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Home > Pressroom > Press Release News Release FOR IMMEDIATE RELEASE Graduation Rate Tops 50% for Participants in Ohio Credit Unions’ Spanish-language Financial Education Classes Dublin, Ohio (August 29, 2002) – Eighty-five people from 12 countries have graduated from the Ohio Credit Union Movement’s Latino Financial Literacy Program which began six months ago. The program – sponsored by four Columbus credit unions and the Ohio Credit Union Foundation – was started to help Central Ohio’s growing Spanish-speaking population learn more about personal finance. Nearly 170 individuals have attended one or more classes, which are taught in Spanish and are free and open to the public. To graduate, individuals must complete all four parts of the class series; to date, more than 51 percent have. “Credit unions know that education will make life better for these new residents,” said Sue Helmreich, manager of outreach programs for the Ohio Credit Union League. “Participants in the financial literacy classes come from many countries. Some cannot speak English; some can’t read or write any language. But the common bond is that they want to learn how to handle money in this country where they have come to make a better life for themselves and their families.” Columbus credit unions Big Bear/Members First, OhioHealth, Telhio, and Western publicize and host the weekly two-hour classes, which are taught by Dr. Ruben Nieto, a native of Venezuela and an associate of The Ohio State University. Nieto developed the class curriculum, which in a four-part series covers budgeting, financial goals and priorities, establishing and maintaining good credit, and financial products and services. The four credit unions and a grant from the Ohio Credit Union Foundation pay for the course materials and instructor. “Credit unions represent a movement which puts people above all else, and as such, it’s our responsibility to help these new residents gain exposure to financial services,” said Helmreich. She noted that there are 100,000 Latinos in Central Ohio, and that the United States is now the second largest Latino nation in the world after Mexico. Helmreich and Nieto report that the majority of participants in the financial education classes are natives of Mexico. Others are originally from Argentina, Columbia, Cuba, the Dominican Republic, El Salvador, Guatemala, Honduras, Panama, Peru, Puerto Rico, and Venezuela. One recent graduate is Gloria Perez, a Columbus resident who came to the U.S. from Columbia two years ago with her husband and four children. One of 10 Columbian nationals to graduate from the series of financial education classes, Perez advocates the program to her friends. “I want them to go to the credit union classes to learn about legitimate financial opportunities,” she said. “The classes have taught me, my family, and 12 friends how important it is to set up a budget and track our spending.” Perez said she’s learned to be aware of Spanish-speaking telemarketers who ask for credit card, checking account, and social security numbers over the phone. “Credit unions are giving opportunity to honest people who want to establish good credit so they can buy cars and homes for their families.” A number of Central Ohio credit unions are also responding to the needs of the immigrant population by offering low-cost wire services so that members can send money back home to relatives and friends. The International Remittance Network, or IRNet, allows members to transfer money to non-bank outlets in 41 nations. The fee to send money by IRNet averages about $7 -- much less than fees and exchange rates charged by other money wire services. Financial literacy classes in Columbus will continue through year-end and Helmreich said she hopes to work with credit unions across Ohio to expand the program to other parts of the state. -30- The Ohio Credit Union League, with offices in Dublin, is a state trade association representing more than 500 credit unions. Credit unions are not-for-profit financial institutions owned and democratically controlled by their members. Ohio credit unions provide savings, loans, and other consumer financial services to their nearly 3 million members. To learn more, visit www.OhioCreditUnions.org.
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