The Importance of Personal Financial Management for Indonesian Migrant Workers

Abstract

Personal finance is a branch of financial science that is all the processes for planning and organising, such as earning income, spending it, saving it, investing it and protecting it. In addition to financial management, basic financial knowledge and knowledge that can be considered as contributing to society is also needed in order to adequately prepare for future financial needs. The key to keeping personal finance management on track is to understand the principles of financial management itself, namely prioritisation, savings and control.  A total of 113 migrant workers in Malaysia received capacity building to increase awareness of the importance of personal financial management. evaluation showed that only 40% of participants had comprehensive knowledge of personal financial management, the post-programme evaluation of participants showed an increase of almost 55% awareness, and there was a significant improvement.