As a bilingual or multilingual professional in the financial sector, you can make a difference in lessening the wealth gap in the United States. Communities for whom a language barrier limits their access to financial literacy and socio-economic mobility need support in learning how to navigate their financial matters. By guiding non-English speaking persons in their language of preference, you can help improve their financial health and help mitigate the wealth gap in underserved populations, one individual at a time.
The financial industry, made up of a variety of institutions like investment companies, real estate firms, banks, and insurance companies, has acknowledged the importance of hiring bilingual or multilingual professionals to expand their customer base and fulfill the needs of a growing non-English speaking clientele in the United States.
The practice of recruiting more diverse employees in the financial services sector to reach financial inclusion is now a global trend. “Financial inclusion is one of the more ambitious goals countries, leaders, businesses, communities, and individuals around the world are trying to achieve” (Daisyme). There are demographic groups in society that traditionally have restricted access to financial products and banking services like bank accounts, credit history, and business loans. Those who do not speak English as their primary language or have limited English proficiency are part of these minority groups that will benefit from this current trend.
The World Bank defines financial inclusion as “the access that individuals and businesses have to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit, and insurance – delivered in a responsible and sustainable way.”
According to the Consumer Financial Protection Bureau (CFPB), limited English proficient (LEP) individuals run into challenges in the financial marketplace related to the language barrier. Some of these issues include dealing with technical documents available only in English or filling out crucial financial documentation. An example given, “Every word of a contract is part of the legal agreement – and this includes the small print found in the terms and conditions.” When people sign a contract without reading the “small print,” they could be accepting unwanted charges or may be missing benefits such as the opportunity to cancel agreements. (Time Finance).
Saving money, investing, and making informed decisions – both in the short and long terms – about health, homeownership, or the education of children, are just some of the opportunities underserved segments of the population could experience with the help and orientation of a competent bilingual or multilingual professional in the financial field. Lessening the historic wealth gap in minority populations and creating socio-economic mobility does not happen quickly. However, gaining customers’ trust for the organization you work for by using their preferred language is also a valuable way to provide financial education and becoming an asset to those you serve.
As stated in the article What is the Financial Sector?: “The health of the economy depends, in large part, on the strength of its financial sector. The stronger it is, the healthier the economy.” Hence the importance of providing English language learners (ELL) with financial expertise delivered by a proficient on-site bilingual or multilingual workforce. It only strengthens a financial institution’s ability to reach and impact more people.
If you are a finance professional interested in addressing the financial literacy needs of non-English speaking consumers and need to certify your language proficiency, please contact Language Testing International (LTI), the exclusive licensee of ACTFL, an authority in language proficiency assessments.
Sources
Consumer Financial Protection Bureau. “Five ways banks and lenders work with people who speak or understand limited English”, by Alice Chang, Dubis Correal and Holly Zaharchuk, Nov 22,2017. https://www.consumerfinance.gov/about-us/blog/five-ways-banks-and-lenders-work-people-who-speak-or-understand-limited-english/
Daisyme, Peter. “Financial Trends Closing the Wealth Gap and Bringing Inclusivity”. Entrepreneur, April 30, 2022. https://www.entrepreneur.com/article/426486
Kenton, Will. Financial Sector. “What Is the Financial Sector?” Investopedia. June 29, 2021. https://www.investopedia.com/terms/f/financial_sector.asp
Time Finance. “Reading the small print”. 12 August 2020. https://timefinance.com/time-blog/the-importance-of-reading-the-small-print
The World Bank. Financial Inclusion. Overview. Mar 29, 2022. https://www.worldbank.org
