In our interconnected world, the English language has grown in influence and importance for financial success. It is important to address the inequities in personal finance education that exist for ESL (non-English-speaking) populations in the United States.
Lacking English is one of the main causes of unequal financial opportunities, as non-English speakers in the U.S. often do not have the information or education to make informed personal finance decisions or open a bank account. In fact, Spanish-only speaking households are five times less likely to use a bank or credit union (Correal, 2016). Furthermore, 51 percent of U.S. immigrants are unbanked or underbanked (Bethea, 2018). These statistics point to the fact that language, which is often tied to community identity, can play a role in limiting banking opportunities.
A Chicago city resident, who wishes to remain anonymous, discussed her experiences moving to the United States three decades ago. Originally from Ukraine and only speaking Russian, she experienced “difficulties in communications and financial adjustment” [translated] when immigrating to Chicago. When she first moved, she experienced a lack of translation support for non-English speakers at her neighborhood bank.
However, great strides have been made in recent years. Ms. Rosalinda Silva-Dimpfl, Senior Vice President and CRA (Community Reinvestment Act) Officer, and Mr. Anthony Scott, Senior Vice President & Business Development Officer, both at Wintrust Bank in Chicago, play an important role in spearheading outreach programs for ESL clients and building trust in underserved neighborhood communities. Mr. Scott says Wintrust Bank Chicago “purposely staffs the member [bankss] so they can adequately support their communities,” (Scott, 2022). Ms. Silva-Dimpfl says hiring Spanish-speaking employees in the Little Village or Rogers Park neighborhoods, which have a larger Spanish-only speaking population, can make clients “more comfortable in talking about their financial needs and bank opportunities” (Silva-Dimpfl, 2022). Additionally, offering their FDIC Money Smart Curriculum, a financial education program, in multiple languages and housing translation services at local branches, enables more people to receive critically important financial information.
Everyone is entitled to equal financial access and English fluency should not be a barrier. Recognizing this and creating opportunities where people are empowered to make more informed personal finance decisions, regardless of background, can elevate the financial well-being of these residents and stimulate community economic growth.
Sources:
2- Statistic Links to both article sources
In fact, Spanish-only speaking households are five times less likely to use a bank or credit union (Correal, 2016).
Furthermore, 51 percent of U.S. immigrants are unbanked or underbanked (Bethea, 2018).
Name of 2 people you interviewed, title/position, email if possible
Former babysitter (prefers to remain anonymous), cited as Chicago city resident
Ms. Rosalinda Silva-Dimpfl, Senior Vice President and CRA (Community Reinvestment Act) Officer at Wintrust Bank Chicago (rsilvadimpfl@wintrust.com)
Mr. Anthony Scott, Senior Vice President & Business Development Officer at Wintrust Bank in North Lawndale (anthony.scott@wintrust.com)
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