The Federal Deposit Insurance Corporation’s National Survey of Unbanked and Underbanked Households finds that 15 percent of U.S. Hispanic households are unbanked. With 49 percent of this population citing a lack of English proficiency as the main reason for not having a bank account, financial institutions like 1166 Federal Credit Union are taking steps to close the gap between accessible financial services and Spanish speakers.
With Forbes reporting that “many of these unbanked or underbanked individuals/families are spending more than $40K in lifetime fees largely stemming from reliance on more expensive banking alternatives like check cashing services, payday loans or paycheck advance – missing an opportunity to generate $360,000 in lifetime wealth,” closing this gap aligns with this year’s National Inclusion Week (September 23 to 29) theme, “Impact Matters.”
Impact Matters
The United States Census Bureau notes that 3.1 million Hispanic and Spanish speaking individuals live in the tri-state area of New Jersey, Pennsylvania, and Delaware, all of which falls
within 1166 FCU’s service areas. About 1.1 million people within that group speak Spanish at home.
Knowing that Spanish plays an integral role in our communities, contributing heavily to whether or not individuals receive banking assistance and services, 1166 FCU had two options:
(1) Leave communities within our service area unbanked due to language barriers
(2) Do something about it.
The team chose the latter.
RCSJ’s Workplace Spanish for Banking Professionals
To advocate for inclusivity for members and employees, 1166 FCU CEO Annemarie Shinn hit the books with the help of the Rowan College of South Jersey Cumberland Campus. From April to May 2024, she attended a free, twice-a-week Workplace Spanish for Banking Professionals course, and earned a Certificate of Completion.
“The class helped to clear up communication gaps between what an employer might be trying to communicate and how it is understood by the employees. Additionally, the class provided simple-to-follow learning skills such as listening to other cultures’ music or playing games online in order to learn other languages. The teacher was fabulous and made learning a joy.”
– Annemarie Shinn, CEO of 1166 FCU
The Power of Interns
Joining us back in June 2024, our 1166 FCU intern Jordanie Alvarado hasn’t been shy about getting in on the action in his teller position either. As a Spanish speaker himself, he’s brought invaluable translation skills to our team.
When asked if he thinks his translating abilities have impacted members’ overall experience with 1166 FCU, he responded:
“I feel like 1166 needed this kind of help and support to make people from different Latin backgrounds feel better and have full trust in this institution.”
But Jordanie knows inclusivity must expand beyond the doors of 1166 FCU. He made sure to offer a word of encouragement to others, urging them to use their experiences, talents, and abilities to foster a more welcoming and accepting environment.
“I think there’s definitely a need for more Spanish speakers, especially in financial institutions. I feel like our Hispanic population has grown by a lot over the years. If we can get more people to help out, it can make a big impact for us and other financial institutions.”
How to Get Involved:
Considering how you could make an impact in removing barriers to inclusion in your community? If you’re interested in learning Spanish to improve communication at work or in your personal life, check out the following free resources:
• Duolingo
• Readlang
