Money makes the world go round, as the saying goes. However, for the deaf community in Colombia, accessing financial services can be daunting due to communication barriers and lack of accessibility. In this context, financial literacy and management become even more critical. In this article, we will discuss the challenges faced by the deaf community regarding financial services. We will also explore the financial services for the Deaf in Colombia and the future directions for improving accessibility and inclusivity.
The Current Economic State of Colombia
Colombia has a pro-market economy heavily relying on natural resources. Private enterprises dominate most of the economic activity. Despite the new direction going forward by President Gustavo Petro, Colombia remains one of the most unequal countries in Latin America. The wealth gap is between 0.55 and 0.6. The top 10% own ¾ of the economy, leaving the rest of the population with nothing. Inequality also increased during the COVID-19 pandemic. It’s been a problem that the government has been wrestling with for the past couple of years.
What are Financial Services?
Examples of financial services include insurance, investments, loans, online banking management, credit card companies, the stock market, financial advisors, and tax offices. They help people manage their money effectively. With effective money habits comes wealth management and economic stimulation. The strength of these financial sectors is also what gives a country prosperity. If financial services are weak, it can cause an economic crisis, an unstable financial system, and low consumerism.
Communication Barriers Faced by the Deaf Community
The number one reason for inaccessibility for the Deaf community is communication. There are over 1 million Deaf people in Colombia, around 3% of the total population. The Deaf community doesn’t use Spanish as their primary language. They use Lengua de Señas Colombiana (LSC), Lenguaje Manual Colombiano and Providence Island Sign Language. The development of LSC is traced back to ASL and Spanish Sign Language, according to linguistic resources. Lengua de Señas Colombiana became an official language by the Colombian government in 1996. Since then, some Deaf schools opened in Bogota and Cali, in addition to a growing interest in learning it. President Law 324 in 1996 gave the Deaf community the right to access interpretation services.
One of the biggest challenges is the communication barrier, particularly for Deaf customers in Colombia. Many banks in the country do not cater to Deaf customers who do not speak Spanish, leading to frustration and difficulties in using their services. Additionally, there may be a need for more interpreters available to help bridge the communication gap. Written communication is often ineffective since the financial process can be difficult to understand, especially if the Deaf person cannot read written Spanish. It can lead to misunderstandings and serious mistakes, making it imperative for financial institutions to find more effective ways to communicate with Deaf customers.
Discrimination and Limited Opportunities
The inequality that exists across socioeconomic and minority classes, from rich and poor to disabled, trickles down to access to the lack of physical infrastructure, leading to fewer options. Then there is also the documentation process, hefty fines, and insurance premiums. Deaf people can also be at a disadvantage and scammed easily for lack of financial literacy.
Existing solutions in Colombia
Interpretation Services
With the touch of a button, customers can do online banking or pay with a QR code. However, online banking and Deaf-friendly apps aren’t a thing in Colombia. The only thing Deaf people can rely on is interpretation services.
Multiple agencies like Centro De Relevo, InterpretingCo, and Pantoglot provide services to the Deaf community. They interpret at doctor’s appointments, conferences, emergency services, and virtually. These services help alleviate the complex consultations in any situation. It helps facilitate information so the Deaf can understand and eliminate the barriers that would otherwise make such services inaccessible. Some agencies also offer the services free of charge. Another great thing about the interpretation services is the consistent quality control. Interpreters consistently undergo training to provide the best possible outcome for the Deaf community.
Why the Deaf Need Financial Literacy Programs
What are the benefits of financial literacy? Well, that’s an easy one. It helps people make better financial decisions that could pave the way for a prosperous future. Financial literacy helps individuals budget, manage debt, and understand the function of credit cards, loans, investments, and retirement planning.
The Push to Improve Financial Literacy
An effective financial literacy program has the potential to transform an economy, which can lead to a prosperous nation. However, finances also have cross-cultural differences. Some countries are better than others at teaching good money habits from an early age or structuring a financially literate society. In Latin American countries, this is often different. In an article published by ProQuest, Financial Education in Colombia: Challenges from the Perception of its Population with Socioeconomic Vulnerability, the lack of financial education is a nationwide problem. In these countries, minorities are vulnerable and have little or no interest in saving because of issues with managing daily finances.
In Colombia, Challenges in Assessing the Effectiveness of Financial Education Programs: The Colombian case* also states that around 80% of Colombians can’t keep track of what they spent the week before, or face unexpected expenses that may arise. Around a decade ago, the World Bank established the FEP (Financial Education Program). It’s offered worldwide to help people understand their financial habits. Financial literacy is meant to be a right and accessible in Colombia. Institutions are supposed to offer it to people, but it doesn’t work out this way. Unfortunately, the FEP isn’t specifically designed for people who are impaired, which also makes accessibility difficult.
Because of all this, Colombia is ranked one of the lowest in the PISA Test (Programme for International Student Assessment). It’s a program that assesses students understanding in all core areas of life skills like science, math, reading, and economics, to name a few. Students have little understanding of financial basics because they lack access to them. The research conducted concluded about this test is that there is a strong connection between socioeconomic background and the concept of saving money.
Potential solutions
Collaborations between Financial Institutions and Deaf Organizations
A solution for the Deaf is building a strong foundation for financial literacy programs. One such collaboration is between the FENASCOL (federación Nacional de Sordos de Colombia) and Banco de Bogota. It’s a start to what could be a robust financial literacy program in LSC for the Deaf to learn about financial management for personal or business. The videos are on YouTube with an LSC interpreter.
Hiring Deaf Employees in Financial Services
According to the Executive Summary of the Alternative Report of Organizations of People with Disabilities on Compliance with the SDGs by the State of Colombia, there is still a low level of employment for Deaf people in Colombia due to lack of access to proper education, information, and not enough support for job placement from Deaf organizations. If Deaf people had more access to work in places like banks, it could help improve the industry or improve financial interactions.
Colombia must recognize the rights of the Deaf community to access basic services involving their financial matters. Financial literacy and management are critical for the Deaf community, to lead a comfortable life and contribute to the country’s economic growth and development. The Colombian government has taken steps in the right direction, such as recognizing Lengua de Señas Colombiana as an official language and providing interpreters. However, there’s more to do to improve accessibility and inclusivity. The Federación Nacional de Sordos de Colombia’s initiative with financial literacy courses is a positive step towards increasing digital literacy and improving accessibility to financial services. It is crucial to address the needs of the Deaf community to increase savings, expand investments, and lead to job creation, among other things, ultimately contributing to the country’s prosperity.
More information on financial literacy in the Deaf community can be found at https://unspokenasl.com/
Thumbnail Photo by Jose Vasquez
