Financial literacy and remittance behavior of skilled and unskilled immigrant groups in Australia
Studies of financial literacy show that many people are poorly prepared for making major financial decisions. One important sub-group rarely examined by financial literacy studies is immigrants, who have specialized financial needs related to remittances. This paper examines variation in financial literacy amongst two actively remitting immigrant groups in Australia – Sri Lankans and Samoans – using surveys designed and supervised by the authors. Paying attention to remittance-related and credit-related literacy, large gaps in the level of financial literacy of the two groups are shown, which are due especially to differences in educational attainment. The wide variation in transactions costs of various remittance channels suggest that many immigrants could save several hundred dollars per year if improved financial literacy helped to produce more efficient remittance choices.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- David Neumark, 1987.
"Employers' discriminatory behavior and the estimation of wage discrimination,"
Special Studies Papers
227, Board of Governors of the Federal Reserve System (U.S.).
- David Neumark, 1988. "Employers' Discriminatory Behavior and the Estimation of Wage Discrimination," Journal of Human Resources, University of Wisconsin Press, vol. 23(3), pages 279-295.
- McKenzie, David J. & Mistiaen, Johan, 2007.
"Surveying migrant households : a comparison of census-based, snowball, and intercept point surveys,"
Policy Research Working Paper Series
4419, The World Bank.
- 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.
- McKenzie, David & Mistiaen, Johan, 2007. "Surveying Migrant Households: A Comparison of Census-Based, Snowball, and Intercept Point Surveys," IZA Discussion Papers 3173, Institute for the Study of Labor (IZA).
- Anna Paulson & Sherrie Rhine, 2008. "The Financial Assimilation of an Immigrant Group: Evidence on the Use of Checking and Savings Accounts and Currency Exchanges," Journal of Family and Economic Issues, Springer, vol. 29(2), pages 264-278, June.
- Gibson, John & McKenzie, David & Zia, Bilal, 2012.
"The impact of financial literacy training for migrants,"
Policy Research Working Paper Series
6073, The World Bank.
- John Gibson & David McKenzie & Bilal Zia, 2014. "The Impact of Financial Literacy Training for Migrants," World Bank Economic Review, World Bank Group, vol. 28(1), pages 130-161.
- 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.
- Mathia Sinning & Markus Hahn & Thomas K. Bauer, 2008. "The Blinder–Oaxaca decomposition for nonlinear regression models," Stata Journal, StataCorp LP, vol. 8(4), pages 480-492, December.
- John Gibson & David McKenzie & Halahingano Rohorua, 2006. "How Cost Elastic are Remittances? Estimates from Tongan Migrants in New Zealand," Working Papers in Economics 06/02, University of Waikato, Department of Economics.
- Annamarie Lusardi & Olivia S. Mitchell, 2005.
"Financial Literacy and Planning: Implications for Retirement Wellbeing,"
wp108, University of Michigan, Michigan Retirement Research Center.
- Annamaria Lusardi & Olivia S. Mitchell, 2005. "Financial Literacy and Planning: Implications for Retirement Wellbeing," CeRP Working Papers 46, Center for Research on Pensions and Welfare Policies, Turin (Italy).
- Annamaria Lusardi & Olivia S. Mitchell, 2006. "Financial Literacy and Planning: Implications for Retirement Wellbeing," DNB Working Papers 078, Netherlands Central Bank, Research Department.
- Annamaria Lusardi & Olivia S. Mitchell, 2011. "Financial Literacy and Planning: Implications for Retirement Wellbeing," NBER Working Papers 17078, National Bureau of Economic Research, Inc.
- Karunarathne, Wasana & Gibson, John, 2014.
"Financial literacy and remittance behavior of skilled and unskilled immigrant groups in Australia,"
Journal of Asian Economics,
Elsevier, vol. 30(C), pages 54-62.
- Wasana Karunarathne & John Gibson, 2013. "Financial Literacy and Remittance Behavior of Skilled and Unskilled Immigrant Groups in Australia," Department of Economics - Working Papers Series 1170, The University of Melbourne.
- Oaxaca, Ronald L. & Ransom, Michael R., 1994. "On discrimination and the decomposition of wage differentials," Journal of Econometrics, Elsevier, vol. 61(1), pages 5-21, March.
- 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.
- 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.
- Diana J. Beal & Sarath B. Delpachitra, 2003. "Financial Literacy Among Australian University Students," Economic Papers, The Economic Society of Australia, vol. 22(1), pages 65-78, 03.
When requesting a correction, please mention this item's handle: RePEc:eee:asieco:v:30:y:2014:i:c:p:54-62. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Shamier, Wendy)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.