OECD Working Papers on Finance, Insurance and Private Pensions
Selected studies on finance, insurance and private pensions policy prepared for dissemination in order to stimulate wider discussion and further analysis and obtain feedback from interested audiences. The studies provide timely analysis and background on industry developments, structural issues, and public policy in the financial sector. Topics include risk management, governance, investments, benefit protection, and financial education. Previous papers addressing these policy issues are available via http://dx.doi.org/10.1787/19936397.
Financial Education for Migrants and their Families
Money remitted by international migrants is a major source of income for many countries around the world, exceeding all international development funds combined. Yet individual migrants and their families are often amongst the most vulnerable people in society, and many face significant barriers to the access and use of appropriate financial products. Recognising their importance and vulnerability, some home and host countries are taking measures to support migrant workers and their families and improve their financial literacy; in some cases this occurs within the framework of a national strategy for financial education. In order to increase the extent of such support and to improve international co-operation, this paper seeks to illustrate the key challenges and suggest possible ways forward. The lessons learned will be used by the OECD and its International Network on Financial Education to develop a checklist for policy makers in order to increase the coverage of high-quality financial education for migrants.
Keywords: immigrants, emigrants, financial inclusion, remittances, financial education, migrants
D14: Microeconomics / Household Behavior and Family Economics / Household Saving; Personal Finance;
D18: Microeconomics / Household Behavior and Family Economics / Consumer Protection;
J61: Labor and Demographic Economics / Mobility, Unemployment, Vacancies, and Immigrant Workers / Geographic Labor Mobility; Immigrant Workers;
G28: Financial Economics / Financial Institutions and Services / Financial Institutions and Services: Government Policy and Regulation;
R23: Urban, Rural, Regional, Real Estate, and Transportation Economics / Household Analysis / Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics;
I28: Health, Education, and Welfare / Education and Research Institutions / Education: Government Policy;
F36: International Economics / International Finance / Financial Aspects of Economic Integration;
F22: International Economics / International Factor Movements and International Business / International Migration