Office of Financial Inclusion
The Office of Financial Inclusion (OFI) was created to maximize the strength and reach of municipal government to advance the cause of financial inclusion in Chicago. Housed within the Office of the City Treasurer, the mission of OFI is to create pathways for all Chicagoans, young and old, to become part of the “financial mainstream”.
Chicagoans who are not part of the financial mainstream lack a savings or checking account, rely on predatory alternative financial services, and/or borrow from lenders that do not report on-time payments to the credit bureaus. Being a part of the financial mainstream is important, because it provides Chicagoans with a more secure way to access and save their money, can save them millions of dollars in high interest and fees and can help families weather unexpected life events without falling deeper in poverty.
To bring more Chicagoans into the financial mainstream, the Office of Financial Inclusion creates pathways that align with a person’s stage in life:
- Kids: Introducing youth to basic concepts of personal finance early through school and at home
- Young Adults: Providing opportunities to build tangible financial skills through work and higher education
- Adults: Ensuring adults have access to credit building tools, financial counseling and safe financial products
- Seniors: Protecting seniors from predatory financial services and ensuring that they have tools to manage their retirement