CRAIG T. KOJIMA / CKOJIMA@STARBULLETIN.COM
Central Pacific Bank is teaming up with the Hawaii Korean Chamber of Commerce and the Korean American Coalition in launching a program called Money Smart. From left: Taeyong M. Kim, president of the Hawaii Chapter of the Korean American Coalition; Linda Ortega, Federal Deposit Insurance Corp.; Daniel J.Y. Pyun, president of the Hawaii Korean Chamber of Commerce; and Clint Arnoldus, chairman, president and chief executive of Central Pacific Bank.
Koreans to hone
money skillsCentral Pacific Bank is launching
a program in conjunction with
this weekend’s festival
Sin Lee, a Korean immigrant who came to Hawaii in 1999 with the dream of a better future, said America is the land of opportunity but only if you understand the language -- of finance and banking, that is.
"I'm not an economist, I don't know about the economy, but I do know to survive in this society you have to know abut the financial system," said Lee, who is attending Hawaii Pacific University and attempting to open his own auto body shop.
Lee has got big dreams. That's why he has enrolled in the Korean-language version of the Money Smart program, which teaches the basics of financial education to minority and low-income communities throughout the United States. The 10-class program, which is going to be offered at Central Pacific Bank, was developed by the Federal Deposit Insurance Corp. to help adults enhance their money skills and create positive banking relationships. The Hawaii Korean Chamber of Commerce and the Hawaii Chapter of the Korean American Coalition are partnering with Central Pacific Bank to deliver the program to Korean-speaking residents. The program is being launched just prior to the start of the Korean festival, which will be celebrated today and tomorrow at Kapiolani Park.
Just over a century ago, the first wave of Korean immigrants to the United States came to Hawaii. The arrival of 102 Korean immigrants aboard the SS Gaelic when it docked Jan. 13, 1903, in Honolulu was front-page news in the Hawaiian Star. Island people speculated on what kind of life these newcomers would build.
Today, immigrants like Sin Lee are still making their way to Hawaii's shores with the vision of building a better life. But despite Hawaii's Aloha spirit, it takes money smarts to keep their dreams alive.
"It is especially fitting that Korean Money Smart should be taught in Hawaii, which was the first point of entry for Korean immigration to the United States in 1903," said Don Powell, FDIC chairman. "Knowledge of the U.S. banking system gives people the ability to better leverage their personal and business financial interests and puts them on the road to economic self-sufficiency."
Helping people become more knowledgeable about money is a win-win situation for everyone, said Clint Arnoldus, president, chairman and chief executive officer of Central Pacific Bank.
The more people know about credit and banking services, the more likely they are to increase savings, buy homes and improve their financial health and well-being. The Money Smart curriculum helps individuals build financial knowledge, develop financial confidence and use banking services effectively, Arnoldus said.
Classes will begin in February at Central Pacific's Makiki and Mapunapuna branch locations. Since the introduction of Money Smart in 2001, more than 175,000 people have completed the course nationwide. The program is currently available in English, Spanish, Chinese, Korean and Vietnamese.
The Korean version, which kicked off last year in Los Angeles, was enthusiastically received, said Linda Ortega, FDIC spokeswoman. More than 250 people have graduated from the program in the last four months, she said.
The program is also likely to be well-received in Hawaii, said Daniel J.Y. Pyun, president of the Hawaii Korean Chamber of Commerce. It's the perfect opportunity for Hawaii's Korean-speaking community to learn and be money smart for their financial future, he said.
"Koreans have a well-deserved reputation for having a strong entrepreneurial effort. Unfortunately, that's not always coupled with needed basic financial education," Pyun said.
The Money Smart program gives Hawaii's Korean-speaking population the chance to enhance their education with basic financial knowledge, said Taeyong M. Kim, president of the Hawaii Chapter of the Korean American Coalition.
That knowledge is critical to newcomers, said Sharlene Min, branch manager of Central Pacific's Mililani location and one of the Korean-speaking instructors of the program. Born in Korea, Min moved to Hawaii in 1989 and said that experience gave her perspective on the difficulties Korean-speaking newcomers can face in learning a new banking and financial system.
"There are big differences between the Korean banking system and the American systems," Min said. "Korea is a cash-based society and many immigrants don't know how to use a checking account or the importance of establishing credit."
Even immigrants who have lived in Hawaii a long time may still have trouble obtaining the best loan rates or learning how to finance a home or a business without education, she said.
George Yi, who immigrated to Hawaii from South Korea 16 years ago, has been able to build a construction business, but he still wants to know more about his financial options in this new land. Yi, who is in the process of buying a home, is especially interested in the home-buying segment of the program as well as the credit section.
"Everything is different here. The language, the culture, the people," Yi said. "This program is a good thing for a person to know."
Having more money smarts might even help him expand his business, he said.
For information about Money Smart, call 544-0500.
