Contact: media@hispanicfederation.org
Through culturally relevant programming, this initiative works with leading Connecticut community organizations to address disparities in Latino wealth accumulation
Hartford, CT – Today, Hispanic Federation launched the Community-Based Financial Education Initiative to provide culturally and linguistically relevant financial education to low- to moderate-income Latino communities in Connecticut’s 1st Congressional District (CT-1). The initiative is being launched with the support of Congressman John B. Larson and in collaboration with U.S. Small Business Administration (SBA) Congressional Community Projects. Congressman Larson’s $650,000 investment in the district will provide financial literacy workshops, offer capacity-building support for organizations working in Hartford, and invest in the overall financial security of families.
You can see a livestream of the press conference here.
“Due to a variety of economic factors, Latinos have significantly lower household wealth and savings compared to non-Hispanic white Americans,” said Congressman John B. Larson. “We must do more to improve financial literacy, so everyone has the tools they need to get ahead, and that is why I worked to secure federal funding for new financial literacy workshops and services right here in Hartford. As one of our nation’s premiere Latino nonprofits, I cannot think of a better organization than the Hispanic Federation to lead this multilingual, multi-generational financial education initiative with four great organizations who work directly in the community to expand opportunity for Hartford residents. As we recognize Hispanic Heritage Month, I am thrilled to announce this new initiative to empower our area’s Latino community.”
“Every day we see Latinos working hard to try and reach the American Dream, unfortunately, the pathway to the American Dream is not clear and very few people have the bandwidth to figure that out. I am excited to work with our partners in Connecticut to help illuminate the pathway so that more people can see how they can reach financial security and deliver on the promise of taking care of their loved ones,” said Frankie Miranda, President and CEO of Hispanic Federation.
“The Village is committed to expanding access to financial literacy training for Hispanic families in Greater Hartford and this grant will help accomplish that,” said Village President & CEO Hector Glynn. “We are grateful for the leadership of Congressman Larson and our other partners who made this possible. I can’t think of a better way to celebrate Hispanic Heritage Month than to highlight this accomplishment, and then get to work helping families achieve financial stability.
“The SBA Financial Education Initiative through the Hispanic Federation made post-secondary education more accessible for Hartford students. This past summer, with this funding, Capitol Squash toured twelve different colleges and universities across four states. We’ve never had the resources to tour this many schools in the summer before. These visits exposed our students to educational institutions beyond the scope of their communities and encouraged early planning to balance affordability and academics. This grant helped our students and their families navigate the financial aid process by funding workshops that provided step-by-step support with the FAFSA, net price calculators, scholarship applications, and more. The Hispanic Federation provided vital experiences for our students that made furthering their education attainable.” said Pat Purcell, College Access and Success Manager, Capitol Squash.
“We are thrilled by the overwhelming response to our financial literacy workshops, highlighting the urgent need for accessible education in our community. Thanks to the support of Congressman Larson and the Financial Literacy grant, we can expand our efforts to empower Spanish speaking and English-speaking residents alike in the Twon of East Hartford, equipping them with the tools they need to make informed financial decisions for their families and future. This initiative is a critical step toward closing the financial knowledge gap and fostering economic resilience in our community,” said Erwin T. Hurst, Sr., MBA, Financial Literacy Project Director for International Hartford.
“Our Piece of the Pie is incredibly grateful to be the recipient of The Hispanic Federation’s financial literacy grant. This grant allows us to provide valuable workshops to our youth that give them the fundamental financial literacy skills necessary to become successful young adults. 40% of all OPP youth identify as Hispanic/Latino which signifies the importance of this program for our organization. Financial literacy programs lead to better education outcomes, employment opportunities, and helps build generational wealth which allows youth to be in charge of their own future,” said Hector Rivera, President & CEO, Our Piece of the Pie, Inc.
Despite having the highest labor force participation rates of any community in the United States, Latinos trail non-Hispanic Americans across many economic indicators, including homeownership, wealth, access to banking, and retirement savings. Studies have shown that more than one-third of financial inequality could potentially be alleviated through improved financial literacy.
With the federal funds Rep. Larson secured in Congress, the Hispanic Federation, alongside The Village for Families & Children, Capitol Squash, International Hartford, and Our Piece of the Pie will be able to offer a diverse range of services for Hartford’s Latino community, from high school students to seniors, to enhance financial wellness and resiliency.
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ABOUT HISPANIC FEDERATION
Hispanic Federation (HF) is a nonprofit membership and advocacy organization, founded in 1990, committed to empowering and advancing the Hispanic community, with a focus on low-income, marginalized and immigrant Latine. With programs in 40 states, Puerto Rico, the U.S. Virgin Islands and the District of Columbia, HF’s focus areas include immigration, economic empowerment, civic engagement, disaster relief, philanthropy, education, health, and the environment. HF also maintains ongoing public education campaigns and meets the organizational development needs of its member agencies through grant-making and capacity-building assistance.
