A universally acknowledged truth says that healthy financial decisions are foundational to the stability of a household and the well-being of a community.
Latinx and immigrant families often know how to stretch limited resources, but that also means carrying the burden of navigating barriers to building long-term wealth without access to culturally congruent tools to invest in their future.
Being an immigrant means more than just moving to a new country — it means having the strength and resilience to leave behind everything familiar and adjusting to a place where daily life works differently.
There are big differences in how financial systems work in terms of what is asked of us to adapt to a new community and a new way of life. Educational programs centering basic concepts — opening checking and savings accounts, opening a retirement account, or understanding credit scores — often do not center on the immigrant experience or Latinx culture.
Moreover, many immigrants and members of the Latinx community often need to prioritize immediate needs, including those of family back home, over building their own savings and long-term financial sustainability.
Immigration policies also add layers of complexity and uncertainty, delaying access to work permits and economic independence. Yet despite these barriers, the Latinx community brings resilience, wisdom and powerful aspirations.
What Centro of Dane County’s new Cultivating Wealth or “Cultivando Bienestar” program does is simply provide a trusted space to harvest that knowledge and provide a foundation for a more stable financial future.
Cultivating Wealth equips Latinx and immigrant individuals and their families in Dane County with the financial tools, peer support, confidence and sense of belonging needed to build long-term stability and security.
Participants are primarily first-generation women, young professionals, caregivers and asylum seekers. They receive tailored support to build savings, prepare for retirement, invest and pursue career-aligned employment. So far, 30 participants have benefited from sessions held in June and July.
Providing this vital information creates spillover effects for surrounding friends and neighbors, and it encourages conversations about gaining financial stability through budgeting, saving and investing that fit our community.
Cultivating Wealth provides a roadmap tailored to the Latinx community in their own language and holds space for supporting growth. As the Latinx population continues to grow and shape the cultural and economic fabric of our country, their financial well-being is something that will benefit us all.
When Latinx families gain greater access to wealth-building tools and achieve financial stability, the benefits have a positive ripple effect that fuels entrepreneurship — boosting consumer spending and strengthening the overall economy.
Closing the racial wealth gap fosters a more equitable society while empowering a younger, fast-growing segment of the workforce to fully participate in — and drive — the country’s future prosperity.
In short, when Latinx families thrive financially and secure their future, the whole community grows stronger.
Karen Menéndez Coller has been the executive director of Centro Hispano of Dane County since 2013.
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