Financial stress can be a challenge for anyone, but for a lot of low-income people who don’t have access to trusted financial services and information, just knowing where to turn for advice can pose an added burden.

That may soon change for some living in north and east King County. Redmond-based Hopelink has been selected by the Consumer Financial Protection Bureau (CFPB) to participate in the federal agency’s Financial Coaching Initiative, which provides for a full-time financial coach to help with their financial goals.

Hopelink was chosen as one of 20 “host sites” nationwide in a competitive process that garnered 160 applications, and is the only such site in Washington state. Another 40 sites across the country — including two in western Washington — will serve veterans.

Donna O’Connor, Hopelink’s new financial coach, said financial stress can create a “barrier to progress” for a lot of people who have never learned about such things as banking options and budgeting basics.

“Financial education is essential — you can’t be expected to make informed decisions if you don’t have the information,” O’Connor said. “But how well one integrates and applies the instruction is the key to success.”

She said a lot of clients don’t know what to expect when they first sit down with her.

“They are fearful — especially when it comes to such a personal topic as finances — because more likely than not they have been met with judgment and criticism in this area in the past,” she said. “But when a client begins to reclaim their power to make informed financial decisions, there is a transformation.”

According to the CFPB, millions of consumers are economically vulnerable, including the 49.1 million people living below the poverty line, and the more than 68 million who are financially underserved. These consumers are the most likely to lack access to traditional financial services. In-person, individualized and trustworthy guidance can help these consumers make good financial decisions and reach their financial goals.

The initiative will provide financial coaching services at critical points in consumers’ lives as they move along the path to financial stability. The program helps veterans as they transition from active duty status as well as economically vulnerable consumers seeking other services from social services and other providers.

All of the nonprofit organizations selected to host financial coaches for economically vulnerable consumers also provide services that complement financial coaching, such as job training and education, social, and housing services.

The coaches hired for the program have experience working with the populations they will help, are accredited by the Association for Financial Counseling and Planning Education, and have been trained in financial coaching techniques.

The CFPB is the nation’s first federal agency whose sole focus is protecting consumers in the financial marketplace. Using its multiple authorities, including regulation, supervision, enforcement, market research, financial education and the authority to deal directly with consumer complaints, the CFPB is working to restore trust in consumer financial products and services. For more information on the CFPB, visit www.consumerfinance.gov.

To schedule an appointment with O’Connor, call (425) 499-2462 or email doconnor@hope-link.org.