Accessing Financial Literacy for Immigrant Families in Maryland
GrantID: 2659
Grant Funding Amount Low: $10,000
Deadline: Ongoing
Grant Amount High: $25,000
Summary
Grant Overview
Financial Literacy for Immigrant Families in Maryland
Maryland is known for its diverse population, yet recent studies indicate that immigrant families in the state often face significant barriers to financial education and empowerment. According to the Migration Policy Institute, as of 2020, nearly 14% of Maryland's population is foreign-born, many of whom come from backgrounds with limited exposure to the U.S. financial system. This demographic reality highlights the urgent need for tailored financial literacy programs aimed at improving fiscal health among immigrant populations.
Immigrant families in Maryland frequently encounter language and cultural barriers that hinder their ability to navigate financial institutions effectively. This can result in inadequate financial decision-making, leading to challenges such as lower rates of savings and home ownership, which are critical for building stability and integrating into the broader community. The disparities in financial literacy can perpetuate cycles of poverty and limit economic mobility among these families.
This funding initiative seeks to address these barriers by delivering specialized financial literacy education designed for immigrant families in Maryland. The program focuses on culturally relevant content and employs multilingual educators to ensure that language is not a barrier to accessing important financial information. By providing education on budgeting, saving, and investing, the program aims to empower participants with the knowledge needed to make informed financial decisions that support their long-term stability.
Expected measurable outcomes include increased savings rates and improved homeownership rates among participants. By equipping immigrant families in Maryland with essential financial skills, the initiative contributes to overall community stability and economic integration, fostering healthier and more engaged communities. Enhancing financial literacy not only benefits individual families but also strengthens the economic fabric of Maryland as a whole.
In summary, Maryland's specific demographic landscape necessitates focused financial literacy programs for immigrant families. This funding initiative plays an essential role in addressing local barriers and facilitating economic empowerment for these communities.
Eligible Regions
Interests
Eligible Requirements
