Growing up, City of Hartford Treasurer Carmen Sierra said her parents never put their savings in a bank. Instead, they put that money in an envelope.
“My parents were the type that did their own little budget without being educated,” she said. “But they knew what the fixed expenditures [were] in order for you to live.”
Money management was not something that her family talked about, she said. Sierra had to learn about it later on in her adulthood.
Many Latino families tend to avoid discussing finances, Sierra said. She wants to make financial literacy accessible to those families through the Bilingual Financial Literacy Symposium in Hartford. The free event will take place May 31.
Without that accessibility, Sierra said many people will have to learn about money management through life experience, like she did.
At the age of 28, Sierra said she had to learn how to create a budget and save money on a monthly paycheck. She said she also learned the reality of paying a penalty when taking money out of a retirement savings plan too soon.
“But then I was able to buy my first home,” she said, through a first-time homebuyer program. “That was my so-called financial literacy.”
Workshops on financial fundamentals
Back in 2023, the treasurer’s office held its first symposium, which attracted more than 130 people. This time, Sierra said they’re anticipating a larger crowd.
Many people in the Hartford community want financial education, Sierra said.
“When I was doing door to door knocking, a lot of people in the community, especially as Latinos, [were] telling me, ‘We don't know where to start,’” she said.
This year’s symposium will offer workshops popular during the first event, Sierra said. That includes a session on how to build credit.
“You could have wonderful credit today, but you don't know what life is going to hit you and how your credit could change,” she said.
Another workshop will focus on home ownership. Some workshops, like ones about budgeting and the basics of investing, are designed for students, although parents are invited to attend with their kids.
New this year are workshops developed based on feedback from the last symposium: “Academy for Small Business” and “Debt Detox.”
Prioritizing comfort, accessibility
Creating a safe and open environment for attendees was a priority, Sierra said.
“I know that people from the Latino community, or a minority community, don't open up that quickly,” she said.
Presenters and organizers will remind attendees that there is no shame in not knowing anything about finances, Sierra said, and that this is the time to ask whatever questions you may have.
By sharing that up front, Sierra hopes attendees will feel comfortable.
Making the event accessible was crucial, since many in the community have certain needs that can prevent them from attending, Sierra said.
Spanish translators will be available. Childcare will also be provided, along with breakfast and lunch. Transportation will be provided for Hartford residents.
Attendees will also be able to bring home resources to help them start applying the skills they’ve learned.
Learn more
The Bilingual Financial Literacy Symposium is May 31 from 9:30 a.m. to 2 p.m. at the Sports and Medical Sciences Academy, 280 Huyshope Ave., Hartford.
Registration is required by May 24 via the Hartford City Treasurer website.
