Immigrant

One of the challenges for wealth creation in immigrant communities is the lack of access to mainstream financial institutions.  This can be for a number of reasons including custom, lack of trust, religion, language barriers, or legal status.  Whatever the reason, many immigrants utilize high cost check cashing, payday loans, and pawn shops for their financial services.  Fees for remittances can also siphon off significant portions of immigrant incomes.  Coalitions that can support and advocate for asset building programs and initiatives are important parts of the solution. Through partnerships with nonprofits, for-profit, and financial institutions, they can help build trust and address language and cultural issues are critically important.

-Adapted from the National Rural Funders Collaborative

Resources:

Credit Card Borrowing Among U.S. Hispanics (2006)

Description:

The Tomas Rivera Policy Institute conducted focus groups and surveys with family members in the Latino and immigrant community, and interviewed credit counseling service providers to discover the extent of credit card debt among Latinos nationwide. In addition, the research was used to understand common techniques of and barriers to debt management.  Recommendations are made about the best practices of credit counseling organizations.

Author Name: The Tomas Rivera Policy Institute
Organization Type: Nonprofit


Pathways to Citizenship: Navigating and Financing U.S. Residency and Citizenship

Description: An executive summary of the the citizenship and permanent residency requirements that impede asset accumulation among immigrants.
Author Name: United Neighborhood Centers of America, Ways to Work, and Annie E Casey Foundation
Organization Type: Nonprofit