Financial Literacy

Financial Literacy

Task #13 – Financial Literacy 

U.S. Finances can be very confusing for most newcomers (and young adults). While there will be  financial literacy classes provided by resettlement agencies, usually, the English level is rather high for  persons who are just arriving into the United States. Attached at Tab A – is a list of financial vocabulary  and some questions/sentences that can be used to familiarize newcomers and volunteers with  necessary words/terms.  

As with all English as a Second Language (ESL) efforts, time and practice are needed. Newcomer  volunteers can play a key role in helping newcomers navigate financial issues. At Tab B is a sample  financial literacy class used by the World Food Program. At Tab C is a Money Management class used by  Lutheran Family Services and Tab D Financial Literacy – Building up your assets.  

Some quick thoughts. Opening a bank account will be necessary for the job seeking process.  Many businesses will want to make a direct deposit to a bank account for regular wages. Also having a  local bank account statement can be used to verify addresses for various applications: 1) SSN, 2) Student  Enrollment in primary/high schools, 3) Rental Leasing agreements, 4) Drivers licenses (in some states)  and other services. 

If you are a SNAP (food stamp) recipient a debit card (EBT) will be issued rather than a  check/cash. Understanding the differences between debit cards, credit cards and credit history are  great start points for newcomers.  

See other references below for financial literacy training.  

Related Websites 

  1. Financial Literacy Training Toolkit for Refugees
  2. A Whole New (Financial) World: Teaching Refugees How to Manage Money –

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