Bill Overview
Title: Multilingual Financial Literacy Act
Description: This bill requires the Financial Literacy and Education Commission to translate financial literacy information to different languages. The commission must also report on the impact of language barriers to financial health. The bill also requires additional information in the commission's annual report, including a summary of the commission's efforts to increase financial literacy across all member agencies.
Sponsors: Rep. Garcia, Sylvia R. [D-TX-29]
Target Audience
Population: Individuals with limited English proficiency
Estimated Size: 25600000
- The bill is focused on translating financial literacy education into multiple languages.
- Individuals with limited English proficiency (LEP) are a significant audience for this bill.
- This population tends to include immigrants, non-native English speakers, and other linguistic minority groups.
- According to the U.S. Census Bureau, there are over 67 million people in the U.S. who speak a language other than English at home.
- Globally, this bill would primarily impact populations in multilingual societies where financial literacy materials could be translated.
Reasoning
- The primary target of this policy is individuals with limited English proficiency (LEP), estimated at about 25.6 million in the U.S.
- The demographic tends to reside in urban and immigrant-dense areas and includes diverse language backgrounds.
- A portion of the population will not be impacted as they are fluent in English or already have access to financial literacy materials.
- This policy's budget allows for comprehensive translation but may not cover all languages extensively in the initial year.
- It anticipates increasing awareness and understanding over time, with significant impacts observable after sustained implementation.
Simulated Interviews
Restaurant Worker (Los Angeles, CA)
Age: 45 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 4/20
Statement of Opinion:
- I find it hard to understand financial documents in English.
- Having information in Spanish would help me manage my finances better.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 9 | 5 |
Uber Driver (New York, NY)
Age: 30 | Gender: male
Wellbeing Before Policy: 4
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- I look for help from friends to understand financial information.
- Access to Creole financial resources would improve my business management.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 6 | 4 |
| Year 3 | 6 | 4 |
| Year 5 | 7 | 4 |
| Year 10 | 8 | 4 |
| Year 20 | 8 | 4 |
Retired (Miami, FL)
Age: 62 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- I often rely on my children to translate financial information.
- Having this in Spanish would reduce my reliance on them.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Student (Houston, TX)
Age: 23 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 4/20
Statement of Opinion:
- My parents struggle with English financial information.
- Translated resources would empower them more in financial matters.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Retail Worker (San Francisco, CA)
Age: 52 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 15.0 years
Commonness: 4/20
Statement of Opinion:
- It would be amazing to have financial documents in Mandarin.
- I often feel lost trying to manage my finances.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 9 | 5 |
Construction Worker (Chicago, IL)
Age: 36 | Gender: male
Wellbeing Before Policy: 4
Duration of Impact: 5.0 years
Commonness: 6/20
Statement of Opinion:
- Access to Polish financial information would be incredibly helpful.
- I rely on others at work to help understand documents.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 4 | 4 |
| Year 2 | 5 | 4 |
| Year 3 | 5 | 4 |
| Year 5 | 5 | 4 |
| Year 10 | 4 | 4 |
| Year 20 | 4 | 4 |
Retired (Phoenix, AZ)
Age: 67 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 2/20
Statement of Opinion:
- Having financial literacy resources in Navajo would be a huge relief.
- Currently, I find financial matters confusing.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 7 | 5 |
Restaurant Owner (Boston, MA)
Age: 40 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 20.0 years
Commonness: 2/20
Statement of Opinion:
- I would like my staff to have access to French financial materials.
- Such resources could improve business financial planning.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
High School Student (Las Vegas, NV)
Age: 18 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 3.0 years
Commonness: 5/20
Statement of Opinion:
- Having Arabic materials might help my parents manage finances better.
- I don't have enough time to translate everything for them.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Housekeeper (Seattle, WA)
Age: 55 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 15.0 years
Commonness: 3/20
Statement of Opinion:
- Understanding financial documents in Tagalog would make my life easier.
- Currently, I always ask friends for help with financial matters.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 8 | 5 |
| Year 20 | 8 | 5 |
Cost Estimates
Year 1: $5000000 (Low: $4000000, High: $7000000)
Year 2: $5200000 (Low: $4200000, High: $7400000)
Year 3: $5400000 (Low: $4300000, High: $7700000)
Year 5: $5800000 (Low: $4700000, High: $8200000)
Year 10: $6400000 (Low: $5200000, High: $9000000)
Year 100: $12000000 (Low: $10000000, High: $14000000)
Key Considerations
- The extent of translation needs will directly impact costs; more languages mean higher costs.
- Monitoring the effectiveness of translated materials and outreach efforts is crucial to achieve the intended increase in financial literacy.
- Partnerships with community organizations and stakeholders will be important to maximize the reach and effectiveness of the translated materials.
- Uncertain how cultural nuances in financial practices will affect the uptake of translated information.