Few would disagree that the employment exchange of hard earned skills and eduction for financial stability and the opportunity to achieve a level of personal, social and economic success is unreasonable. But what if, as an international migrant, language, knowledge of the local currency, poor financial awareness and low pay exclude you from inclusion? Are there any programmes available to address these barriers?
According to a recent G20 report, “Financial education has gained a prominent position in the global policy agenda. It is now universally recognised as a core component of the financial empowerment of individuals and the overall stability of the financial system.” OECD (2017), G20/OECD INFE report on adult financial literacy in G20 countries. The report goes on to say that adult financial literacy in G20 countries is a global issue and “Many people do not have basic financial knowledge. On average across G20 countries, fewer than half of adults (48%) could answer 70% of the financial knowledge questions correctly (the minimum target score)” in a recent survey.
To redress this issue for migrant peoples, organisations such as the OECD, G20 through the Global Partnership on Financial Inclusion (GPFI) and a number of non governmental organisations (NGOs) are turning their attention as to how to provide relevant and useful financial education that will hopefully benefit the current and next generation children of migrating parents or carers.
A paper published by the OECD Director of Financial and Enterprise Affairs February 2016, indicated that the creation and availability of financial education toolkits for those working with migrants is by no means universal or holistic at either regional or international level and that there area number of reasons why this might be the case. These include political sensitivities forming barriers to the allocation of resources, the financial education of international migrants does not command a high enough priority for recipient countries, the translation of materials into sufficient languages is challenging due to to the language diversity of migrating populations and collaborations between host and former countries may not be possible.
Whilst the heightened awareness of the need for financial literacy is commendable, the solving of the issue is by no means simple, especially if the educators themselves require tutorage. It would appear that international collaborations which facilitate the implementation of strong financial management education for both recipients and deliverers alike whilst building strong peer support networks for migrants is worth serious consideration.
Shepperson & Shepperson Consultants Ltd
Sorce: Lesley Shepperson / www.zongonews.com / firstname.lastname@example.org