How New Immigrants Navigate the Current Financial Times

Transcript

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HOST: You're listening to North Star Stories: Voices from Where We Live, a daily newscast about what it means to live in Minnesota.

ANCHOR: In today's broadcast, federal cuts are affecting Lake Superior. Then, how new immigrants navigate the current financial times. And an Eden Prairie teacher takes top honors. I'm Chantel SinGs.

Federal cuts are making it harder to track toxic algae in Lake Superior. NOAA, the National Oceanic and Atmospheric Administration, monitors the growth and spread of algae. Algae depletes oxygen in the water, harms fish and is toxic to humans and pets. The Trump administration has fired more than 2-thousand NOAA employees and limited their spending, affecting their ability to run tests. The White House also wants to cut the agency's funding by 30 percent. While Superior is colder than neighboring Great Lakes that see more algae, scientists say that as its temperature rises, it becomes more frequent — especially on shorelines.

Next, for many immigrant families, financial literacy is a key part of adapting to a new culture. Victor Palomino reports on how culture and tradition are shaping the way families navigate today's economy.

Victor Palomino: Concerns about the economy have experts warning of uncertain times and even the possibility of a recession. And for those just beginning their financial journey in the United States, such news can add to the stress of adjusting to a new culture.

Miguel Angel Quinones: So it's this concept called family financial socialization. So if your parents ever told you about how to use a debit card or they take you to the bank, those different instances are examples of financial socialization.

Victor Palomino: Miguel Angel Quinones is a PhD candidate in the Department of Family Social Science at the University of Minnesota. His research focuses on how culture and context shape the way families learn about and teach financial habits.

Miguel Angel Quinones: I'm interested in how those two things interact to influence the ways that parents learn about, teach and do money.

Victor Palomino: But when economic news is unstable, vulnerable families often lack the tools and experience to navigate it.

Miguel Angel Quinones: And so that's something that I'm seeing, talking to people, even talking to students, is that there's just a big feeling of uncertainty looming over our daily lives.

Victor Palomino: That's why Miguel starts with the basics, like building emergency savings.

Miguel Angel Quinones: That's difficult when you say are low income or you're working paycheck to paycheck.

Victor Palomino: And cultural differences also play a role in how people approach saving money.

Miguel Angel Quinones: Or maybe you have extra money, but you're used to in your culture, sharing that money. You're sending that money back home to your family in Mexico or Colombia.

Victor Palomino: But those same cultural values can also offer solutions.

Miguel Angel Quinones: And also too when you have people from more collectivist cultures, maybe you have more than one family living in one house or apartment, and so maybe that's one way that people can work together to develop a collective emergency savings.

Victor Palomino: For second and third generation immigrants, the conversation shifts. Building generational wealth introduces new financial challenges.

Miguel Angel Quinones: So the parents come here and make that first initial step, and it's a great step in the right direction for generational wealth. But this is circling back to financial socialization, because the children are going to be the ones to carry it on. Their parents made that first step, and the children of immigrant families are going to be the ones that continue that.

Victor Palomino: For some, that includes taking the leap into investing in the stock market for the first time.

Miguel Angel Quinones: And when that comes down to the individual person who might just be starting out, they're going to be easily influenced by what they're seeing. Because you want to protect your money. But I would say the biggest thing would be to be patient, especially if you are newer, or if you are younger. We will again build the greatest economy ever. It will take place quickly.

Victor Palomino: But in a media landscape flooded with financial headlines, making sound decisions can feel overwhelming.

Miguel Angel Quinones: Because the news everything feels so present right now, right now, but if you're investing in the stock market, that's a long-term investment that's going to pay out in the future.

Victor Palomino: That's why Miguel encouraged new investors to pause and think about the years ahead.

Miguel Angel Quinones: So you gotta think about future you and future you would appreciate you being patient.

Victor Palomino: For North Star Stories, I'm Victor Palomino.

ANCHOR: You are listening to North Star Stories.

Minnesota has a new top teacher. Linda Wallenberg is the first educator from Eden Prairie to earn Minnesota's Teacher of the Year award. Wallenberg is an English teacher at Eden Prairie High School, where she has been since 1977. In addition to teaching, she has coached the school's gymnastics team to two national titles and was inducted into the Minnesota Gymnastics Hall of Fame. She's also the first certified Swedish teacher in the state and received a prestigious honor from Sweden's king in 1988.

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HOST: North Star Stories is produced by AMPERS, diverse radio for Minnesota's communities, with support from the McKnight Foundation and the State of Minnesota. Online at ampers dot org.