Waterbury youth are set to receive a significant boost with a $100,000 grant toward a financial literacy program from Webster Bank, aimed to foster economic empowerment and inclusivity.
The Webster Finance Labs initiative in Waterbury is the third in Connecticut, following successful launches in Bridgeport and Hartford.
In partnership with the Waterbury Hispanic Coalition, the Webster Finance Labs initiative provides young people with essential financial skills, and advocates said it is setting the stage for a brighter economic future.
Victor Lopez Jr., president and CEO of the Waterbury Hispanic Coalition, said the dual purpose of the program not only targets kids, but also their families.
“They’re future of our city and our country,” Lopez said. “I believe that if we teach our students to be better financially that this will actually turn into a difference within their own family as well.”
According to U.S. Census data, 35.6% of Waterbury’s population identifies as Hispanic or Latino. The financial literacy initiative builds on the Waterbury Hispanic Coalition’s extensive youth development programs, which serve about 250 children with after-school mentoring, tutoring, and sports activities. Lopez praised the community's young residents for their eagerness to learn and grow.
"The diversity is amazing. They’re inclusive, welcoming, and keenly interested in finances and education. We need to provide our communities with the tools and resources to make a difference in these students’ lives," he said.
Participants like 18-year-old Christopher Ortiz attended the finance lab launch event on Thursday.
“I think saving your money is important,” Ortiz said. “Also, learning how to make money out of the money that you saved.”
Jalyn Colon, another participant, said he is enthusiastic for the program.
“This helps you to build up for the future like when you want to start getting a job, a house, a car,” Colon said. “ This helps you to save up for the things that you need. It’s good to start at a young age.”
Marissa Weidner, chief corporate responsibility officer at Webster Bank, emphasized Webster Bank's commitment to directing resources toward communities with pressing needs.
“It's all about creating economic vitality in the communities that we serve,” Weidner said. “This is a great opportunity to help empower young people to get the tools and the resources and the skills and, quite frankly, the exposure so that they can learn about finance.”
