Financial Literacy Gets a Gen Z Makeover in LA—all thanks to SUMA Wealth
SUMA Wealth, the fintech startup founded by Beatriz Acevedo, has partnered with the City of Los Angeles to launch a new Financial Literacy Hub designed specifically for young people navigating the pressures of managing household finances. The initiative comes at a critical time, as many teens and young adults from mixed-status families are being thrust into adult roles overnight—handling savings, budgets, and bills without much support.
Acevedo, who knows firsthand what it’s like to grow up as the English-speaking child of immigrant parents, built SUMA to be relatable and fun. “We wanted to build something that felt fun, that felt engaging, that wasn’t boring, that we could talk about Bad Bunny and at the same time how you can invest,” she told LAist. “There is a lot of pressure to not only navigate your own finances, but the finances of your parents.”
Courses, Certifications, and Real-World Tools
The SUMA app offers short, culturally relevant videos, budgeting worksheets, and interactive tools covering credit, saving, and smart spending. Those who complete its ten-module course earn a Certificate of Financial Literacy from both the City of L.A. and SUMA Wealth—a credential that’s both symbolic and practical.
The platform also includes a dedicated financial guide for immigrant families facing deportation. It covers essential topics like managing bank accounts, assigning power of attorney, and avoiding financial scams. The guide is available in both English and Spanish.
Why It Matters
Latino families contribute significantly to California’s economy—undocumented workers alone account for nearly 8% of the state’s workforce. “But I want to see those stats change,” said Acevedo. “That our communities are also the ones who are saving the most. That our communities are the ones who are investing the most, because we know that wealth is power.”
By giving young people the knowledge and tools to manage money with confidence, SUMA is doing more than teaching finance—it’s helping shift the narrative of who builds and holds wealth in America.
📚 Read the full article on LAist
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