Shinhan supports multicultural families

By Kang Seung-woo

With more and more Koreans marrying foreigners, supporting multicultural families has become one of the key issues here not only for the government but also for society.

The government and local companies are joining efforts to help them settle properly after finding that their problems are becoming more and more serious. Multi-ethnic families are facing a number of challenges such as culture differences and language barriers.

Shinhan Financial Group, the nation’s third largest financial group, and its subsidiaries, are taking a leading role in supporting multi-cultural families by offering a variety of services, such as financial aids and finance education programs.

A multicultural household refers to a family in which the two parents have different cultural and ethnic backgrounds and they confront problems which have to do with language and economy in the process of their settlement here. According to Statistics Korea, the number of multicultural families in Korea climbed from 140,000 in 2008 to 167,000 in 2009.

First of all, as part of efforts to help them secure financial independence, the group provides an education program on finance for multicultural households under the supervision of JA Korea (Junior Achievement Korea), a non-profit educational institution on economy.

The education program is focused on mapping out household budgets and counseling about property planning, as well as teaching basic financial knowledge.

Unlike one-way lectures, the program is a kind of hands-on education composed of games and activities, which encourage everyone to participate regardless of their language skills.

For the program, the financial services company sends instructors and college students, who serve as a mentor, to multicultural centers across the country. On each visit, they offer two six-hour lectures.

Since the financial education started in Goesan, North Chungcheong Province in October 2009, it has been offered in 13 regions including Seoul, Daegu, Incheon and Jeonju, North Jeolla Province, inviting more than 500 married immigrant wives.

In addition, the financial group offers prizes to outstanding candidates.

It offered a free trip to Jeju Island for 15 couples in March and supported five Vietnamese wives and their interracial households in visiting their home country in June, which were poignant acts for those who were not able to visit their families due to economic conditions.

Shinhan’s work did not stop here, as its banking units have joined the holding firm.

Jeju Bank invited 25 married migrants and carried out nine economy classes in June and July, on lessons that are essential in their everyday life.

Shinhan Bank also formed a volunteer group, composed of 25 employees, and has offered financial education to immigrant workers and wives.

The team visits Ansan Migrant Center and gives counseling on financial information and technology.

One of its branches in Ansan, Gyeonggi Province opens on Saturday and Sunday to offer foreign currency services to the migrant workers.