In December 2017, we released ‘Financial Literacy: What is the Impact?’, an exciting year-long impact study of our financial and empowerment education programmes for migrant domestic workers (MDWs). This was not only the first external impact evaluation of our work, but also the very first report on financial literacy focusing on MDWs in Hong Kong. The findings are an exciting revelation into financial literacy as a fundamental tool for empowerment and financial inclusion.
The research was conducted in partnership with The Chinese University of Hong Kong’s Department of Social Work and funded by the Investor Education Centre. The study ran from September 2016 until August 2017, capturing the experiences of graduates of Enrich’s programmes and a comparison group (non-participants).
The survey questionnaires tested five domains: financial knowledge and behaviour, financial self-efficacy, general self-efficacy, resilience and social support. The study also evaluated Enrich’s mentoring programme through focus groups and in-depth interviews.
“In 13 years of working in Hong Kong, this is the only time I understood how to manage money, savings and business, to handle family and employers” – an Enrich workshop participant
Read the full report below to learn more about the key findings. Highlights include: