Mar Ramirez knew nothing about financial literacy growing up in Caguas, Puerto Rico.
“My parents, they were always making loans, debts and things like that,” Ramirez said with a chuckle and quick apology to her parents. “I did not have any knowledge about how to manage money, money tips, [or] how to save.”
Ramirez aims to make financial literacy more accessible to Connecticut’s Latino communities with her insurance agency, Loyalty Insurance Marketing Group. The business is opening its new office in Hartford on Thursday, March 25.
“When I came to Connecticut, I saw a huge need, especially in the Latino community,” Ramirez said. “I want to educate people [on] how to manage money better, how to save for emergency funds, how to save for retirement planning and in a strategic way.”
Ramirez’s insurance agency provides financial education, insurance guidance, and retirement planning through personalized services offered in English and Spanish.
More often than not, Ramirez said the education gap came down to language barrier.
“[Latinos] didn't have the information because they didn't understand it,” she said. “Even though I help everyone, the majority of the people that I have helped, 70% are Latinos, because I saw that community was underserved.”
According to the TIAA Institute-GFLEC Personal Finance Index, Hispanics generally show lower “personal finance knowledge” than that of other U.S. adults. However, U.S.-born Hispanics generally have greater financial literacy than foreign-born Hispanics.
Bridging the money gap
While working as a financial advisor with members of Connecticut’s Latino communities, Ramirez saw the impact financial issues had on people’s health.
“I remember a lot of people that had diabetes, they didn't use their medication because it was too expensive because of the money problem,” Ramirez said.
Now, Ramirez goes beyond her insurance marketing business to teach Latinos about money.
“I educate people in money tips, retirement plans, what the types of retirement plans are out there, how to manage your money better, about Medicare, about tax [and] stock strategy,” Ramirez said, even though she makes it clear that she is not a tax advisor.
She does all this through social media and seminars. Ramirez says she hosts free workshops for people to learn more about finances. She also posts financial tips and updates on platforms like Instagram.
“In October, we're going to start helping people with Medicare enrollment,” so Latinos and others can navigate any changes they may encounter during Oct. 15 to Dec. 7, 2026 enrollment window, Ramirez said.
One of Ramirez’s hopes in providing this content, she said, is to encourage Latinos to talk more about money and dispel the taboo around finances and life insurance.
“We [Latinos] are very superstitious. If we talk about [life insurance] or debt, we're gonna be dead,” Ramirez said. “Also, they don't trust insurance companies.”
Ultimately, Ramirez said she wants Latinos to know how to handle their money with actionable steps.
“Education followed by action is powerful,” Ramirez said. “You can have all the knowledge you want, but if you don't put it into action, there's nothing.”
Once you know what to do, Ramirez said you can feel assured about your future and that of your family, values that she said are fundamental in Latino cultures.
“Money,” Ramirez said, “gives freedom and gives solutions.”
Learn more
Loyalty Insurance Marketing Group is hosting a ribbon-cutting event for its grand opening this Thursday, June 25, at 11 a.m. at 645 Farmington Avenue, Hartford, CT.
You can find more educational content and information on the agency’s Facebook and Instagram.
