Financial Management Behavior Of Indonesian Migrant Workers in Singapore

Abstract

Indonesian workers better known as migrant workers from Indonesia who work in Singapore need to receive entrepreneurship education to encourage these migrant workers to improve one’s quality of life going forward, especially after returning to their homeland. Entrepreneurship training is a type of education that supports the growth of migrant workers’ entrepreneurial ambitions by offering opportunity to build businesses through opportunities and needs research of the market. This education hopes that migrant workers will earn income after working in Singapore. Apart from that, migrant workers also need to obtain good financial literacy. Financial literacy can support prosperity in the future and help achieve prosperity for the family. In Singapore, migrant workers’ financial management practices are more than adequate. Financial self-efficacy and financial literacy have an impact on migrant workers’ money management practices in Singapore. A hedonistic lifestyle does not show an impact on financial behavior. Therefore, in order to improve migrant workers’ welfare in the long run, the government must increase financial literacy and their capacity to make financial decisions.