US Immigration: Taking a comprehensive approach to managing immigrants’ finances

financialexpress.com:

By Prateek Swain

Immigrants are a vital part of the American economy and society, contributing to innovation, entrepreneurship, diversity, and cultural richness. However, many immigrants face unique financial challenges that can hinder their integration and prosperity. Let us explore some of the common financial obstacles that immigrants encounter and how a holistic approach to immigrant finance can help them overcome them and achieve their goals.

According to the Pew Research Center, there were 44.9 million immigrants living in the United States in 2019, accounting for 13.7% of the total population. Immigrants come from different countries, cultures, and backgrounds and have different reasons and aspirations for moving to the United States. However, they also share some common financial challenges that can affect their quality of life and economic opportunities.

Lack of access to banking and credit services: Many immigrants do not have a bank account or a credit history in the United States, which can limit their ability to save, invest, borrow, and build wealth. Moreover, many immigrants face barriers such as language, documentation, fees, and discrimination when trying to access financial products and services.

Lack of financial literacy and education: Many immigrants are not familiar with the U.S. financial system, its rules, regulations, and norms. They may not know how to manage their money, budget, plan for retirement, pay taxes, avoid scams and frauds, or use financial tools and resources effectively. They may also face cultural differences and misconceptions that affect their financial behavior and decisions.

Lack of financial inclusion and empowerment: Many immigrants feel excluded or marginalized from the