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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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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recordtype	oai_dc
spelling	okr-10986-93482021-04-23T14:02:45Z The Impact of Financial Literacy Training for Migrants Gibson, John McKenzie, David Zia, Bilal 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 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. 2012-06-29T21:51:14Z 2012-06-29T21:51:14Z 2012-05 http://documents.worldbank.org/curated/en/2012/05/16273254/impact-financial-literacy-training-migrants http://hdl.handle.net/10986/9348 English Policy Research Working Paper; No. 6073 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	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
spellingShingle	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 Gibson, John McKenzie, David Zia, Bilal The Impact of Financial Literacy Training for Migrants
relation	Policy Research Working Paper; No. 6073
description	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.
format	Publications & Research :: Policy Research Working Paper
author	Gibson, John McKenzie, David Zia, Bilal
author_facet	Gibson, John McKenzie, David Zia, Bilal
author_sort	Gibson, John
title	The Impact of Financial Literacy Training for Migrants
title_short	The Impact of Financial Literacy Training for Migrants
title_full	The Impact of Financial Literacy Training for Migrants
title_fullStr	The Impact of Financial Literacy Training for Migrants
title_full_unstemmed	The Impact of Financial Literacy Training for Migrants
title_sort	impact of financial literacy training for migrants
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2012/05/16273254/impact-financial-literacy-training-migrants http://hdl.handle.net/10986/9348
_version_	1764409223934902272

The Impact of Financial Literacy Training for Migrants

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