Celebrate Hispanic Heritage Month with AFCPE!
Hispanic Heritage Month, September 15 – October 15, is an annual celebration of the history and culture of the U.S. Latinx and Hispanic communities.
At AFCPE, we embrace Hispanic Heritage Month as an opportunity to celebrate and recognize the work of Latinx AFC® (Accredited Financial Counselor®) professionals, AFC® Candidates, and AFCPE Members who are making an impact in the field of financial counseling, coaching, and education.
It is also an ideal time for us, as financial professionals, to expand our knowledge about the unique barriers to financial well-being that members of the Latinx community may encounter and ensure that we are using a lens of inclusion in our work.
The Latinx Community has Unique Barriers to Financial Capability
Did you know:
- Financial fragility is common; almost 40% [of college-educated Hispanics] could not come up with $2,000 if the need arose within the next month. [TIAA Institute]
- U.S.-born Hispanics ages 18-34 have greater financial literacy than each age group of foreign-born Hispanics. [TIAA Institute]
- Around half (49%) of Hispanics say they or someone in their household has taken a pay cut or lost a job—or both—because of the COVID-19 outbreak, compared with 33% of all U.S. adults. [Pew Research Center]
- The share of Hispanic people who have used predatory loans in the past five years (such as auto or payday loans) were double that of white people. [FINRA Foundation]
- Even after controlling for general risk considerations, such as credit score, loan-to-value ratio, subordinate liens, and debt-to-income ratios, Hispanic Americans are 78 percent more likely to be given a high-cost mortgage. [National Bureau of Economic Research]
How You can Support the Latinx Community during Hispanic Heritage Month and Beyond
With the help of AFCPE staff, Members, and certified professionals, we have compiled a list of resources that can be used to guide and support you in your work with the Latinx community. This list is not comprehensive, but it can serve as a starting place in your journey to creating an environment that is safe and supportive for your Latinx colleagues and clients.
Have more resources to add? Drop them in the comments below!
From Traditions to Terminology: the Latinx Community is not a Monolith
Although Hispanic and Latino are often used interchangeably, the Latinx community is not a monolith. Those who identify as Hispanic are often very different than those who choose Latinx, and for Afro-Latinos, their identity is often erased entirely from the discourse. Each country or territory comes from a rich cultural tradition that is unique in heritage, lived experiences, and identity. While there may be some overlap, it would be a mistake to make any blanket assumptions about cultural norms or financial priorities when working with Latinx clients and families.
- From Hispanic to Latine: Hispanic Heritage Month and the Terms That Bind Us [New York Public Library]
- An Overview of Latino and Latin American Identity [Getty]
- The Difference Between Hispanic and Latino: What Each Means, How They Overlap, and What Sets Them Apart [ThoughtCo]
- Yes, We’re Calling It Hispanic Heritage Month And We Know It Makes Some Of You Cringe [NPR]
Recognizing Financial Challenges
Student loan debt, issues establishing a healthy credit history, predatory lending practices, and current struggles to recover from COVID-19 are a few of the financial challenges faced by the Latinx community.
If you are working with a client or student that is an immigrant, their issues may be exacerbated by the language barrier and the fact that many will be navigating the U.S. financial system for the first time.
Addressing Barriers to Accessing Financial Services
Discrimination and bias play a huge part in determining the financial capability of the Latinx community. Ensure that your practice is safe and accessible by understanding the racial wealth gap and making Spanish resources available when needed so you can provide the best advice for your clients.
- Language Barriers, Absence Of Bank Loans Leave Latino Small-Business Owners Struggling [Latino USA]
- When a Job is Not Enough: The Latinx-White Wealth Gap [Center for American Progress]
- 8 Key Steps to Provide Better Advice to Latino Clients [Morningstar]
- Consumer Protection Financial Resources in Spanish [CFPB]
- Metas Inteligentes (SMART Goal definitions) [Provided by Sadie V. Williams]
- Metas Inteligentes (SMART Goal Worksheet) [Provided by Sadie V. Williams]
- Money Beliefs Transformation – In English [Provided by Sadie V. Williams]
- Transformacion de Creencia Monetarias – En Espanol [Provided by Sadie V. Williams]
- Love these resources? Have questions on how to use them in your practice? Connect with Sadie on LinkedIn!
Building an Equitable Business
If you’re working to create a more equitable private practice or business, it’s critical that you have the right tools and strategies for both recruitment and retention.
Connect them to qualified, caring AFC® professionals
If you aren’t currently offering one-on-one financial counseling, please help refer clients to:
- AFCPE’s free financial counseling and coaching services, made possible with the support of AFC and FFC certified volunteers and with generous grant funding from Wells Fargo Foundation. Bilingual counselors are available.
- AFCPE’s Find an AFC directory: A useful tool to help individuals find a qualified counselor in their area. Rates are determined by individual counselors.