“Qualitas of Life has had a great impact on our lives. I came to this country to find a better way of life. In Qualitas of Life I found the guide I was looking for to plan, know how to distinguish between a need and a desire, and prioritize.” -Montse, Participant of Qualitas of Life
Since 2007, Qualitas of Life has provided financial education to more than 23,139 families, impacting around 104,222 people. Over the past ten years, Qualitas of Life has evolved from a small volunteer-run organization to a well-respected and sought-out nonprofit community partner. In order to reach the broad and diverse Hispanic community, we have expanded into New York, including all five boroughs, New Jersey, Vermont, Massachusetts, and Connecticut. We also partner with organizations in Massachusetts and Vermont to help support and educate the Hispanic communities throughout. We have provided more than 160 hours of training to 40 facilitators and created over 52 community-based alliances with organizations, government agencies, consulates, financial institutions, and media outlets in New York, New Jersey, Connecticut, Pennsylvania, Washington D.C., and California to better reach the Hispanic community.
Impact of the Program
In the evaluation conducted in 2016 we identified changes and improvements in knowledge, attitudes, and behaviors of our participants due to their attendance at the workshops:
- The majority of participants established a new financial goal.
- 75% of participants are able to distinguish between financial needs and desires.
- Establish priorities and realistic limits on their spending.
- Learn how to calculate their annual percentage rate.
- Learn to administer their debit and credit cards in a more financially responsible way.
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Qualitas of Life measured the impact across its program through a pre and post-evaluation survey; the outputs of the surveys show the level of readiness in participants and other indicators such as access to credit, banking status, financial goals, debt, among others. The results highlight the following:
-Graduation rate: 69.71% of participants completed the 8-session course successfully by attending six of eight sessions.
-Nationalities: 15 nationalities served, among them are: Mexico 57%, Colombia 11.4%, the Dominican Republic 7.8%, Ecuador 7.6%, Honduras 4%, United States 3.4%, Guatemala 3%, Peru 1.8%, Venezuela 1.6%; among others that represents less than 1% (El Salvador, Puerto Rico, Nicaragua, Bolivia, Argentina, and Uruguay).
-Gender: 86.6% of the participants of the financial education course identify as women. 13.2% identify as men.
-Average age: Average age of participants 38 years old.
-Average # of children per family: Average 2.2 children per family
-Average # of years living in the US: Average 13.5 years living in the US
-% Annual income:
30.88% Less than $6K
22.65% Between $6k and $12k
14.12% Between $12K and $24K
4.71% More than $24K
-% fixed income: 20.59% rely on a fixed monthly income.
-% of participants that do not have access to credit: 43.8% don’t have access to mainstream credit.
-# of people who completed a budget: 9 of 10 participants.
-# of people who established a SMART financial goal: 9 of 10 participants.
-# of people who increased financial knowledge: 8 of 10 participants.
-# of people who increased confidence in managing their finances: 10 of 10 participants.
You too can positively impact the Hispanic community