Univision Airs Mind Your Money with Economist Luisa Blanco [In Spanish]
Pepperdine School of Public Policy professor Dr. Luisa Blanco aired on Univision 34 Los Angeles on Wednesday, May 18, 2022, to talk about the Mind Your Money Project—a digital solution that improves money management skills among Hispanics.
En tiempos de inflación, muchas familias estadounidenses están teniendo problemas para manejar sus finanzas. La Universidad Pepperdine diseñó un programa enfocado en la comunidad latina donde los hispanos podrán aprender a ahorrar dinero y conocer más sobre el historial de crédito. "Las finanzas son como hacer ejercicio o comer bien, es importante que haya alguien que nos esté dando recomendaciones," dice Luisa Blanco, profesora de economía y políticas públicas.
In times of inflation, many American families are having trouble managing their finances. Pepperdine University designed a program focused on the Latino community where Hispanics can learn to save money and learn more about their credit history. "Finances are like exercising or eating well, it is important that there is someone who is giving us recommendations," says Luisa Blanco, professor of economics and public policy.
Why Mind Your Money Program is Important
Financial anxiety is a source of stress for two in three Americans, especially Hispanics, according to the American Psychological Association (2022) and is associated with mental health problems, such as depression and anxiety. Findings from the 2021 Survey of Household and Economic Decision-making show that Hispanics, compared to Whites, are less likely to be financially secure, be able to cover an unexpected $400 expense, own a bank account, and have access to credit. While financial coaching programs designed to build financial skills exist, it is important that programs meet the specific needs of low- to moderate-income Hispanics. Hispanics face barriers such as lack of transportation and childcare that make attendance at in-person meetings with a financial coach difficult. Further, financial coaches may not be able to accommodate the linguistic diversity of clients. The team created a digital-based financial capability program among Hispanics in the Los Angeles area that aims at replicating financial coaching in-person programs. The team consists of an economist, psychologist, and executive director of community-based programs.