Migrants and self-reported financial literacy: Insights from a case study of newly arrived CALD migrants
Abstract
Purpose
The issue of migrant financial literacy remains largely unresolved despite the increasing focus on financial literacy in general. The purpose of this paper is to provide a migrant-based approach to provide a snapshot of the self-reported levels of financial literacy specifically for a group of newly arrived culturally and linguistically diverse (CALD) migrants.
Design/methodology/approach
A questionnaire is employed to explore the financial literacy of selected migrant groups representing the regions of Africa, Asia and Europe.
Findings
The findings reveal that: migrants are eager to seek further information to assist with their financial decision making; better access and utilisation of basic financial services seems to be an area where improvement is required; and self-reported financial literacy levels are influenced by education levels.
Research limitations/implications
Although the research targets newly arrived CALD migrants, no claims can be made regarding the representation of CALD migrants as a whole. The research has implications with respect to the development of a more adequate provision of avenues for CALD migrants to utilise basic financial services. This paper provides recommendations for future research in this area.
Originality/value
A migrant’s financial literacy is typically based on a “one-size-fits-all” questionnaire, which only provides a broad examination of financial literacy aspects. This study addresses this gap by undertaking a case study focused solely on newly arrived migrants.
Keywords
Acknowledgements
The authors would like to thank Victoria University for the financial support provided for this project under the VU Research Development Grant Scheme.
Citation
Zuhair, S., Wickremasinghe, G. and Natoli, R. (2015), "Migrants and self-reported financial literacy: Insights from a case study of newly arrived CALD migrants", International Journal of Social Economics, Vol. 42 No. 4, pp. 368-386. https://doi.org/10.1108/IJSE-09-2013-0203
Publisher
:Emerald Group Publishing Limited
Copyright © 2015, Emerald Group Publishing Limited