Personal Financial Management Training for Indonesian Migrant Workers in Hongkong
1Gunawan Baharuddin, 1Aulia Keiko Hubbansyah, 1Khalida Utami, 1Tryas Chasbiandani, 1Harnovinsah, 1Murthada Sinuraya, 1Yuli Ardianto, 1Mutia Nurarasi, 1Nur’aini
Faculty of Economics and Business, Universitas Pancasila
https://doi.org/10.47191/jefms/v7-i10-02ABSTRACT:
Hong Kong became the country most frequently chosen by Indonesian Migrant Workers (IMW) in 2021. The reasons that motivate IMWs to work in Hong Kong are the relatively high wages offered and the atmosphere of freedom. However, the departure of IMWs abroad has not significantly contributed to improving their quality of life. Observations made through various mass media sources (Dewi et al., 2022) concluded that many Indonesian Migrant Workers (IMW) still lack sufficient knowledge and understanding of financial dimensions or aspects. Therefore, education on the importance of financial management for IMWs is crucial. This is because the majority of IMWs do not yet possess adequate knowledge regarding financial management. The form of education is delivered through training aimed at teaching IMWs about the importance of financial planning. The materials provided include budgeting, saving, budget tracking, and investment, which are essential for effective personal financial management. It is hoped that this training will equip IMWs with the necessary knowledge to make sound financial decisions. After the training sessions, a post-test was conducted using the same procedure as before, where participants were given a questionnaire with 10 multiple-choice questions. The post-test results showed that, compared to the pre-test, the proportion of correct answers for each question was significantly higher. On average, the proportion of correct answers for all questions was above 90%. Thus, it can be concluded that the provision of training and assistance on investment and personal financial management was effective in improving the financial literacy of IMWs in Hong Kong.
KEYWORDS:
Training, investment, Personal Finance Management, Migrant Worker
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