Financial Literacy for Immigrant Populations

1. Financial Literacy for Immigrant Populations Consumer Action’s community-based organization network model www.consumer-action.org

2. Immigrants are open to learning • Many arrive with strong values about earning and saving money • Have an interest in gaining knowledge of the U.S. financial system • Understand the need to make wise and informed financial decisions www.consumer-action.org

3. Consumer information • Many newcomers have financial goals but lack knowledge about • our financial services marketplace • our credit reporting system • consumer rights • frauds and scams www.consumer-action.org

4. Addressing the English gap • The U.S. financial systems is complex, even for English speakers • Focus on community-based organizations (CBOs) • Trusted pipeline to train adult financial literacy educators, and • To distribute our free, multilingual consumer information • Hand-holding services, one on one as well as in groups • Access to the Internet • Need printed materials, not only online www.consumer-action.org

5. Key elements of our strategy • Trusted entities in the community are the best avenue for educating limited English speakers and newcomer communities • Building capacity of community-based organizations to serve newcomer communities with financial literacy education • Providing free materials and training for community based organizations www.consumer-action.org

6. Providing training guides and consumer information in languages besides English • Tailoring materials for the community where they are intended to be used • Knowing the communities and the issues that may cause your messages to be misconstrued or ignored • Conducting public education campaigns and information campaigns via in-language community media www.consumer-action.org

7. Community media • Targeting the in-language media with publicity and messages is a great way to reach the community • When conducting public education campaigns and information campaigns, include in-language community media • These outlets are more likely to: • view such information as newsworthy • run the entire message www.consumer-action.org

8. Provide basic money management information • Getting the best value for monthly expenses • Opening a bank account • Building a good credit report • Comparison shopping • Protecting your identity • Avoiding money scams • Help newcomers understand that waste and fraud can empty your pockets of hard-earned money www.consumer-action.org

9. Help CBOs and they’ll help you • Provide • Free multilingual materials for clients • Train the trainer guides and seminars • Mini grants to help teach financial literacy • Go where the community is • Hold roundtables and trainings nearby • Offer travel stipends www.consumer-action.org

10. Best practices • Learn from the CBOs • How to present to their communities • How to best disseminate information • What community needs are • Capacity for learning • Learning styles • Conduct follow up surveys to understand outcomes • SurveyMonkey works well for this www.consumer-action.org

11. Contact Consumer Action • www.consumer-action.org • outreach@consumer-action.org • 800-999-7981 • Multilingual consumer hotline: 415-777-9648 or hotline@consumer-action.org www.consumer-action.org