Work abroad is probably one of the most common advantages of globalization. It has benefited a huge number of families who were unable to take proper care of their loved ones. Foreign countries offer a huge array of workplaces that pay relatively well and give the benefit of “no-doubt” for the future.
As a financial institution with years of expertise working with expats and foreign workers, we have noticed one strange correlation between working abroad and actual poverty.
Why is it so? Isn’t work abroad supposed to handle the financial insecurities of the family and the worker himself?
Andrea Anolin, CFO executive assistant for joint migration and development initiative said on this occasion: “People tend to think that once you go abroad, it seems that you get a higher income and that will solve all your problems,” adding that many OFW families may already have financial problems and be deep-stuck in debt even before leaving the Philippines. This can often be the result of accumulation of debts due to over-borrowing as these families and workers believe that the money can be returned once hired overseas.
“The families who are left behind and also the migrants themselves have very unrealistic expectations. They equate going overseas with an automatic improvement in the quality of their lives”.
Another “evil” for such families is the constant nagging for money by their families left behind. Most OFWs are said to easily give in to the requests of their families and relatives for remittances and gifts from abroad. This results in the need to work even more or do illegal jobs, risking their health and working status.
This is a huge mistake: the inability to save an adequate amount of money and take the “debt-first” attitude results in a never-ending circle of debts and staying away from the family for more extended periods of time.
What do you have to do to be financially secure? Read this article by WorldCom Finance.
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