Improving the use of asset-building financial services by Latino immigrants in Langley Park, Maryland

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Date
2009-05Author
Fonseca, Maíra
George, Jason
Girgis, Maryann
Langer, Miriam
Mont, Alexander
Robinson, Shaun
Sriram, Maitreya
Advisor
Beard, Brian
Grossman, Jeremiah
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Throughout the country, low-income, Latino immigrant populations are more likely
than others to have difficulty accessing financial services that meet their needs.
Langley Park, Maryland, a community with a very large population of recent
immigrants, is an ideal place to study this problem. We conducted an analysis of preexisting
quantitative data and held a series of focus groups with Latino immigrants in
Langley Park. We asked participants about their experiences with and knowledge of
financial services. We found that mainstream financial institutions were not always
meeting the needs of our target population. We concluded that being “banked” is not
always preferable to being “unbanked” – rather, the products and services provided,
not who the provider is, are most important. We developed a set of guidelines to help
financial institutions (both mainstream and fringe), NGOs, and other local
organizations develop financial products that meet the needs of our target population.
Notes
Gemstone Team ANSWER Poverty (Assessing the Need for Services Which Effectively Reduce Poverty)