Presenting to Spanish-Speaking Communities

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Presenting to Spanish-Speaking Communities
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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)

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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

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10 Barriers for Latinos

• Dont be a crab scarcity and abundance
• Fatalism a divine excuse for doing nothing
• The Lotto mentality getting something for
  nothing
• The mañana syndrome the pain of procrastination
• Pobrecito me conflicting beliefs and attitudes
  about money
• Source Barajas, L. (2004) The Latino Journey to
  Financial Greatness. Rayo NY.

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TRUST The essential elements

• Keep financial education
• Immigrant Centered (Latino-Centered)
• Culturally sensitive
• Socio-economic appropriate
• Customized to immigrants household, local, or
  community needs
• Designed to be a springboard off survival mode
• Latino-Immigrant Approved
• Involve Latino immigrants in developing financial
  education solutions
• Iterative
• Financial education is a process, not a product,
  that requires constant interaction,
  reinforcement, and follow-up

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• Marketed to the Proper Audience
• Latino women are typical household decision
  makers
• Sometimes a school-aged household member advises
  the parents on financial decisions
• Tied to Institutions Latinos Trust
• Latino 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)

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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)