CFEE Guidebook

10 BUILDING FINANCIAL CAPABILITY THROUGH FINANCIAL COACHING Increasing Economic Integration of the Immigrant Community Community colleges enroll and serve large immigrant populations and play a critical role in helping them to master English-language skills, earn degrees, and become more integrat- ed into our society. At Westchester Community College, our English as a Second Language (ESL) program serves more than 4,000 students a year, one of the largest ESL programs in our region. Through ESL programs and other offerings in Career and Technical Education, immigrant students are able to gain the skills and credentials to improve their employment prospects and significantly affect their financial future. Our financial coaching work has highlighted the fact that many immigrant students have minimal knowledge of the US financial system, and they often do not have access to main- stream financial products that help them gain economic stability. In this respect, it is partic- ularly important to give immigrant students the resources and programs they need to build financial health. Since its inception, our program has focused on serving ESL students, and every year about 15% of our participants come from ESL programs. The outcomes discussed later in this Guide have confirmed the positive gains they make in improving their financial health. One of the most significant outcomes is in the num- ber of ESL students who are able to matriculate as full-time students as a result of financial practices learned in the coaching program. Our success stories provide only a few examples of how financial coaching can help to open doors of economic opportunity for immigrant students who may otherwise be left behind. Financial coaching also provides an impor- tant platform for immigrant students to learn the vocabulary and concepts needed to manage their everyday financial decisions and to take advantage of bank products and services. Despite the fact that most immigrant students work full-time or part-time and have income, they may have difficulty dealing with US banking and credit systems due to confusing terminology and intimidating policies. Because of language barriers and other cul- tural factors, some immigrants may be discouraged from using financial institutions altogether. As previously noted, one of the most important aspects of finan- cial capability is building good credit, but this is a competency that requires an understanding of a complex set of fundamentals, such as credit reports, credit reporting agencies, and FICO scores. Credit systems outside the US are very different, so for someone who is not a native English speaker, or who comes to the US as an adult, these con- cepts can be difficult, if not impossible, to apply to everyday decision making. Financial coaching has proven to play an im- portant role in helping immigrant students on our campus learn the basics of building credit and other components of financial health, while also assisting them to gain the credentials to transition to new careers and higher-paying jobs. One of the students featured in our Over the past five years, hundreds of students have benefited from free financial education services offered through the Money Smart Forum. The Money Smart financial coaching program has provided ESL students with valuable skills for over- coming financial obstacles and achieving their plans to transition from ESL courses to academic and workforce development programs. Robert Nechols, Director, English Language Institute, Westchester Community College