Economic Adjustment

We live in a fast changing and complex global economic environment. In this context, families are continually challenged to provide for the financial health and well-being of family members and to prepare for their financial security in later life.

Although all families face economic challenges, families who are especially financially vulnerable are those with limited and/or uncertain income streams and those who are new to the U.S. economy – immigrants and refugees.

One of the major challenges refugees face when they initially arrive in their new U.S. home is learning how to navigate a foreign financial system. Financial decisions and transactions in refugees’ home countries were often very local and very personal. Moreover, financial institutions were often weak at best or could not be trusted (Osili & Paulson, 2008). Now in America, they are faced with an unbelievably complex financial environment, one that is even difficult for U.S.-born English speakers to navigate without adequate knowledge and guidance (Bell & Lerman, 2005).

The current objectives of projects focused on economic adjustment and wellbeing in immigrant and refugee families are to: 1) gain a deeper understanding of the strengths and challenges that influence the development of financial capability and the goal of financial health in refugee families; and 2) develop a financial coaching model that is culturally relevant and situationally/temporally appropriate for recently resettled refugee families.

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