The Impact of Financial Literacy Training for Migrants

Remittances are a major source of external financing for many developing countries, but the cost of sending them remains high in many migration corridors. Despite efforts to lower these costs by offering new products and developing cost-comparison information sources, many new and promising inexpens...

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Main Authors:	Gibson, John, McKenzie, David, Zia, Bilal
Format:	Journal Article
Language:	en_US
Published:	Oxford University Press on behalf of the World Bank 2015
Subjects:	banking services budgeting community group contribution external financing family member financial literacy financial education mandate financial knowledge financial product financial system income level of education savings transaction
Online Access:	http://hdl.handle.net/10986/22560

id	okr-10986-22560
recordtype	oai_dc
spelling	okr-10986-225602021-04-23T14:04:09Z The Impact of Financial Literacy Training for Migrants Gibson, John McKenzie, David Zia, Bilal banking services budgeting community group contribution external financing family member financial literacy financial education mandate financial knowledge financial product financial system income level of education savings transaction Remittances are a major source of external financing for many developing countries, but the cost of sending them remains high in many migration corridors. Despite efforts to lower these costs by offering new products and developing cost-comparison information sources, many new and promising inexpensive remittance methods have relatively low adoption rates. The lack of financial literacy among migrants has been identified as one potentially important barrier to competition and new product adoption. 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 reduces the risk of switching to costlier remittance products, but it does not result in significant changes in the frequency of remitting or in the remitted amount. 2015-08-28T18:56:27Z 2015-08-28T18:56:27Z 2014-01-23 Journal Article World Bank Economic Review 1564-698X http://hdl.handle.net/10986/22560 en_US CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Oxford University Press on behalf of the World Bank Publications & Research Publications & Research :: Journal Article East Asia and Pacific Oceania Australia New Zealand
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	en_US
topic	banking services budgeting community group contribution external financing family member financial literacy financial education mandate financial knowledge financial product financial system income level of education savings transaction
spellingShingle	banking services budgeting community group contribution external financing family member financial literacy financial education mandate financial knowledge financial product financial system income level of education savings transaction Gibson, John McKenzie, David Zia, Bilal The Impact of Financial Literacy Training for Migrants
geographic_facet	East Asia and Pacific Oceania Australia New Zealand
description	Remittances are a major source of external financing for many developing countries, but the cost of sending them remains high in many migration corridors. Despite efforts to lower these costs by offering new products and developing cost-comparison information sources, many new and promising inexpensive remittance methods have relatively low adoption rates. The lack of financial literacy among migrants has been identified as one potentially important barrier to competition and new product adoption. 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 reduces the risk of switching to costlier remittance products, but it does not result in significant changes in the frequency of remitting or in the remitted amount.
format	Journal Article
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	Oxford University Press on behalf of the World Bank
publishDate	2015
url	http://hdl.handle.net/10986/22560
_version_	1764451418291306496

The Impact of Financial Literacy Training for Migrants

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