National Council of La Raza: Policies

Financial Counseling

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Overview

Today, there exists a wide range of financial education providers representing various sectors, including industry, government, and community-based providers. Programs focus on a spectrum of topics from consumer protection to helping Latinos purchase homes. Many financial education programs consist of financial education classes, videos, brochures, and computer software and/or Internet-based seminars. Although these tools can be part of the financial education curriculum, there is little evidence to suggest that low-income Latino families are benefiting from such efforts. The National Council of La Raza’s (NCLR) research shows that to improve the economic well-being of Latinos living in the U.S. they need custom-tailored, one-on-one financial counseling at the community level. There are virtually no such programs that fulfill this need today. Financial counseling is critical to the Latino community because many families remain disconnected from mainstream financial institutions, and experience with financial tools is essential for long-term economic growth.

NCLR Position

NCLR believes that the delivery of one-on-one financial counseling at the community level will lead to better saving practices, greater asset accumulation, and homeownership throughout Latino neighborhoods.