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Financial Literacy

Economic self-sufficiency depends not only on earning money but knowing how to protect and grow one's earnings. Gaining financial literacy and learning about U.S. financial systems can be bewildering for many people especially when combined with the normal cultural adjustment that newcomers go through. In order to properly prepare refugees for long-term self sufficiency it is important to include financial literacy activities in the array of support services offered to newcomers. This section of the website is designed to offer practical tools and resources so that employment staff can begin incorporating financial literacy into their employment plans from day one.


Elements of Successful
Financial Literacy Programs for Refugees

Through a year-long study about financial literacy among newcomers to the U.S., RefugeeWorks visited organizations, adult education schools, and other financial education providers in five selected sites -- Phoenix, Arizona; Denver, Colorado; Minneapolis/St. Paul, Minnesota; Utica, New York; and Baltimore, Maryland. During the site visits, the following themes were identified in programs successfully meeting the needs of refugees and immigrants:

Respond to the needs of a particular group or community.
At CASA of Maryland, day laborers are introduced to U.S. banks while waiting in line for work assignments.

Include partners.
A personal finance center in Minneapolis, Minnesota was created out of an ongoing community-wide partnership among seven Lutheran organizations.

Tie to a product or tool.
Small savings bonds are offered to participants who complete financial literacy classes at the International Rescue Committee of Phoenix.

Make learning fun.
A revised monopoly game engages refugees in learning about budgeting and spending in the U.S.

Use group and one-on-one settings.
African Development Center of Minnesota uses small group instruction to tailor their financial training to the background of each participant.

Make use of existing curricula.
Microbusiness Development Corporation of Denver’s staff studied existing curricula and programs in the area before designing their 4-part curriculum for aspiring entrepreneurs.

Customize to the language and cultural background of participants.
Becoming Part of Wealth in America is a curriculum developed in close consultation with Hmong and Latino residents of Minneapolis/St. Paul.


Hot Topics Not Normally Included in
Mainstream Financial Literacy Curriculums

• Introduction to U.S. Currency
• Understanding advertising, commercialism, and their impact personal beliefs about money
• Comparison shopping
• Protecting your identity
• Avoiding money scams


ON-LINE TOOLS FOR FINANCIAL LITERACY

Basic Family Budget Calculator from the Economic Policy Institute allows you to determine income needed to make ends meet in communities nationwide and based on family size.

The U.S. Committee for Refugees and Immigrants' Somali Bantu Community Orientation (PDF) contains several useful lessons for refugees with limited experience with U.S. currency and those with low literacy levels.

Becoming Part of Wealth in America is a free curriculum available on www.helpmnsave.org. A unique feature of this curriculum is that it includes a section on building and protecting your credit. Available in a Hmong and Spanish version.

Picture This! is a curriculum specifically designed for refugees who are pre-literate. It is available for purchase through the Institute for Social and Economic Development.



ARTICLES RELATED TO
FINANCIAL LITERACY

Financial Education in Latino Communities: An Analysis of Programs, Products, and Results/Effects
National Council of La Raza (PDF)

Tools for Survival: An Analysis of Financial Literacy Programs for Lower Income Individuals
Woodstock Institute (PDF)



OTHER RESOURCES

Citigroup Foundation focuses on financial education through a ten-year, $200 million initiative that began in 2004.





Financial Literacy for Newcomers:
Weaving Immigrant
Needs into Financial Education
This 32-page document reviews existing financial literacy curricula for immigrants and refugees. It provides recommendations for development of further materials and programs that will help newcomers establish the financial stability they need in the United States.