What comes out of it will inform what kind of product she will develop for the community, and I’m excited to see what that will be eventually. I personally learned the challenges immigrants face when learning how the U.S. financial system functions, and it all comes down to accessibility of this knowledge (Ex: what’s the best way to build credit? What is the best bank account to open? How much should you save to buy a house? What kinds of loans or mortgages should you take out? Why should you have a retirement account?). So if all this knowledge exists in English, for the most part, then that will already create some obstacles for you as a newcomer (if English isn’t one of the languages you speak). On the other hand, learning this financial knowledge is in itself a whole other LANGUAGE. It takes years to get yourself familiarized with financial terms, best practices, etc.
After overcoming these obstacles, then it’s the big immigration status one. For undocumented individuals, living without a social security, means that you will be shut out of pretty much 90% of financial services. Without a social, you can’t build credit, or open a retirement savings account, or take out loans; In some states, opening a bank account is harder to do without a social security number.
And when it comes down to it, children of immigrants are the ones who truly become the cultural and financial translators for their parents/guardians of all these worlds, while trying to figure out themselves too.
Are you exhausted already? I was at some points.
This is all to say, that this is a big topic with its unique set of challenges, for everyone alike: U.S. born, U.S naturalized, legal residents, refugees, visa holders, DACA/TPS recipients, and undocumented folks.
The next phase of Alexandra’s project is where the product creation will happen, as you can see, there is so much to work with! but I feel good about having contributed in such a major way through research. And I’m confident that she has the expertise, tools and wits to create magic. Addressing this topic in an under-resourced community is already a major win.
More importantly, the U.S financial system is only one system of many in the world. You can learn to play this game here, and you can also learn to play it anywhere else in the world too.
In the spirit of sharing is caring, I will also share these financial resources that have been personally helpful to me. Please, note these are in English, for the most part. Feel free to add resources that have been helpful to you.
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I’m off friends! Tomorrow I will close the summer with a bike ride starting from Van Cortland Park in the Bronx to Albany, our state’s capital. That’s about 200 miles split in approximately 6 days! I hope to have fun stories to tell when I return. Keep me in your thoughts!
