For Immediate Release: February 25, 2025
Contact: Hispanic Federation, media@hispanicfederation.org
New York, NY – Today, Hispanic Federation is announcing the second iteration of the HANDUp Financial Empowerment Initiative in partnership with 10 organizations across the country that are breaking down financial barriers for Latinos by providing the financial wellness courses for individuals, families and small businesses. Thanks to support from Wells Fargo, the HAND Up Financial Empowerment Initiative seeks to provide financial education trainings to 3,000 low to middle income individuals, entrepreneurs, and small businesses across the country with an emphasis on reaching the Latino community.
Despite having the highest labor force participation rates of any community in the US, the median Latino household wealth is less than one twentieth of that of non-Hispanic white households ($6,300 vs. $140,000). Research has showns that even when incomes are the same, the wealth gaps persist. The continuation of this wealth gap can be attributed to a lack of opportunities to access financial education in Latino communities. Through this initiative, residents will gain access to financial education modules on key topics such as budgeting, credit building, savings, asset building, and other critical wealth building tools.
“Financial management can be the defining factor behind retiring with a home that has been paid off or working well into your 70s just to make ends meet. We know that saving and investing can seem untenable for the countless Latinos who are working long days just to put food on the table but that is also why it is so important to make these financial literacy programs accessible, flexible, and responsive to the nuances that our communities face,” said Diana Caba, Vice President for Community and Economic Development at Hispanic Federation. “Growing wealth is at the heart of the American dream, and only by expanding the tools for financial management can we move the American dream within reach.”
Partners in HAND Up Financial Empowerment Initiative include Center for Changing Lives (Chicago, IL), Centro Community Partners (Oakland, CA), Chicano Federation (San Diego, CA), Eastmont Community Center (Los Angeles, CA), Fifth Avenue Committee (Brooklyn, NY), Hispanic Alliance of Southeastern Connecticut (New London, CT), Prospera USA (Orlando, FL), Immersion for Spanish Language Acquisition (Chapel Hill, NC), Northwest Side Community Development Corporation (Chicago, IL), and Ponce Neighborhood Housing Services (Ponce, PR).
Over the course of the program, participants will learn more about how to purchase a home, build a business and much more. HANDUp Financial Empowerment Initiative focuses on housing because homeownership rates are a significant contributor to the wealth gap. The latest Census Bureau data indicates that homeownership rates are 72.3% for non-Hispanic whites compared to 46.2% for Hispanics. According to research by Demos, if Latinos owned their own homes at the same rates as non-Hispanic whites, median Latino wealth would grow $29,213 and the wealth gap with white households would shrink 28 percent.
Additionally, HANDUp Financial Empowerment focuses on entrepreneurship because Latino businesses endure disproportionately lower rates of approval for business loans totaling over $50,000, despite Latinos starting businesses at higher rates than any other demographic. Lower approval rates remain the same even when accounting for credit history, expected business revenue and other factors. Such a low approval rate hinders access to entrepreneurial capital and forces entrepreneurs to tap into what may be already limited personal and family savings.
Hispanic Federation is also working with partner organizations to refine learning materials for the HANDUp Financial Empowerment Initiative. The program is being enhanced in a way that is culturally responsive, prioritizes Spanish language accessibility, and addresses the needs of the Latino community. You can find out more about Hispanic Federation’s economic empowerment work here.
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Hispanic Federation (HF) is a nonprofit membership and advocacy organization, founded in 1990, committed to empowering and advancing the Hispanic community, with a focus on low-income, marginalized, and immigrant Latinos. With programs in 42 states, Puerto Rico, the U.S. Virgin Islands, and the District of Columbia, HF’s focus areas include immigration, economic empowerment, civic engagement, disaster relief, philanthropy, education, health, and the environment. HF also maintains ongoing public education campaigns and meets the organizational development needs of its member agencies through grant-making and capacity-building assistance.
