Topline:
The city of Los Angeles and SUMA Wealth launched a new Financial Literacy Hub to teach young people how to make smarter financial decisions. Officials say more young people who are becoming heads of their households following immigration sweeps need the resource.
Why now? Councilmember Monica Rodriguez said the app is intended to help families prepare for that “man-made” financial disaster that is “coming as a result of our federal government.” More young people are also suddenly becoming heads of households, she said, and one of their biggest challenges is understanding their finances.
How it works: The SUMA Wealth app is offering Angelenos free access to the L.A. Financial Literacy Hub course. The ten-module course includes videos, activities and worksheets designed to help young people save, budget and invest their money more wisely.
Read on … for how why local leaders say financial literacy is important.
The city of Los Angeles launched a new Financial Literacy Hub to teach young people how to save better, invest and spend their dollars. The resource is in response to federal immigration sweeps that have left some families without their heads of households.
The partnership is between the city and an existing app by Suma Wealth.
Councilmember Monica Rodriguez launched the free financial tool Wednesday. She said young people have been struggling to navigate finance before the Trump administration, but that the urgency has changed.
“So many families, because of their mixed status, are now finding themselves in a circumstance where their young children are now having to, overnight, become the head of households,” Rodriguez said.
How it works
The SUMA app offers short videos, budgeting resources and worksheets aimed at teaching young people how to budget, build credit, save money and make smart financial decisions.
Those who complete the ten-module course earn a Certificate of Financial Literacy from the city and SUMA Wealth.
There’s also a financial guide for immigrant families facing deportation. It includes steps families can take to protect their finances and prepare for emergencies such as how to manage bank accounts, safeguard access to funds, assign power of attorney and avoid scams. The guide is also in Spanish.
Why it matters
The app was built with young people in mind, Beatriz Acevedo, CEO and co-founder of Suma Wealth, said.
Acevedo knows what it means to be the immigrant, English-speaking child who becomes the family’s medical assistant, lawyer, translator and financial advisor, she said.
“ We wanted to build something that felt fun, that felt engaging, that wasn't boring, that we could talk about Bad Bunny and at the same time how you can invest,” Acevedo said. “We know that there is a lot on your shoulders, a lot of pressure to not only navigate your own finances, but the finances of your parents.”
There are nearly 1.5 million undocumented workers who account for almost 8% of all workers in California, according to state officials. Without them, the state is at risk of losing $275 billion in economic output and $23 billion in annual tax revenue.
Immigrants contribute greatly to the region’s economic growth, Acevedo added, whether it's growing the GDP or spending locally.
“But I want to see those stats change. That our communities are also the ones who are saving the most. That our communities are the ones who are investing the most, because we know that wealth is power,” Acevedo said.
