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FInancial Literacy Experiment: Surveys of Pacific Islanders in New Zealand

Authors:David J. McKenzie , Bilal Husnain Zia  and John Gibson
Web Address:
Topics:Financial Sector
Report Number:wps6073

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.

To measure the impact of providing financial literacy training to migrants, a number of survey waves were conducted.  As a result, one could observe that training appears to increase financial knowledge and information seeking behavior and reduce the risk of switching to costlier remittance products, but does not change either the frequency or level of remittances.



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