LA2050 Grants Challenge applications are open now through June 28th, 2024.
2023 Grants Challenge

Igniting L.A.'s Economic Growth Through Financial Education

Latinos face long standing economic disparities and a persistent wealth gap. With the support of LA2050, we will expand our successful LA Dinero Bootcamp into a comprehensive bilingual program. This financial education initiative aims to help young Latinos by providing essential knowledge in areas such as saving, budgeting, debt management, and other critical financial concepts. By equipping young Latinos with these tools, we enable them to take charge of their financial future, enhance economic well-being, and reduce income inequality in LA.


What is the primary issue area that your application will impact?

Income Inequality

In which areas of Los Angeles will you be directly working?

County of Los Angeles

In what stage of innovation is this project, program, or initiative?

Expand existing project, program, or initiative

What is your understanding of the issue that you are seeking to address?

4.9M Latinos comprise 40% of L.A.'s population and contribute $60.1B to its economy, compared to 3.2M White and 794K African American. L.A. has the largest Hispanic population in the U.S. and is projected to reach 54% of the county by 2060. Data proves they have a massive impact in our economy and yet they have limited access to inclusive financial and entrepreneurial education. Cultural stigmas continue to hinder their personal economic growth and they are often underrepresented or excluded when it comes to money topics. 80% of new labor entrants in this decade will be Latinos, supporting them for economic advancement is vital. Latino opportunity youth need access to this education as it not only impacts them but their families, given their roles in managing family finances. Our program aims to solve the lack of access to financial education. Latino Youth are key drivers for sustainable economic advancement and a thriving future for Angelenos.

Describe the project, program, or initiative this grant will support to address the issue.

The L.A. Dinero Bootcamp is a transformative initiative that tackles income inequality head-on and empowers Latino youth to achieve economic advancement. Our program goes beyond traditional education by offering participants a comprehensive curriculum designed to be engaging and relatable. Through a series of dynamic videos, thought-provoking worksheets, accessible office hours, and a diverse range of topics, we equip attendees with essential skills and knowledge. The curriculum covers vital areas such as budget creation, debt reduction, saving strategies, credit improvement, and the establishment of a solid business foundation or side hustle. Attendees receive a certificate of completion from our partner Arizona State University. By breaking down complex concepts in a fun and culturally relevant manner, we ensure that participants can readily apply what they learn to their own lives. Our impact speaks for itself. Within just two years, we have made a profound difference in the lives of 4,002 Angelenos through our inclusive and culturally tailored learning experiences. Building on this success, we are now expanding the program to Spanish-speaking participants, ensuring accessibility to a broader audience. Our education not only equips participants with essential financial skills and knowledge but also fosters their innovative spirit by providing them with the necessary knowledge, skills, and resources such as office hours, we support them to overcome challenges and succeed.

Describe how Los Angeles County will be different if your work is successful.

Equipping Latino opportunity youth with financial knowledge empowers them to make better financial decisions, thus contributing to the reduction of economic disparities by breaking cycles of inequality. The success of the L.A. Dinero Bootcamp will positively impact hundreds of young Latinos in L.A. County. As a result, hundreds of families will gain access to financial knowledge and tools, thanks to our 3x multiplier effect. This means that reaching one Latino youth will indirectly benefit an additional three family members, amplifying the positive outcomes and multiplying the program's benefits throughout our L.A. community. Our vision is to foster a thriving community of Latinos who have overcome financial barriers, accessed resources, and built successful businesses. In the long term, we plan to scale by partnering with more Hispanic Serving Institutions and community colleges, aiming to incorporate our program into their curriculum with both live and online application options.

What evidence do you have that this project, program, or initiative is or will be successful, and how will you define and measure success?

Our program has successfully engaged a significant number of low-income participants, who reported an increase in financial knowledge and confidence from a rating of 6/10 to 8/10 after completing the program. Notably, 1,590 participants who took the "Talking Dinero with your Familia" lesson revealed their involvement in managing finances for up to three family members and expressed a strong need for Spanish content that empowers them to educate their loved ones. Responding to this demand, we applied for this grant with the aim of providing Spanish-language content.To measure our success, we have implemented a comprehensive evaluation framework. We collect quantitative data on participant demographics, personal finance understanding, and business knowledge. We gather qualitative data through surveys, interviews, focus groups, and testimonials. Participant feedback and satisfaction surveys offer valuable insights into their experiences, enabling us to make data-driven improvements.

Approximately how many people will be impacted by this project, program, or initiative?

Direct Impact: 250

Indirect Impact: 1,000