Financial Literacy Program

 

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Research shows that immigrants are significantly less likely to have full access to financial systems. For example, only 52% of immigrant households have a checking account, and only 45% of them maintain a savings account. As former refugees, target groups of this proposal have experienced poverty, discrimination, war, and other forms of violence in their native countries. Often their money, property and livelihoods have been taken away from them. This trauma may make them particularly mistrustful of institutions of authority, including banks and large corporations.

 

 

Hanna with class

 

Traditional family structures suggest that financial decisions in refugee/immigrant families often rest with the older males which impacts the quality of such decisions. As family roles are changing with younger members more integrated into American society, high levels of conflict arise within families. Thus, culturally-based family systems and changing gender relationships play a major role in impeding the financial integration and advancement of immigrant families. Lack of knowledge and certain cultural norms associated with traditional family dynamics impede the decision-making processes necessary to manage complex choices and transactions inherent in the financial system, especially in regards to money management.

 

 

 

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Our approach guides refugee and immigrant families towards the financial mainstream through a culturally-appropriate family-based financial literacy project. It effectively removes barriers to banking, asset accumulation, and consumer purchases that are facilitated by American financial systems.

 

 

 

Happy Students Shanley

 

 

For information regarding Financial Literacy please contact each office.

 

 

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