Intervention(s)
In contrast to programs typically studied in financial education research more generally, the intervention we study here is quite short in duration, at just a few hours in a single session. The intervention should therefore be thought of more accurately as a motivational workshop aimed at altering the financial habits of participants. The workshop was conducted in late November 2010, after the baseline surveys were completed. It was held on a Friday evening by Mr. K.V. Shamsudheen, who is originally from Kerala and heads the Pravasi Bandhu Welfare Trust, a UAE-based entity registered in Kerala, India. The workshop's central theme was the importance of setting in place a plan for savings accumulation that would allow migrants and their families to maintain higher living standards after the migrants returned home to Kerala. In support of that objective, the workshop covered topics such as creating and following a budget for both migrant and the household in India, making financial planning a consultative family exercise, setting aside money from remittances to save regularly, and the pros and cons of various investment options. The workshop was conducted in an interactive manner with substantial audience participation. The entire workshop lasted approximately 5 hours (3 hours for the workshop itself and 2 hours for the subsequent dinner). The workshop was held on a weekend night (Friday) to maximize take-up, in a conference room at a hotel chosen so that it was accessible by public transportation in a commercial area popular with South Asian migrants.