Credit Union Building Financial Literacy Program in Spanish
November 15, 2013
Basking Ridge, NJ (Thursday, November 7, 2013) Affinity Federal Credit Union Foundation has been selected as this years recipient of the Mary ONeill Financial Literacy Mini Grant by the New Jersey Coalition for Financial Education [NJCFE] to build a Spanish language, culturally grounded, community-based financial education program in the State of NJ. �The NJCFEs mission is to improve the personal financial literacy of New Jerseys citizens by promoting the teaching of personal finance to people of all ages.
The Affinity Foundation plans to develop a curriculum that is grounded in the culture and traditions of New Jerseys Hispanic community and deliver it through partnerships with community-based organizations serving those communities.� The new program will be piloted at the Morris County Organization for Hispanic Affairs offices in Dover and Morristown and evaluated before a wider rollout.
According to Michael K. Drulis, NJCFE executive director, "Affinity was selected for its direct outreach to an under-served population, exceptionally well written and realistic outreach methodology, realistic timeline, and well-reasoned evaluation methodology."
"Having partnered with Affinity in the past, we are aware of their exemplary track record and are confident that the Affinity Foundation will provide invaluable, financial literacy programs to those who need them the most."�
The programs goal is to provide much-needed personal financial skills and institutional support that many low- and moderate-income Hispanic families lack, thereby helping families to save money, accumulate assets, and minimize personal debt while fighting discrimination and avoiding predatory lenders.
Many low and moderate-income Hispanic families remain disconnected from mainstream financial institutions.� Hispanics represent 17.5% of the population in New Jersey, but nearly 50% do not have a transaction account - a basic starting point in financial management and wealth-building.� In fact, a recent survey
�indicated that 43% of� Hispanics said they knew nothing about these subjects, as compared to just 12% of the overall population.
"This program will allow recent Hispanic immigrants to develop relationships with mainstream financial providers while gaining the experience with and exposure to basic financial tools that American families need in order to prosper," said Dr. Lauretta A. Farrell, executive director of the Affinity Foundation.
About Affinity Federal Credit Union:
Affinity Federal Credit Union, New Jerseys largest credit union, is a member-owned, not-for-profit, full-service financial institution with 15 branches throughout New Jersey with more than 133,000 members from more than 2,000 businesses and organizations and total assets in excess of $2 billion.� Headquartered in Basking Ridge, Affinity Federal Credit Union has been offering superior financial services with a member-oriented focus since 1935. For more information, visit www.affinityfcu.org.