Financial literacy holds tremendous importance for migrants seeking to build a prosperous future. Statistics reveal that many migrants encounter significant financial hurdles. A study conducted by the European Central Bank found that only 38% of migrants reported feeling confident in their financial knowledge. Access to basic financial services and tailored financial education also remains limited for many migrants, hindering their financial well-being.

INFINITY adopts a comprehensive approach to financial literacy, recognizing that it extends beyond traditional concepts. By incorporating elements of entrepreneurship, soft skills, and sustainability, the project equips migrants with the tools needed for success in various aspects of their financial lives.

Statistics show that financial literacy programs focusing on entrepreneurship can have a transformative impact. According to a study by the World Bank, migrants who receive entrepreneurship training are more likely to start their own businesses, leading to increased self-employment rates and economic empowerment.

Impact on Family Financial Stability

Enhancing financial literacy among migrants not only benefits individuals but also has a positive ripple effect on their families. Statistics indicate that improved financial knowledge and decision-making abilities contribute to greater family financial stability. In fact, a survey conducted by the OECD found that households with higher levels of financial literacy experience lower levels of financial distress.

Benefits for Future Generations

Investing in migrants’ financial literacy today yields long-term benefits for future generations. By equipping migrants with essential financial knowledge, we empower them to pass on valuable financial skills and habits to their children. Research demonstrates that children whose parents have higher financial literacy levels are more likely to exhibit responsible financial behaviors in adulthood.

INFINITY’s Efforts to Improve Access and Inclusivity

Access to financial services remains a significant challenge for many migrants. INFINITY is dedicated to breaking down barriers and improving inclusivity. INFINITY recognizes the importance of overcoming barriers that hinder financial participation and empowers migrants to seize opportunities for growth. Statistics reveal the pressing need for action, as a study conducted by the European Commission found that 42% of migrants faced difficulties in accessing financial services. The project embraces technological advancements to enhance access. With the rising popularity of digital services, the project leverages digital platforms to expand financial inclusion. According to a report by the International Organization for Migration, the adoption of digital financial solutions can improve financial access for up to 1.7 billion unbanked individuals globally, including many migrants.

Collaboration for Sustainable Change

Sustainable change is only possible through collaborative efforts. The INFINITY Project thrives on partnerships between organizations, institutions, and individuals committed to empowering migrants through financial literacy. To address all challenges, INFINITY works closely with financial institutions, policymakers, and community organizations. By fostering collaborations, the project advocates for tailored financial products and services that meet the unique needs of migrants. This collaborative approach has the potential to transform the financial landscape, ensuring that migrants have equal opportunities to open bank accounts, access credit, and utilize affordable remittance services.