It is often asked why financial literacy is not taught in schools. Regardless of income level, the knowledge and ability to manage your personal finances is an essential life skill, the benefits of which are clear:
“Financial education programs benefit 100% of students. Compare this to only 19% who need high school level algebra in their job” (1)
Despite this, the importance of good financial education is all too often it is overlooked, ignored, or worse still – exploited – until it is too late.
For migrant workers, this is an all too common problem; the lure of higher salaries in HK holds obvious appeal, but can quickly lead to a downward spiral of debt and anxiety if they are not understood in context, e.g. HK’s high cost of living, financial support and assistance for families back home, repayment of existing debts etc.
Likewise, in many ways money remains a taboo subject, especially for those experiencing difficulties, and can easily lead down a dangerous path, where irrational and desperate decisions can have devastating consequences. When it comes to money, if something seems too good to be true, ‘don’t touch it with a ten foot pole’ is probably a principle to follow. ‘Get rich quick’ schemes might indeed be making someone rich – unfortunately, it’s inevitably at the expense and exploitation of those they claim to be helping.
However, while it can seem like a lonely road, it’s important to realize that help and support is available. Two Hong Kong NGOs that are focused specifically around financial literacy for migrant domestic workers in HK are Uplifters and Enrich.
Uplifters offers a free and comprehensive online course which can be accessed via just a basic smartphone and internet connection. The course is divided into 3 core modules with an estimated duration of 3 weeks, 6 months and 2 weeks respectively (this may vary given the online and flexible nature of the course), and provides all the resources and information that domestic workers need to understand and manage their finances effectively.
Enrich regularly holds shorter courses both in-person and online, covering a range of money management topics which can be taken individually or as a progressive course. There is a small fee (HKD 150 for the entire course) for domestic workers wishing to fund the course themselves; alternatively, the course can be paid for as a package by your employer. The great news is that both Uplifters and Enrich provide certificates to all participants on completion of their courses.
Links to the PANGYAO profile pages of both of these NGOs can be found at the top of the page, so don’t hesistate to check them out! And remember, regardless of your current situation, it’s never too early or too late to improve your financial education!
Sources:
(1) US National Financial Educator’s Council
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