Presenting to Spanish-Speaking Communities

Challenges and Opportunities Language: (transcreation vs. translation) Transcreation

attempts to convey an image or message identically from English to Spanish without regard to literal phrasing.

Ability to participate: need to provide childcare, transportation, etc.

Cultural experience: many Latinos lack a history of using financial tools, have a tendency to avoid debt and are less likely to have a credit history.

Immigration Status

Source: Financial Education in Latino Communities - National Council of La Raza (2004)

10 Barriers for Latinos

1. The Patrón-Peón System: Depending on others to take care of you

2. Mattresses and Mayonnaise Jars: Storing rather than investing money

3. Mi compadre: consulting (non) experts

4. Business on a Handshake: The trap of informality

5. Machismo: more ego can mean less money

10 Barriers for Latinos…6. Don’t be a crab: scarcity and abundance

7. Fatalism: a divine excuse for doing nothing

8. The Lotto mentality: getting something for nothing

9. The mañana syndrome: the pain of procrastination

10. Pobrecito me: conflicting beliefs and attitudes about money

Source: Barajas, L. (2004) The Latino Journey to Financial Greatness. Rayo: NY.

TRUST: The essential elements Keep financial education:

– Immigrant Centered (Latino-Centered)Culturally sensitiveSocio-economic appropriateCustomized to immigrants’ household, local, or

community needsDesigned to be a springboard off survival mode

– “Latino-Immigrant Approved” Involve Latino immigrants in developing financial

education solutions

– IterativeFinancial education is a process, not a product, that

requires constant interaction, reinforcement, and follow-up

– Marketed to the Proper AudienceLatino women are typical household decision

makersSometimes a school-aged household member

advises the parents on financial decisions

– Tied to Institutions Latinos TrustLatino immigrants would view providers of

financial education more positively if they were tied to Latino companies who know how to get a message across in the proper manner and with the proper timing

Source: Exploring Personal Financial Challenges and Opportunities Facing Latino Immigrants - National Endowment for Financial Education (2006)

Successful financial education programs:

Are product-centered

Are customized

Are community-based

Are relevant

Are outcome-oriented

Source: Exploring Personal Financial Challenges and Opportunities Facing Latino Immigrants - National Endowment for Financial Education (2006)