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The city of Los Angeles launched a new Financial Literacy Hub<\/a> to teach young people how to save better, invest and spend their dollars. The resource is in response to federal immigration sweeps<\/a> that have left some families without their heads of households.<\/p>\n The partnership<\/a> is between the city and an existing app by Suma Wealth.<\/p>\n Councilmember Monica Rodriguez launched the free financial tool Wednesday. She said young people have been struggling to navigate finance before the Trump administration, but that the urgency has changed.<\/p>\n \u201cSo many families, because of their mixed status, are now finding themselves in a circumstance where their young children are now having to, overnight, become the head of households,\u201d Rodriguez said.<\/p>\n How it works<\/p>\n The SUMA app offers short videos, budgeting resources and worksheets aimed at teaching young people how to budget, build credit, save money and make smart financial decisions.<\/p>\n Those who complete the ten-module course earn a Certificate of Financial Literacy from the city and SUMA Wealth<\/a>.<\/p>\n There\u2019s also a financial guide for immigrant families<\/a> facing deportation. It includes steps families can take to protect their finances and prepare for emergencies such as how to manage bank accounts, safeguard access to funds, assign power of attorney and avoid scams. The guide is also in Spanish.<\/a><\/p>\n Why it matters<\/p>\n The app was built with young people in mind, Beatriz Acevedo, CEO and co-founder of Suma Wealth, said.<\/p>\n Acevedo knows what it means to be the immigrant, English-speaking child who becomes the family\u2019s medical assistant, lawyer, translator and financial advisor, she said.<\/p>\n \u201c\u200aWe 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,\u201d Acevedo said. \u201cWe know that there is a lot on your shoulders, a lot of pressure to not only navigate your own finances, but the finances of your parents.\u201d<\/p>\n