Announcement
Every year, the IRC in Denver recognizes April as National Financial Literacy Month to raise public awareness of the importance of financial literacy and maintaining smart money management habits. Financial literacy is hereby defined as the knowledge of how to make smart decisions with money, and includes preparing a budget, knowing how much to save, deciding favorable loan terms, understanding impacts to credit, and distinguishing different vehicles used for retirement.
Refugees arrive in Colorado having endured conflict, persecution, and in many cases, trauma. Often, their experiences pre- and post-displacement hinder participation in formal education and employment. While many arrive with relevant skillsets, more effort is required to translate and adapt those skills to the U.S. context. In addition, new arrivals often have neither savings nor financial assets, and many lack understanding of the complex U.S. financial system.
Mousa Jasim Mohamm Al Khafaji, Financial Capability Coordinator at the IRC in Denver, helps exactly these clients build the financial literacy toolkit needed to succeed. He explains:
"Financial capability classes allow clients access to financial education, coaching, counseling, credit-and asset-building loans, and affordable loan products as they enter the workforce and work toward financial stability and longer-term financial goals."
Refugees do receive public assistance upon their arrival, however, it is critical that they secure stable employment quickly, typically within 90 days of arrival, to support themselves and achieve economic wellbeing. However, due to a lack of credit history, income volatility, and general inability to access traditional financing, refugees are extremely vulnerable to financial mismanagement and predatory lending. Thus, they require intensive financial training to understand the nuances of U.S. culture and the labor market.
Mousa explains that
“all of IRC's financial coaching exists to help clients lock in habits that benefit their financial health in the long run.”
One of Mousa's clients is Mohammad Qais Timar. Mohammad and his wife, both refugees from Afghanistan, tapped into Mousa's advice to build a healthy credit score that allowed them to not only buy a car, but also budget for possible upcoming repairs.
"Having a reliable car has been essential for us,"
explains Mohammad, who works as a translator in a hospital and as a driver transporting patients to doctor’s appointments.
"Both, my wife and I needed jobs allowing us the flexibility to care for our four children."
Mousa’s program further offers advanced classes for first time home buyers or end of year tax filing.
"I strive to offer different services that are customized to the needs of the client,"
he explains, then adds:
“However, all of IRC's financial trainings have one goal in common: helping clients become less scared of managing their finances in a new country and assisting them in feeling more empowered and self-sufficient.”
Mousa runs the program together with Financial Education Coordinator Tutu Mulatu. All of IRC's financial literacy services are funded exclusively through donations and you can support them here.
The IRC in Denver also thanks Wells Fargo for their support of its Financial Capability services!
To learn more about IRC's Center for Economic Opportunity click here.
To listen to a recent interview in with Mousa shares his story and experiences in serving refugee and immigrant newcomers here.
