Money transfers and financial education 2

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  • 1. Money transfers and financial education Migration in ACP Countries :Promoting Development and Enhancing Protection
  • 2. Objectives Overview of the main aspects of the phenomenon of money transfers, the latest trends and challenges with respect to development Reflection on possible actions that could be taken to improve the management of transfers and their impact on economic and social development Specific focus on financial education as an area of possible action to be developed concerning migrants and their families Migration in ACP Countries : Promoting Development and Enhancing Protection
  • 3. Financial education Why? What is it? What to do and how? Migration in ACP Countries : Promoting Development and Enhancing Protection
  • 4. Why does it matter?• Individuals increasingly have to assume full responsibility for making complex savings decisions as well as about the resulting risks, operations which previously had been at least shared with the State or employees, such as investing for their retirement or the higher education of their children.• Moreover, they are asked to be able to weigh up the risks and make responsible choices in a financial market that is becoming increasingly sophisticated.Risks of over-indebtedness… Migration in ACP Countries : Promoting Development and Enhancing Protection
  • 5. Financial education… What is it?Financial education is intended to:• Make “enlightened” choices on long-term objectives and their financial implications, particularly linked to the migration experience• Allow women, like men, to manage their money using budgetary planning• Improve the ability to save by using a budget• Use financial products and services more confidently• Develop risk management strategies This covers the aspects of knowledge, skills and behaviour Migration in ACP Countries : Promoting Development and Enhancing Protection
  • 6. The ILO’s experience with the issueAs part of various technical cooperation projects, the ILO has developed tools for financial education training for migrants and their families: Migration in ACP Countries : Promoting Development and Enhancing Protection
  • 7. Tools to be adapted according to:Target groups:• For youth: Nepal, Indonesia• For women: Cambodia, Mongolia, Indonesia• For migrants and their families: Senegal, Moldova, Indonesia and Cambodia• For MFI clients: Vietnam, Honduras, Cambodia• For insurance company clients: Kenya, Brazil, ColombiaCommunication methods:• By financial institutions– MFI, banks, but also insurance companies• By NGOs, service providers to the company• By public bodies• By the mass media Migration in ACP Countries : Promoting Development and Enhancing Protection
  • 8. Financial education of migrants and their families Why? Entry point: money transfers and their crucial place in migration (both as a reason to migrate as well as anexpression of migration and the impact of migration on the communities of origin).Migrants often come from countries with low financial inclusion and areunfamiliar with financial products and services and the variety offinancial institutions and thus face a significant challenge in managingtheir income and expenses Migration in ACP Countries : Promoting Development and Enhancing Protection
  • 9. The following are the objectives of a financial educationtool for migrants and their families:• Preparing migrant workers and their families to deal with financial responsibilities, particularly those linked to the migrant experience and to give them tools to make better financial decisions• Reinforcing attitudes that lead to greater savings, as well as more responsible spending and credit use behaviour• Promoting equality between men and women and strengthening the role of women in the family’s decision-making process linked to budgeting and migration Migration in ACP Countries : Promoting Development and Enhancing Protection
  • 10. Presentation of the model structure of a financial education toolModule structure:• Module A: Methodological introduction• Module B: Setting objectives and communicating them within the family• Module C: Managing its budget intelligently and efficiently• Module D: Financial products and services• Module E: Financial institutions and money transfers• Module F: Risk management and insurance Migration in ACP Countries : Promoting Development and Enhancing Protection
  • 11. Thank you for listening Migration in ACP Countries : Promoting Development and Enhancing Protection