The Impact of Financial Literacy Training for Migrants

Remittances are a major source of external finance for many developing countries but the cost of sending remittances remains high for many migration corridors. International efforts to lower costs by facilitating the entry of new financial products and new cost comparison information sources rely he...

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Bibliographic Details
Main Authors:	Gibson, John, McKenzie, David, Zia, Bilal
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ACCOUNTING ADVERTISEMENTS ANNUAL INCOME ANNUAL PERCENTAGE RATE ANNUAL SAVING ANTI-MONEY LAUNDERING ANTI-MONEY LAUNDERING REGULATIONS APR ATM ATM CARD ATM CARDS ATM WITHDRAWALS ATTENDANCE RATE BANK TRANSFER BANKING SERVICES BANKS BIASES BORROWING BRAIN DRAIN BUDGETING BULLETIN CASH ADVANCE CIVIL CONFLICT COMMUNITY CENTERS COMMUNITY GROUPS COMPOUND INTEREST CONSUMER CONSUMER PROTECTION CONTRIBUTION COSTS OF REMITTANCES CREDIT CARD CREDIT CARDS CULTURAL CHANGE DEBIT CARD DEBIT CARDS DEBT DEBT MANAGEMENT DEVELOPING COUNTRIES DEVELOPMENT POLICY DIRECT DEBIT DISSEMINATION ECONOMIC DEVELOPMENT ECONOMIC IMPLICATIONS EDUCATION LEVEL EMIGRATION EQUALITY ETHICS ETHNIC GROUP EXCHANGE RATE EXTENDED FAMILIES EXTENDED FAMILY EXTERNAL FINANCE FAMILIES FAMILY MEMBERS FAMILY REUNIFICATION FINANCE COMPANIES FINANCIAL ACCESS FINANCIAL ACTIONS FINANCIAL BEHAVIOR FINANCIAL EDUCATION FINANCIAL EDUCATION PROGRAM FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL KNOWLEDGE FINANCIAL LITERACY FINANCIAL LITERACY EFFORTS FINANCIAL LITERACY TRAINING FINANCIAL MANAGEMENT FINANCIAL MATTERS FINANCIAL PRODUCTS FINANCIAL PROVIDER FINANCIAL SECTOR FINANCIAL SYSTEM FIRST LANGUAGE FORM OF CREDIT FORMAL TRANSFER SYSTEMS FORMS OF CREDIT GLOBAL DEVELOPMENT HEALTH PROBLEMS HIGHER EDUCATION HIGHER EDUCATION LEVELS HOME COUNTRIES HOME COUNTRY HOUSEHOLD INVESTMENT HOUSEHOLDS IMMIGRANT IMMIGRANTS IMMIGRATION INCOME INCOMES INFORMATION ON CREDIT INFORMED CONSUMERS INTEREST COST INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL EFFORTS INTERNATIONAL MIGRATION LACK OF AWARENESS LEARNING LITERACY COURSE LITERACY LEVELS LITERACY RATES LOW COST LOW COSTS LOW-INCOME LOW-INCOME CUSTOMERS MEDIA COVERAGE MICROFINANCE MIGRANT MIGRANT GROUPS MIGRANT POPULATIONS MIGRANTS MINIMUM PAYMENT MONEY TRANSFER MONEY TRANSFER OPERATOR MONEY TRANSFER OPERATORS MONEY TRANSFERS MONTHLY EXPENSES PAYDAY LENDERS PAYDAY LOAN PAYDAY LOANS POLICY DISCUSSIONS POLICY RESEARCH POLICY RESEARCH WORKING PAPER POPULATION GROUPS POST OFFICES QUESTIONNAIRE QUESTIONNAIRES RATE OF INTEREST REFUGEE REMITTANCE REMITTANCE AMOUNT REMITTANCE CHANNELS REMITTANCE CORRIDOR REMITTANCE CORRIDORS REMITTANCE COSTS REMITTANCE FLOWS REMITTANCE PRODUCT REMITTANCE PRODUCTS REMITTANCE RECEIVERS REMITTANCE SERVICES REMITTANCE TRANSACTION REMITTANCE TRANSACTIONS REMITTANCE TRANSFER REMITTANCE TRANSFERS REMITTANCES REMITTERS REPAYMENT SAVINGS SAVINGS ACCOUNTS SCHOOLING SEASONAL MIGRANTS SEND MONEY SEND REMITTANCES SOURCE OF INFORMATION SOURCES OF CREDIT TEACHING TERM CREDIT TRAINING COURSE TRAINING SESSION TRANSACTION TRANSACTION COSTS TRANSACTIONS COSTS TRANSFER COSTS TRANSFER FEES TRANSFER METHOD UNION UNIVERSITY EDUCATION URBAN AREA URBAN AREAS VOLUME OF TRANSFERS WAGE
Online Access:	http://documents.worldbank.org/curated/en/2012/05/16273254/impact-financial-literacy-training-migrants http://hdl.handle.net/10986/9348

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Summary:	Remittances are a major source of external finance for many developing countries but the cost of sending remittances remains high for many migration corridors. International efforts to lower costs by facilitating the entry of new financial products and new cost comparison information sources rely heavily on the financial literacy of migrants. This paper presents the results of a randomized experiment designed to measure the impact of providing financial literacy training to migrants. Training appears to increase financial knowledge and information seeking behavior and reduce the risk of switching to costlier remittance products. But it does not change either the frequency or level of remittances.

The Impact of Financial Literacy Training for Migrants

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