The report overviews the main results of a baseline survey on financial literacy of Mongolian migrants in Japan and their families who remained behind in Mongolia. The report analyzes remittances, financial literacy, and financial inclusion and offers several policy recommendations, as follows: 1) there is a need to strengthen the financial knowledge of migrants and their families; 2) gender differences need to be considered when enhancing the financial literacy of the population; and 3) pre-departure financial literacy training focusing on the host country’s financial system could benefit migrants because they consistently displayed poorer financial literacy and inclusion compared with their families in Mongolia.
The baseline survey is the first of a three-phase research project. During the second phase, selected migrants and their families will be provided financial literacy training. In the third phase, a follow-up survey will be administered to examine whether these trainings improve migrants’ financial decision-making and increase their savings and investments.
*This work was supported by JSPS KAKENHI Grant number 19K13713 “The impact of financial literacy on remittance decisions in transnational households: The case of Mongolian migrants in Japan.”