The impact of financial literacy training for migrants
AbstractRemittances 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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Bibliographic InfoPaper provided by The World Bank in its series Policy Research Working Paper Series with number 6073.
Date of creation: 01 May 2012
Date of revision:
Financial Literacy; Access to Finance; Remittances; Population Policies; Education For All;
Other versions of this item:
- John Gibson & David McKenzie & Bilal Zia, 2012. "The Impact of Financial Literacy Training for Migrants," CReAM Discussion Paper Series 1216, Centre for Research and Analysis of Migration (CReAM), Department of Economics, University College London.
- F24 - International Economics - - International Factor Movements and International Business - - - Remittances
- O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
- C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
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- McKenzie, David & Mistiaen, Johan, 2007.
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Economic Development and Cultural Change,
University of Chicago Press, vol. 61(2), pages 247 - 280.
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- Bruhn, Miriam & Lara Ibarra, Gabriel & McKenzie, David, 2013. "Why is voluntary financial education so unpopular ? Experimental evidence from Mexico," Policy Research Working Paper Series 6439, The World Bank.
- Lührmann, Melanie & Serra-Garcia, Marta & Winter, Joachim, 2012. "Teaching teenagers in finance: does it work?," Discussion Papers in Economics 14101, University of Munich, Department of Economics.
- Miller, Margaret & Reichelstein, Julia & Salas, Christian & Zia, Bilal, 2014. "Can you help someone become financially capable ? a meta-analysis of the literature," Policy Research Working Paper Series 6745, The World Bank.
- John Gibson & Riccardo Scarpa & Halahingano Rohorua, 2013. "Respiratory Health of Pacific Island Immigrants and Preferences for Indoor Air Quality Determinants in New Zealand," Working Papers in Economics 13/09, University of Waikato, Department of Economics.
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