The document discusses financial education for migrants and their families. It aims to improve money transfer management and development impact. Financial education can help migrants and families better understand finances. The document recommends starting financial education in schools and making information easy to understand. It also suggests using networks of organizations, media like radio and phones, and individual methods to disseminate financial education widely and adapt to different contexts. The challenges include tailoring information, assessing impact, and creating sustainable financial education programs through partnerships.

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. Principles and good practices for financial
education and awareness (OECD)
• The public authorities and all stakeholders concerned should
promote financial education in an unbiased, fair and coordinated
manner
• Financial education should start at school
• Financial education should be a part of the principles of good
governance of financial institutions
• A clear distinction should be made between financial education and
commercial advice
• Financial institutions should be encouraged to check that the
information provided to their clients is read and understood
Migration in ACP Countries :
Promoting Development and Enhancing Protection

5. • Financial education programmes should focus in particular on
important aspects of financial life planning
• Programmes should lean towards the acquisition of financial skills,
targeting where applicable specific groups and should also be as
personalised as possible
• The awareness of future retirees about the need to assess the
financial adequacy of their current public and private pension
schemes should be encouraged
• National campaigns, specific websites, free information services,
warning systems on high-risk issues for consumers of products or
financial services should be encouraged
Migration in ACP Countries :
Promoting Development and Enhancing Protection

6. Creating a reduction strategy
• Analyse needs according to the context
• Define objectives
• Determine the strategy to be implemented to
achieves these objectives
• Set deadlines and means of verification and
adaptation
Migration in ACP Countries :
Promoting Development and Enhancing Protection

7. Analyse needs
Target group:
• Some features
• Knowledge and attitudes to financial education
• Availability, geographic location, frequency
Partners/ stakeholders:
• Some reasons
• Some resources
• Some overlapping interests
Migration in ACP Countries :
Promoting Development and Enhancing Protection

8. Various means of dissemination
Collective method: Creation of networks of actors
consisting of:
• MFI and banks,
• Public institutions,
• Leaders of migrant associations,
• Civil society (trade unions, etc.)
Mass media method: Use of other channels of
communication
• Radio (particularly community radio),
• CD/DVD in national languages (serials, for example),
• Applications for mobile telephones,
• Internet (podcasts, etc.).
Individual method
Migration in ACP Countries :
Promoting Development and Enhancing Protection

9. Some challenges
Adapt, adapt, adapt! Even if the key messages are the same
Assess the impact
Set up a sustainable dissemination system
Financial education requires a comprehensive approach
(with the use of different means of dissemination) and thus
relying on partnerships and shared responsibilities
Migration in ACP Countries :
Promoting Development and Enhancing Protection

10. Thank you for listening
Migration in ACP Countries :
Promoting Development and Enhancing Protection