A diverse range of people throughout the country will benefit from these financial programs, including refugees learning how to use banking services for the first time, low-income women building skills to better utilize their household income, teens with English as their second language gaining basic financial skills, and disabled adults establishing a checking or savings account.

“These groups are providing an essential service for people who often slip through the cracks of traditional, mainstream financial education – this is financial literacy at the most fundamental level,” said Barry Murphy, executive vice president at American Express Financial Advisors and chair of the internal committee recommending grants to the Foundation. “The community organizations American Express is funding are in the best position to assess the financial needs of their clients and to provide education to meet those needs. It's education at the grassroots level which leads to financial security, and eventually, stronger, more vital communities.”

The 19 Economic Independence Fund grants, which range from $15,000 to $30,000 will be used by grantees to advance the financial literacy of a diverse range of target populations. For example:

The International Rescue Committee (IRC) of San Diego will provide basic financial education for newly arrived refugees. The IRC also will translate financial education materials into common refugee languages.

Alu LIKE, Inc. of Honolulu will provide financial education for Hawaii's low-income immigrant and Native Hawaiian populations. The training will be tailored to the unique needs and culture of the population, helping people on five Hawaiian islands increase their financial stability and economic well-being.

Family Service Association of Beloit, Inc., of Beloit, Wis., will teach victims of domestic violence basic financial and life skills such as gaining access to housing, transportation and banking services. Many victims, at the risk of personal safety, believe they must suffer abuse to ensure financial security, and the Family Service Association of Beloit, Inc. helps them become financially independent.

“Millions of Americans are struggling to support themselves and their families, despite working hard and trying to do the right thing with their money,” Murphy said. “Oftentimes, the missing link is basic financial education. Through our support of these community organizations, vulnerable individuals learn what it takes to achieve financial stability and economic independence.”

The Economic Independence Fund is administered jointly with the National Endowment for Financial Education® (NEFE®). Through funding from American Express, NEFE has developed a clearinghouse for financial literacy programs and curricula available at www.nefe.org.

“Over the years, the clearinghouse has become an important repository for community groups in need of financial literacy educational material,” said Dr. William Anthes, president and CEO, NEFE. “To date, more than 127 separate resources are listed, and many organizations are taking advantage of the materials. Many groups don't have the staff or resources to develop their own curriculum, so the clearinghouse serves a critical function.”

This year, 850 community organizations applied for grants from American Express' Economic Independence Fund, an increase of more than 100 percent from 2002. Representatives from NEFE and the American Express Foundation review the proposals based on criteria that includes how an organization intends to address the financial education needs of its constituents.

Since the Economic Independence Fund was established in 2000, American Express has awarded grants totaling more than $1.6 million. Some 65 community organizations have received funding from American Express and thousands of participants have benefited from the instruction and materials provided.

NEFE is a non-profit foundation dedicated to the mission of helping individuals acquire the information and gain the skills necessary to take control of their financial destiny.

Through philanthropic activities worldwide, American Express strives to be a good citizen in the communities in which the company does business and where American Express employees live and work. The American Express philanthropic program, which includes the American Express Foundation and corporate giving, makes grants to non-profit organizations on behalf of the American Express Company and its subsidiaries, which include American Express Travel Related Services, American Express Financial Advisors and American Express Bank.

American Express Company is a diversified worldwide travel, financial and network services company founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, financial planning, business services, insurance and international banking.