A refugee’s resettlement journey involves not only acclimating to a new environment, but also learning the intricacies of a new financial system often vastly different from that of their home country. Navigating personal finance is thus a challenging task for many newcomers. Gaining a thorough understanding of the U.S. financial system empowers newcomers with the skills to make informed financial decisions and manage their money effectively, leading to greater financial stability and security. It can also serve as protection against potential financial harm and exploitation and can foster self-reliance. To support service providers, Switchboard has compiled the following list of recommended resources. While some resources may be useful to share directly with clients, this resource guide is primarily intended for use by service providers supporting newcomers’ financial capabilities.
Foundations for Financial Empowerment
When aiding newcomers in building their financial capabilities, providers may benefit from relying on standards that serve as guiding principles geared toward empowering individuals striving for financial independence and security. The following resources propose standards and key definitions that can be used to guide the work of refugee service providers.
- Switchboard:
- Evidence Summary: What works to improve people’s financial capability? (2023)
- Guide: Promoting Your Clients’ Financial Wellbeing (2019)
- Blog: Three Ways to Support Newcomers’ Personal Financial Health (2023)
- Blog: Personal Finance: Resources to Guide Newcomers on Measuring their Financial Well-being and Managing Money in the United States (2022)
- Blog: Five Ways to Support Your Clients’ Financial Wellbeing (2019)
- Archived Webinar: Helping Clients Navigate Times of Economic Hardship (2020)
- Consumer Financial Protection Bureau (CFPB)
- Evidence Summary: Effective Financial Education: Five Principles and How to Use Them (2017)
- Report: Issue Brief: Financial Education Programs Serving Immigrant Populations (2016)
- Higher
- Archived Webinar: Financial Literacy: How to Teach the Basics (2016)
- Monitoring and Evaluation Technical Assistance (META)
- Global Refuge, formerly Lutheran Immigration and Refugee Service (LIRS) – Refugee Works
- Annuity
- Article: Financial Literacy for First-Generation Americans and Immigrants (2023)
- International Rescue Committee (IRC)
- Report: Financial Capability for New Americans (2017)
Specific Financial Capabilities Topics
The following resources may serve as the building blocks and activities that providers can use when working directly with refugees to build their knowledge of the U.S. financial system. Included are fundamental topics and culturally sensitive examples, providing a foundation for service providers to further develop.
Budgeting and Money Management
- Consumer Financial Protection Bureau (CFPB)
- Worksheet: My Spending Rule to Live By (2016)
- Ottawa Community Loan Fund
- Worksheet: Credit and Financial Vocabulary worksheet (n.d.)
- Moneymentors.ca
- Workbook: Stretch Your Dollars: Budgeting Basics (n.d.)
- Consumer.gov
- Worksheet: Make a Budget (2012)
- MyMoney.gov
- Tools (n.d.)
Banking
- Consumer Financial Protection Bureau (CFPB)
- Guide: Checklist for Opening a Bank or Credit Union Account (2021). Available in Arabic, Chinese (Simplified), English, Haitian Creole, Korean, Russian, Spanish, Tagalog, Vietnamese, Guide in all languages
- Consumer Action
- Guide: Banking Basics: Leader’s Guide (2010)
- BankOn
- Website: BankOn Movement for safe banking products (n.d.)
- International Rescue Committee (IRC)
- Video: Financial Capabilities (2020)
Saving and Purchasing
- Consumer Financial Protection Bureau (CFPB)
- Worksheet: My Saving Rules to Live By (2016)
- Worksheet: My New Money Goal (2021). Available in Arabic, Chinese (Simplified), English, Haitian Creole, Korean, Russian, Spanish, Tagalog, Vietnamese, Guide in all languages
- Guide: Take Control of Your Auto Loan (2017)
Building Credit
- Switchboard Resources
- Guide: Understanding Individual Development Accounts (2023)
- Consumer Financial Protection Bureau (CFPB)
- Brochure: How to Find the Best Credit Card for You (2021)
- Tip Sheet: Check Your Credit Report at Least Once a Year (2020). Available in English and Spanish
- Tip Sheet: Understand Your Credit Report (2020). Available in English and Spanish
- International Rescue Committee (IRC)
- Website: Center for Economic Opportunity (n.d.)
- Credit Builders Alliance
- Website: Credit Builders Alliance (2023)
Filing Taxes
- USAHello
- Website: How to File Income Tax for New Immigrants (n.d.)
- Boundless
- Blog: The Basics of Filling Taxes for Immigrants (2023)
- Internal Revenue Service (IRS)
- Website: Tax Information and Responsibilities for New Immigrants to the United States (n.d.)
- Website: Free Tax Return Preparation for Qualifying Tax Payers (n.d.)
- Tool: VITA/TCE Locator Tool (n.d.)
- Website: Find Tax Help in Several Languages (n.d.)
- Consumer Financial Protection Bureau (CFPB):
- Worksheet: Becoming Familiar with Taxes (2022)
- Handout: Taxes: Understanding the Basics (2022)
Avoiding Scams and Fraud
- Switchboard
- Archived Webinar: Navigating Personal Finance and Avoiding Scams: An Introduction for Direct Service Providers (2022)
- Guide: Reporting Scams and Fraud to the Federal Trade Commission (2023)
- Consumer Financial Protection Bureau (CFPB)
- Instructor Guide: Money Smart for Older Adults (2021). Available in Spanish
- Article: What should I do if my EBT card or PIN is stolen or I see unauthorized charges? (2020)
- Handout: Sending Money Abroad (2020)
- Federal Deposit Insurance Corporation (FDIC)
Financial Capabilities Curricula, Lesson Plans, and Tools
These materials aim to empower service providers with a comprehensive set of resources for developing and implementing lessons geared toward strengthening clients’ financial literacy. Included are assessments, guides, and a collection of strategies and existing lesson plans that service providers can adapt, customize, and expand upon.
- International Rescue Committee (IRC)
- Program Assessment: Program Maturity Self-Assessments (2019)
- Cultural Orientation Resource Exchange (CORE)
- Curriculum Guide: Supplemental Lesson Plan: Money Management (n.d.)
- Curriculum Guide: Budgeting and Personal Finance (n.d.)
- Consumer Financial Protection Bureau (CFPB)
- Toolkit: Your Money, Your Goals: A Financial Empowerment Toolkit (2020)
- Guide: Guide to Remote Financial Coaching (2021)
- KQED
- Webpage: Financial Literacy Resources (n.d.)
- Federal Deposit Insurance Corporation (FDIC)
- Curriculum Guide: Money Smart for Young Adults (n.d.)
- Curriculum Guide: Money Smart for Older Adults (n.d.)
- Curriculum Guide: Money Smart for Small Businesses (n.d.)
Additional Instructional Design Resources
The resources below address gaps that providers may have in terms of instructional design and adult learning principles. While Switchboard does not recommend any single curriculum/course design template for financial literacy, providers are encouraged to review similar courses’ curricula and lesson plans from the Switchboard and CORE resource libraries in general.
- Switchboard
- Archived Webinar: Ask an Expert: Creating Engaging Virtual Trainings and Meetings (2020)
- Cultural Orientation Resource Exchange (CORE) – While these resources focus on cultural orientation, their lessons can be applied broadly for instructional design and adult learning best practices:
- Guide: How to Deliver Remote Cultural Orientation (n.d.)
- E-learning: Principles of Teaching (n.d.). Users must make a free account to access courses:
- E-Learning: Delivering Interactive One-on-One CO
- E-Learning: Integrating Digital Technology in Cultural Orientation
