presenting to spanish- speaking communities. challenges and opportunities language: (transcreation...
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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)