grantee spotlight
Growing Financial Power in the Hispanic Community
Promoting Financial Literacy through Culturally-Informed Services in the Hispanic Community
Over the last decade, the U.S. Latino population has become a fundamental axis of the economy. Latino consumption and purchasing power has grown twice as fast as that of non-Latinos, and today, if Latinos in the United States were their own country, their GDP would rank fifth in the world. Yet, while the community’s economic output has been substantive, there are still barriers to creating generational wealth and accessing financial services.
- There remains a substantial wage gap for Latinos compared to non-Latino whites. The median wage is $31,700 for foreign-born Hispanics and $38,848 for those born in the U.S. – for non-Latino white workers, the number goes up to $52,942.
- In particular, Latinas were paid 52 cents to every dollar paid to white, non-Hispanic men last year.
- Latino homeownership still lags behind non-Hispanic white homeownership. In New York state that gap is the largest, as 67% of white people owned a home compared with 29% of Latinos.
To capitalize on rapid growth, communities and organizations must commit to providing the resources that can lead to long-term financial sustainability for Hispanic New Yorkers. In New York City, financial capabilities organization Ariva is providing extensive services to support tax preparation and financial counseling needs to create lasting financial knowledge.
Launched in 2003 as a financial literacy and resource center in the South Bronx, Ariva primarily focuses on working with low-income communities in the Bronx and immigrant communities across New York City, working directly with La Ventanilla (“The Financial Education Window”) at the Mexican Consulate in Manhattan. Through the collaborative program, immigrants can receive financial counseling, obtain an Individual Taxpayer Identification Number, receive tax prep support and learn how to navigate starting a small business and overcoming obstacles that immigrants typically face accessing banking services. Ariva has provided 1,276 financial counseling sessions at La Ventanilla in 2023 so far.
Across all efforts, Ariva understands the importance of inclusion and the comfort that representation can bring. By providing culturally-informed services in Spanish and working with the Mexican Consulate, the organization offers a welcoming and non-judgmental atmosphere to promote financial literacy and open conversations in the Hispanic community. Understanding wealth disparities and a community’s cultural needs is a vital part of creating a more equitable and healthier New York. This Hispanic Heritage Month and always, we’re proud to support Ariva and the growing Hispanic community across New York. To learn more about Ariva’s offerings visit here.