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The Impact of Financial Literacy Training for Migrants

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Author Info

  • John Gibson

    () (University of Waikato)

  • David McKenzie

    () (World Bank)

  • Bilal Zia

    () (World Bank)

Abstract

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 reduces the risk of switching to costlier remittance products but does not change either the frequency or level of remittances.

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File URL: http://www.cream-migration.org/publ_uploads/CDP_16_12.pdf
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Bibliographic Info

Paper provided by Centre for Research and Analysis of Migration (CReAM), Department of Economics, University College London in its series CReAM Discussion Paper Series with number 1216.

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Date of creation: May 2012
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Handle: RePEc:crm:wpaper:1216

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Keywords: Financial literacy; Remittances; Migration.;

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References

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  1. Carpena, Fenella & Cole, Shawn & Shapiro, Jeremy & Zia, Bilal, 2011. "Unpacking the causal chain of financial literacy," Policy Research Working Paper Series 5798, The World Bank.
  2. David J. McKenzie & Johan Mistiaen, 2009. "Surveying migrant households: a comparison of census-based, snowball and intercept point surveys," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 172(2), pages 339-360.
  3. John Gibson & Geua Boe-Gibson & Halahingano Rohorua & David McKenzie, 2007. "Efficient remittance services for development in the Pacific," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 14(2), pages 55-74, December.
  4. John Gibson & David McKenzie & Steven Stillman, 2013. "Accounting for Selectivity and Duration-Dependent Heterogeneity When Estimating the Impact of Emigration on Incomes and Poverty in Sending Areas," Economic Development and Cultural Change, University of Chicago Press, vol. 61(2), pages 247 - 280.
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Cited by:
  1. Lührmann, Melanie & Serra-Garcia, Marta & Winter, Joachim, 2012. "The effects of financial literacy training: Evidence from a field experiment with German high-school children," Discussion Papers in Economics 14101, University of Munich, Department of Economics.

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