Culturally responsive financial literacy
FSOS PhD student teaches US financial systems to immigrants and refugees
Many people take for granted how easily they navigate money and financial systems. However, for countless individuals, particularly immigrants and refugees, financial struggles stem not from a lack of personal responsibility but from a lack of awareness, understanding, or access to these systems.
Miguel Quiñones, a fifth-year PhD candidate in the Department of Family Social Science, hopes to change that. “My research focuses on how families learn and teach financial habits, values, and attitudes—a process called family financial socialization,” he says. “I’m particularly interested in immigrant families and how their cultural backgrounds and the unique challenges of immigration shape this process as they adapt to new systems in the U.S.”
In the long-term, Quiñones aims to:
- Develop financial education programs that include the whole family, helping them achieve their goals together
- Equip marginalized families with the tools to pursue the dreams that brought them to the U.S.
- Shift the focus of financial education away from money itself and toward culture and community in building financial well-being
To those ends, Quiñones is collaborating with two area nonprofits to develop a dynamic, culturally responsive financial education program for immigrant and refugee adults in the Twin Cities.
“These learners come from diverse countries, speak different languages, and have varying levels of financial knowledge,” Quiñones says. “What unites them is a shared desire to gain the tools they need to thrive in the U.S.”
Quiñones and the two nonprofits, the Minnesota Financial Empowerment Initiative (MNFEI) and the Learning in Style School, work directly with learners to ensure the curriculum reflects their perspectives and financial needs. “By discussing their challenges, we create relevant, adaptable content that is continuously updated based on feedback,” Quiñones says.
Forming a partnership
The relationship with the nonprofits began in February 2024 when Quiñones gave a presentation on culturally responsive financial education for the Minnesota Council on Economic Education. MNFEI Director Jack Hansen was at the talk and reached out to connect with Quiñones.
“We hit it off, and I eventually joined their board,” Quiñones says.
MNFEI’s goal is to provide high-quality financial literacy education at no cost to underserved populations. Tina Oertli, executive director of MNFEI, says, “Miguel has played a pivotal role in tailoring content to meet the unique needs of the student population we are serving. He is passionate about giving every individual the confidence in addition to education to make financial decisions to better their lives and the lives of their families. I recall after the first class taught at Learning in Style, one of the students was so excited to call family back home and tell them he’s going to learn about saving money. He was on the phone before he even walked out the door! The impact that Miguel is making on these students to empower them through financial literacy is incredible.”
Quiñones was introduced to Learning in Style (LIS) through MNFEI. Supporting immigrant and refugee adults in the Twin Cities with English classes, job training, and life skills education, LIS is a program of Accola, a new, independent nonprofit organization influenced by the spirit of the Sisters of St. Joseph of Carondelet.
“Learning In Style students come from over 30 different countries and almost as many different financial systems and customs,” says LIS Program Director Elisabeth O’Toole. “They’ve had varied experiences with American systems, which may feel unfamiliar, confusing, and even inaccessible to them. These barriers can make our students vulnerable to potential fraud and exploitation. They can also result in mistakes that can affect people legally. And they prevent folks from taking advantage of the many opportunities that financial literacy—or‘capability,’ as Miguel prefers—can afford them and their families.”
The partnership between MNFEI and LIS has been synergistic, Quiñones says, enabling them to tackle challenges they couldn’t have managed alone. “Together, we’ve been able to pilot this innovative financial education program,” he says.
Reimagining financial education
The program reimagines financial education by making it participatory, empowering, and transformative, Quiñones explains. “Instead of focusing on dominant norms that prioritize financial independence and self-sufficiency, we center cultural strengths such as mutual aid, financial interdependence, and collectivist values,” he says. “These strengths are recognized as crucial to building financial well-being, creating an inclusive and relevant definition of financial success.”
A key feature of the program is creating a community setting where learners can support one another, ask questions freely, and define their own financial goals with dignity. The program moves away from a top-down model and allows learners to actively shape the curriculum, ensuring it meets their needs and priorities.
“Importantly, Miguel began the project by soliciting ideas and interests from the students themselves: rather than determine the class topics himself, he asked them what they felt they needed and then designed the course to respond to their interests,” O’Toole says. “Miguel’s own experience as a second-gen immigrant also gave him immediate insight into our students’ shared experiences and likely priorities.”
The program emphasizes financial capability over mere literacy. Beyond teaching money management basics, it builds learners’ confidence in navigating complex systems, recognizing financial scams, and using their knowledge practically.
“By incorporating these elements, the project exemplifies a culturally responsive approach to financial education, equipping learners with the tools and confidence to thrive in their new communities,” Quiñones says.
The culturally responsive approach in the program is essential because traditional financial education often follows a one-size-fits-all approach based on middle-class norms, which doesn’t suit the needs of immigrant and refugee families.
“These families face unique challenges that aren’t addressed by mainstream programs,” Quiñones says. “To make a meaningful impact, financial education needs to be inclusive and tailored to their realities. Money is an emotional topic, but many traditional programs fail to acknowledge this. Financial struggles can cause stress, shame, or even trauma, particularly when shaped by cultural backgrounds and migration experiences. Ignoring these emotional and cultural factors leaves families feeling unsupported and misunderstood.”
Also, financial challenges are often linked to broader societal structures and systemic barriers that make it harder for marginalized families to get ahead. Education alone cannot overcome these systemic issues, but it can help equip families with strategies to navigate them.
“Ultimately, I hope this program helps learners create long-lasting financial well-being for their families. I want to see families grow stronger and their money grow longer,” Quiñones says. He adds that he hopes the project also helps shift the blame away from those struggling under an unjust system and toward the deep-rooted inequities within financial structures.
“Miguel’s classes are empowering our immigrant students by offering them access and information, not only to the security, but the opportunities that financial literacy offers them,” O’Toole says. “We’re so pleased to be piloting this project with Miguel and hope it provides a template for replication with many other communities like ours.”
— KEVIN MOE