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The impact of financial literacy training for migrants

Author:	Gibson, John; McKenzie, David; Zia, Bilal;	Collection Title:	Impact Evaluation series ; no. IE 57Policy Research working paper ; no. WPS 6073
Country:	World;	Date Stored:	2012/05/17
Document Date:	2012/05/01	Document Type:	Policy Research Working Paper
Language:	English	Major Sector:	Finance
Rel. Proj ID:	1W-Impact Of Financial Literacy For Migrant Workers In New Zealand -- -- P121968;	Region:	The World Region
Report Number:	WPS6073	Sub Sectors:	General finance sector
SubTopics:	Financial Literacy; Access to Finance; Remittances; Education For All; Population Policies	TF No/Name:	TF096914-Financial Literacy for Migrant Workers
Volume No:	1 of 1	Related Dataset:	FInancial Literacy Experiment: Surveys of Pacific Islanders in New Zealand;

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.


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