Knowledge of financial management and economic rights is important to ensuring the overall economic welfare of migrants and to maximizing the social benefits of remittances to a community.
From April to November 2013, the Inter-American Dialogue carried out a Financial Literacy Project in Mexico in partnership with La Asociación Mexicana de Uniones de Crédito del Sector Social (AMUCSS). The project provided financial counselling to over 9,000 people in five Mexican states, encouraging money management, formal savings, and the informed usage of financial products and services. Nearly 40% of participants were remittance recipients. Approximately 25% of those who received financial counselling went on to acquire a financial product, and 40% said they plan on using the new savings methods they have learned. The project attracted over MX$4,628,760 (US$352,807) in deposits. Participants also purchased over MX$94,079 (US$7,170) in insurance and MX$9,951,372 (US$ 758,500) in credit. Through the Inter-American Dialogue's financial literacy program, a total of over 200,000 people in 13 countries worldwide have learned how to use budgeting, saving, and formal financial products to improve their quality of life.