SEDPI’s study on the financial status of Overseas Filipino Workers (OFWs) was the highlight of an ABS CBN report. ABS CBN’s Europe News Bureau posted the report which covered SEDPI’s training on Financial Literacy for Remittance Senders in Oslo, Norway last November 5. (Read ABS-CBN Article) Eighty five participants, mostly au pairs in Oslo and neighbouring cities of Norway, attended the training. Au pairs work in European households as babysitters and household workers and live with the host family.
The study reveals that 1 in every 10 OFWs is financially broke even after years of working abroad. Moreover, 8 in every 10 OFWs also do not have savings. Of all the OFWs who participated in the study, only 20% save regularly. OFWs and families also tend to be dependent on regular remittances and invest on idle assets. They also lack financial preparation for retirement.
The figures affirm SEDPI’s commitment to continue implementing its financial education program. The training is part of the financial literacy program that aims to equip migrants and their families on how to save, spend, budget, craft financial goals and manage debt. To date, SEDPI trained close to 2,000 OFWs in 14 different countries on financial literacy. For more details on how to partner with SEDPI to conduct financial literacy trainings, you may send an e-mail to info@sedpi.com