2. Before you start, let’s ask and answer two key questions: What is financial education? Why is it important? The answers to these two questions contain good news and bad news about overseas workers, migrants, or Diaspora and their money. Adopted from "Financial Literacy for Remittance Receivers," Microfinance Opportunities, 2008
3. What is financial education? Why is it important? While overseas workers, migrants and Diaspora share the same goals as all people – economic security for themselves, their families, and future generations – their limited resources and options often lead to a sense of hopelessness. Adopted from "Financial Literacy for Remittance Receivers," Microfinance Opportunities, 2008 Picture from www.pinoy-ofw.com
4. What is financial education? Why is it important? Careful management of what their earnings can do is critical to meet day-to-day needs, cope with unexpected emergencies, and take advantage of opportunities when they come along both in their host countries and countries of origin. The bad news is that overseas workers, migrants, and Diaspora too often lack the knowledge and experience they need to be these careful money managers Adopted from "Financial Literacy for Remittance Receivers," Microfinance Opportunities, 2008
5. Purpose of Financial Education It teaches people concepts of money and how to manage it wisely. It offers the opportunity to learn basic skills related to earning, spending, budgeting, saving, and borrowing. Adopted from "Financial Literacy for Remittance Receivers," Microfinance Opportunities, 2008 Picture from mylot.com
6. Purpose of Financial Education Good News: When people do become more informed financial decision-makers, they can plan for and realize their goals. Once people have acquired financial literacy skills, those skills cannot be taken away. A one-time course in financial education can have lifelong rewards. Adopted from "Financial Literacy for Remittance Receivers," Microfinance Opportunities, 2008
7. Financial education is relevant for anyone who makes decisions about money and finances. Women, in particular, often assume responsibility for household cash management in unstable circumstances and with few resources to draw on. The International Organization for Migration estimates that about 60% of all migrant workers are female. Financial literacy can prepare them to anticipate life-cycle needs and deal with unexpected emergencies without assuming unnecessary debt. Adopted from "Financial Literacy for Remittance Receivers," Microfinance Opportunities, 2008
8. Financial education is relevant for anyone who makes decisions about money and finances. For young professionals, financial literacy can reduce their vulnerability to the many risks associated with the transition to responsible adulthood and parenthood. Preparing them now will have great impact in reducing poverty in households in the future. Adopted from "Financial Literacy for Remittance Receivers," Microfinance Opportunities, 2008
