Financial education for female foreign domestic workers in Singapore. (October 2020)

• Record Type: Journal Article
• Authors: Barua, Rashmi; Shastry, Gauri Kartini; Yang, Dean
• Is Part Of: Economics of education review. Volume 78(2020)
• Publication Date: 2020-10
• Subjects: Financial education -- Migrant workers -- Savings; Education -- Economic aspects -- Periodicals; 370
• DOI: 10.1016/j.econedurev.2019.101920
• Languages: English
• ISSNs: 0272-7757

Abstract

Abstract: We evaluate a randomized field experiment to study the effect of financial workshops for domestic workers in Singapore. Groups of women met monthly with a trained mentor. Take-up rates were low and our results are inconclusive as to whether invitations to these workshops improved financial knowledge and behavior. Unexpectedly, treatment assignment had a significant, negative effect on self-reported savings. Further exploration suggests that assignment to treatment could affect participants' awareness of accumulated savings. We find a reduction in the number of savings accounts reported and an increase in the probability respondents report having disagreements with family members over finances.