In 2023, an alarming 22% of U.S. adults surveyed reported estimated losses of more than $2,500 due to gaps in financial literacy1. These gaps can be even more significant for those navigating the U.S. financial system for the first time.
This April, Remitly is celebrating Financial Literacy Month by launching a new Financial Literacy Hub. Here, you’ll find tools to empower you to confidently navigate the U.S. financial system. Whether you’re preparing to open a bank account, build up your credit, or plan for the future, we’ve specifically tailored this library of resources to those saving, sending, and spending money abroad.
In the process of building Remitly’s new Financial Literacy Hub, we had the pleasure of catching up with Gene Nigro, Remitly’s VP of Global Business Development, about his own experience living abroad in Nicaragua, and traveling to over 180 countries around the world – and how it shaped his approach to money management.
“I was fortunate enough to learn about financial literacy from my family,” Gene said, but shared that, “it was a complex issue given the different degrees of economic development between the U.S. and Nicaragua.”
His advice for those navigating a new financial system? Start with the basics. “Budgeting, building and improving credit, saving, and wisely managing debt. These steps are fundamental to achieving financial well-being.”
Gene acknowledges that establishing yourself in a new country can take time. “The initial years in a new country can be tough, but establishing a financial foundation is critical… The biggest lesson I’ve learned is to always prepare for a rainy day. Because of this, I save a percentage of my income every month.” He says, “It’s about creating a buffer for the future and ensuring long-term financial resilience.”
We invite you to explore the new Financial Literacy Hub at Remitly.com.
1 According to a December 2023 U.S. survey of 1,540 respondents conducted by the National Financial Educators Council.
