Financial Literacy
"Financial Literacy For All" Program
CIMI partnered with The Embassy of the Philippines in Israel to implement a financial literacy pilot program for caregivers from the Philippines. The program aims to provide participants with knowledge and tools to maximize the financial benefits of migration (i.e. setting financial goals, budget management, savings and pension, investments in long term and dealing with family involvement).
The program is designed as a response to studies that show that the Filipina migrants face substantial difficulty to save and invest their remittances.
The main goals of the program are to provide Filipina workers with the tools to:
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Reduce in remittance costs, improving the choice of channels and procedures of transferring money.
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Control and run a budget with practical tools and communication with family members.
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Create an increase in savings and investment capacity.
The program is structured in two phases: The first one consists of 3 lecture-workshops (in-person and online sessions) with a financial advisor, based on a participatory approach on the main topics of financial literacy. The workshops include engaging participants, running activities, and providing practical tools and content as a basis for assignments. The topics of the workshops are: Setting financial goals, Costs of sending money home, Budgeting, and Savings.
The second phase consists of 5 monthly online meetings addressing other topics based on needs detected in the first stage. Additionally, the program includes extra activities and tools that are shared in a private Facebook group, where participation is encouraged to create a support community.
Staff:
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Program management: Deputy Executive Director of Research, Evaluation and Development Nelly Kfir.
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Program Coordinator: Orly Heiblum.
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Financial advisor and lecturer: Ms. Dorit Murciano.
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Marketing advisor: Sara Hirschhorn.
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Research assistant: Dana Yofe.
