaching, strengthening partnerships, and building long-term community capacity, the program is helping more Coloradans reduce financial stress and build stronger financial futures for themselves and their families.
OFE also continues to support financial capability providers through the Colorado Financial Coaching Community, launched in 2024 to connect financial coaches, counselors, and organizations across the state through training, networking, and resource sharing opportunities.
Together, these investments are helping build a stronger network of financial empowerment services that will continue supporting Coloradans long after the grant period ends.