Building financial futures: Financial literacy and economic navigation among Bangladeshi migrants in Malaysia

This study investigates the impact of financial literacy on the economic mobility of Bangladeshi migrant workers in Malaysia, emphasizing how such literacy empowers them to navigate and alleviate the constraints presented by the country's financial landscape. The research is based on secondary data and thematic analysis to examine critical aspects, including financial behaviors, remittance patterns, digital financial inclusion, and culturally relevant support mechanisms that influence financial decision-making. Special attention is placed on the significance of community networks and financial literacy initiatives that respect migrants' cultural and religious beliefs, especially those consistent with Islamic finance principles. The results indicate that digital financial instruments substantially enhance migrants' capabilities by enabling secure remittance transfers and fostering increased interaction with formal banking systems. The integration of digital inclusion with focused financial education improves migrants' capacity to budget, save, and manage debt efficiently. The efficacy of financial education is significantly enhanced when presented in culturally relevant formats, particularly those that integrate Islamic banking principles. Financial literacy, when combined with digital financial inclusion and cultural alignment, plays a crucial role in attaining upward economic mobility among Bangladeshi migrants. This culturally customized strategy not only fosters trust and relevance but also promotes wider financial engagement and resilience among Bangladeshi migrants, thereby aiding their enduring financial stability and social integration within the host nation. The findings underscore the need for policymakers, financial institutions, and community organizations to design financial literacy programs that are culturally relevant to Islamic finance principles. By leveraging digital platforms and community networks, such initiatives can enhance financial resilience, expand engagement with formal banking systems, and support migrants in achieving sustainable economic mobility.