Building Nuestro Futuro: Empowering Latinos Towards Financial Success

Navigating the path towards financial stability can be particularly challenging for Latinos in the U.S. due to various factors such as high-interest loans, limited credit history, and significant student loan burdens. 

Another common factor is that numerous Latino immigrants don’t utilize financial institutions for their banking needs. This tendency often arises from skepticism towards banks in their native countries and a general absence of financial literacy. Often, they prioritize using their resources for family care or their children’s education over setting aside funds for retirement. 

While many Latinos manage their finances diligently, there’s a noticeable absence of financial mentors in their communities to guide them on retirement planning or investment strategies.

With the purpose of helping solve this problem, JPMorgan Chase created an educational and motivational event called “Building Nuestro Futuro,” which aims to equip communities with the knowledge to build a robust economic foundation, offering tools to create a financial health journey.

About “Building Nuestro Futuro”

“Building Nuestro Futuro” took place on October 7th, 2023, in Los Angeles, California, and was filled with powerful conversations with JPMorgan Chase professionals, celebrities, and financial health influencers. With a blend of engaging discussions, one-on-one consultations, and networking opportunities, this summit is a must-attend for anyone looking to enhance their financial journey.

Featured Speakers and Experts

The event boasted a lineup of renowned personalities:

• John Leguizamo, award-winning actor, producer, and community advocate.
• Yanely Espinal, the Director of Next Gen Personal Finance.
• Richard Montañez, the retired Vice President of Multicultural Marketing and Sales at PepsiCo North America.
• Silvana Montenegro, the Global Head of Advancing Hispanics & Latinos at JPMorgan Chase.
• Alix Aspe, an award-winning journalist, TV host, producer, and content creator.

Silvana Montenegro and the Advancing Hispanic and Latinos Organization

During the event, we got the opportunity to sit down with Silvana Montenegro, the Global Head of Advancing Hispanics & Latinos at JPMorgan Chase, to get to know more about the Advancing Hispanic and Latinos Organization and to talk about the most common misconceptions about finances among the Hispanic and Latino communities.

Here is the Q&A we did with Silvana:

LATV: What is the mission of Advancing Hispanic and Latinos, JP Morgan Diversity, Equity, and Inclusion Organization?

Silvana: Advancing Hispanics and Latinos is an organization that is focused on promoting access and opportunities for Hispanics and Latinos to grow and thrive. We’re focused on opportunities for students to develop careers, employees to continue growing development, businesses to grow and scale, as well as communities to develop.

LATV: How was Building Nuestro Futuro born?

Silvana: Building Nuestro Futuro was one of the ways that we wanted to make sure that we are providing financial health education in the local communities. It’s a way to continuously develop trust in the community because sometimes people don’t think about banks as the first place to go to get information about financial health.

LATV: What do you want to achieve with an event like Building Nuestro Futuro?

Silvana: We want attendees to leave with valuable information, connect with resources and experts, and feel inspired and empowered to take charge of their financial health journey.

LATV: What are the most common misconceptions about financial health among the Hispanic and Latino communities?

Silvana: One misconception is that we don’t talk about money at the dinner table. Hispanics and Latinos significantly contribute to the U.S. economy and have tremendous buying power, but this isn’t always the narrative that’s shared.

LATV: How can individuals establish a strong credit foundation early on?

Silvana: It starts with information. Don’t spend more than what you have, pay your bills on time, and if you have a credit card, pay it in full. There are free tools available for people to check their credit scores regularly.

LATV: Where should someone who has never received a financial education begin?

Silvana: On our website, chase.com, we have numerous articles and resources available in both English and Spanish. We also offer workshops on financial health education topics in our community centers.

LATV: How does JPMorgan Chase play a role in assisting people from underserved communities in achieving their financial goals?

Silvana: JPMorgan Chase is committed to serving the community. We’ve made a $30 billion racial equity commitment to help close the racial wealth gap. We support affordable housing, small businesses and ensure diverse suppliers get a fair chance in securing contracts.

LATV: How do celebrities and influencers promote financial literacy within the Hispanic and Latino communities?

Silvana: Celebrities are a source of inspiration for our community. By sharing their stories, they call for action and remind Latinos and other communities of their power and potential.

LATV: What long-term initiatives is JPMorgan Chase planning to support underserved communities?

Silvana: We don’t look at these as initiatives but as commitments to drive lasting change. Our racial equity commitment, for instance, is woven into the fabric of how we do business.