According to a study conducted by SEDPI in 2011, 1 out of 10 overseas Filipino workers (OFWs) ends up broke even after years of working abroad to provide a better life for their families and 8 out of 10 do not have savings and are unable to prepare for their retirement or return to the country and are caught in a cycle of debt and poverty.
Another study conducted by Taylor Nelson Sofres in 2015 showed that 82% of the OFW survey respondents said they are not ready to stay home for good for two main reasons: they do not have enough savings; and their goals have not yet been realized.
It was in 2012 since our group started an advocacy in financial literacy and started organizing Financial Literacy seminars for OFWs here in Singapore (check the past and upcoming seminars here). Since then, we have already covered a lot of different topics in personal finance, insurance, real estate, investments in securities, entrepreneurship, and a lot more.
On Saturdays, we conduct “Newbies Session” for newbies sharing about: personal finance, insurance, investing in pooled funds, and basics in entrepreneurship. Another one is “Get Rich Series” covering topics in government savings programs, investing in agriculture, etc.
Financial Literacy Seminars Schedule:
To help us in our advocacy we have invited and engaged a lot of highly respected resource persons in the world of finance and even government agencies like Department of Agriculture and Philippine Trade and Investment Centre Singapore (of Department of Trade and Industry and Board of Investments).
And last year, 2015, to spread further our advocacy to more OFWs here in Singapore, we have partnered with Pinoy WISE (Worldwide Initiative for Investment Savings and Entrepreneurship), a financial education program of ATIKHA, to volunteer in teaching the Financial Education Course on Sundays among migrant workers (majority are household helpers).
Financial Education Course (8 Modules):
1 – Benefits and Negative Impacts of Migration
2 – Achieving Migration Goal
3 – Managing Family Income
4 – Saving and Investing
5 – Protection (importance of insurance and healthcare)
6 – Borrowing and Getting Out of Debt
7 – Addressing Family Issues
8 – Returning Home
Update: Modules 1 and 8 have been combined to form another course session i.e. called Reintegration Planning and Counseling Session
With all these programs/seminars, we hope to engender more financially literate OFWs. So they can now make clearer financial goals, so they can now make wiser financial decisions, so they can now reach their financial goals in the near future and soon go back home—for good…financially healthy.
Modern OFWs are financially literate OFWs. Here’s a revolution to more financially literate Filipinos, to #FinanciallyLiteratePH.
Are you an OFW? Here are some helpful articles for you:
Top Money Mistakes That OFWs Make
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