Expansion of a Financial Education and Family Asset Protection Program for Latinos in Rural Minnesota

Author:

Alba-Meraz Antonio1,Baltaci Aysegul2,De La Rosa Mateo Carolina3,Burk Gabriela2,Lamas Jose2,Mendoza Francisca2,Cruz-Zorrilla Monica3,Cabrera-Vidal Oswaldo4

Affiliation:

1. University of Minnesota Extension

2. University of Minnesota

3. Hispanic Advocacy and Community Empowerment through Research

4. Consulate of Mexico in Saint Paul

Abstract

The University of Minnesota Extension, in partnership with the Consulate of Mexico in Saint Paul, Minnesota, expanded the Ventanilla de Asesoría Financiera -Financial Education and Family Asset Protection Program to serve families in rural areas. The financial education services were expanded to 25 rural counties in Minnesota during 2017 and 2018. Participants were primarily low-income Latino families of Mexican ancestry. The program consisted of financial literacy education workshops and one-to-one meetings to build and protect participant assets. Participants reported an increase in their confidence in five financial core topics. Conditions for the success of this program were (a) the existing trusted and respectful relationships between the educators and participants and supportive community partners; (b) a family-based educational approach; (c) a team of bilingual, bicultural educators; and (d) culturally adapted and relevant Spanish language educational resources

Publisher

Mississippi State University Libraries - DIGITAL COMMONS JOURNALS

Reference35 articles.

1. Alba Meraz, A., Petersen, M. C., Marczak, M. S., Brown, A., & Rajesaker, N. (2013). Understanding the long-term benefits of a Latino financial literacy education program. Journal of Extension, 51(6).

2. Berry, T., & Sloper, M. (2016, September 30). NEFE financial education evaluation manual. National Endowment for Financial Education. https://toolkit.nefe.org/evaluation-resources/evaluation-manual/section-1-introduction/introduction-nefes-financial-education-evaluation-manual

3. Bosshardt, W., & Walstad, W. B. (2014). National standards for financial literacy: Rationale and content. The Journal of Economic Education, 45(1), 63–70.

4. Brevoort, K. P., Grimm, P., & Kambara, M. (2015). Data point: Credit invisibles. The Consumer Financial Protection Bureau Office of Research. https://files.consumerfinance.gov/f/201505_cfpb_data-point-credit-invisibles.pdf

5. Consulate of Mexico in Saint Paul and University of Minnesota Extension. (2017, 2018). Memoranda of understanding. Secretaría de Relaciones Exteriores and University of Minnesota Board of Regents.

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