Financial knowledge and savings are essential for stability and long-term wealth building, yet many Americans struggle to feel secure. In fact, nearly 6 in 10 U.S. adults (59%) are uncomfortable with their emergency savings, according to Bankrate research, highlighting the urgent need for greater financial education and preparedness. That’s why the Rocket Wealth Accelerator Program, launched in 2022 through a partnership between the Rocket Community Fund and Local Initiatives Support Corporation (LISC), is dedicated to helping residents in key cities build generational wealth.
Breaking down barriers to financial success
The Rocket Wealth Accelerator Program isn’t just another financial literacy initiative—it’s a comprehensive approach to helping families overcome systemic barriers to wealth creation. Through a $2 million investment from the Rocket Community Fund, the program provides participants with dedicated financial coaches and matching funds for savings goals.
In the video above, Detroit native Romell Johnson talks about how the Rocket Wealth Accelerator program helped him start strengthening his finances through the program’s credit counseling and the match program. Johnson needed a car to get to his new construction job, and the Rocket Wealth Accelerator helped him achieve his goal. “I started challenging myself to save more, spend less,” Johnson said. “The program matches what you save. I said, “Okay, I’m about to put in as much money here as possible.”
Ultimately, Johnson hopes the program will help him build up his credit and establish a solid financial future so that he can one day become a homeowner. And that is the real mission of the Rocket Wealth Accelerator program, said Rob Lockett, Executive Director of LISC Detroit. “Through LISC’s partnership with Rocket Community Fund, participating community members made significant strides toward their financial goals, including increasing their savings to help achieve life goals like homeownership and building college savings.”
How it works
Participants in the Rocket Wealth Accelerator receive personalized coaching through LISC’s Financial Opportunity Center® (FOC) network. The program offers:
- One-to-one savings matching: Up to $500 for large purchases like homes or vehicles, and up to $300 for emergency savings goals
- Credit building counseling and support
- Financial coaching for budgeting and long-term planning
- Access to Rocket Money for three months at no cost
- Connection to employment services and income support
The program specifically aims to address the racial wealth gap, recognizing that nearly half of all Black and Hispanic households are unbanked or underbanked, and Black Americans are twice as likely to be denied credit. “By providing residents with coaching, as well as directly investing in their futures through our one-to-one savings account match program, the Rocket Wealth Accelerator will help put participants on a sustainable path to homeownership, said Laura Grannemann, Executive Director of the Rocket Community Fund”
Supporting residents in four key communities
The Rocket Wealth Accelerator launched in Detroit, Cleveland, Milwaukee and Atlanta working within the infrastructure of LISC’s Financial Opportunity Center® sites, which are embedded in a network of community-based organizations across the United States.
“Detroiters are working hard every day to build a better future for themselves but they need access to the right connections,” shared Lockett. “Our Financial Opportunity Center® partners in Detroit and beyond have been able to offer one-on-one coaching and financial tools like the Rocket Wealth Accelerator to help more people meet their immediate needs and save to reach their life goals.”
Since the program launched, LISC has supported over 3,100 community members with financial coaching and goal setting, and connected over 600 people to the Rocket Wealth Accelerator, where they have leveraged the program to collectively save over $530,000.
For more information about how to get involved with the Rocket Wealth Accelerator Program, visit this page at LISC.org.