Navigating financial systems is second nature to many, but for immigrants and refugees, financial struggles often stem from a lack of understanding or access to these systems. Miguel Quiñones, a PhD student at the University of Minnesota, is determined to change this.
Quiñones’ research focuses on “family financial socialization”—how families learn and teach financial habits, values, and attitudes. In particular, his studies look into how immigrant families and cultural backgrounds shape someone’s financial adaptation in the U.S. His long-term goals include developing family-centered financial education programs and equipping marginalized families with the tools to achieve their dreams.
To further these goals, Quiñones, a student in the College of Education and Human Development’s Department of Family Social Science, is collaborating with two local nonprofits to create a responsive financial education program for immigrant and refugee adults in the Twin Cities.
“These learners come from diverse countries, speak different languages, and have varying levels of financial knowledge,” says Quiñones. “What unites them is their shared desire to thrive in the U.S.”
The two nonprofits—Minnesota Financial Empowerment Initiative (MNFEI) and Learning in Style (LIS)—help ensure the curriculum reflects the learners' unique needs. Quiñones and his collaborators gather feedback from students to keep the program relevant and adaptable.
These partnerships began in February 2024 after Quiñones presented on culturally responsive financial education for the Minnesota Council on Economic Education. MNFEI Director Jack Hansen was impressed and reached out, eventually inviting Quiñones to join their board.
MNFEI focuses on providing high-quality, no-cost financial literacy education to underserved populations.
“Miguel has played a pivotal role in tailoring content to meet the unique needs of the student population we are serving,” says MNFEI Executive Director Tina Oertli. “He is passionate about giving every individual the confidence, in addition to education, to make financial decisions to better their lives and the lives of their families.”
Quiñones was introduced to LIS through MNFEI. LIS supports immigrant and refugee adults with English classes, job training, and life skills. Students in LIS come from more than 30 countries and have varied experiences with American financial systems, making them vulnerable to fraud or legal mistakes. Financial education, says LIS Program Director Elisabeth O’Toole, helps students take advantage of financial opportunities.
Reimagining financial education
Together, Quiñones, MNFEI, and LIS have piloted a financial education program that reimagines how financial literacy is taught. Rather than emphasizing financial independence and self-sufficiency, the program centers on cultural strengths such as mutual aid and financial interdependence.
“These strengths are recognized as crucial to building financial well-being, creating an inclusive and relevant definition of financial success,” Quiñones says.
A key feature of the program is its community setting, where learners support one another, ask questions freely, and define their own financial goals. Quiñones emphasizes a participatory approach, where learners shape the curriculum based on their own priorities.
“Importantly, Miguel began the project by soliciting ideas and interests from the students themselves: rather than determine the class topics himself, he asked them what they felt they needed and then designed the course to respond to their interests,” O’Toole says.
The program’s culturally responsive approach is essential because traditional financial education often follows a one-size-fits-all approach based on middle-class norms, which doesn’t suit the needs of immigrant and refugee families.
“These families face unique challenges that aren’t addressed by mainstream programs,” Quiñones says. “To make a meaningful impact, financial education needs to be inclusive and tailored to their realities. Money is an emotional topic, but many traditional programs fail to acknowledge this. Financial struggles can cause stress, shame, or even trauma, particularly when shaped by cultural backgrounds and migration experiences. Ignoring these emotional and cultural factors leaves families feeling unsupported and misunderstood.”
Education alone cannot overcome these systemic issues, but it can help equip families with strategies to navigate them.
“Ultimately, I hope this program helps learners create long-lasting financial well-being for their families. I want to see families grow stronger and their money grow longer,” Quiñones says.
This is based on a story from the College of Education and Human Development.
