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Tips and resources on financial management for domestic helpers

Good money management and financial stability mean that a domestic helper can avoid distractions of financial stress while working in Hong Kong, support family members back home, and make a savings plan for the future.

Here are some resources and tips on money matters for domestic helpers:

Choose employment agencies carefully:

Excessive recruitment fees are a key cause of financial debt issues faced by domestic helpers. Domestic helpers spend on average 4-6 months paying off recruitment debt (Farsight, 2016; Justice Centre, 2016). See our articles before choosing an employment agency:

Stay organised:

Using monthly payslips can be helpful to both employers and domestic helpers. They can help in record keeping, tracking of monthly salaries, deductions, allowances, and other entitlements.

Use a savings account:

A bank account is a good tool for money management. Instead of cash, salaries can be paid directly into a domestic helper’s bank account. This also avoids the easy temptation of spending cash. Domestic helpers can take another step further by opening a second account for savings, and transfer amounts from the initial account regularly to set aside. See: What is the best bank account for domestic helpers?

Asian Migrants Credit Union (AMCU): AMCU is a Hong Kong based savings-and-credit cooperative where domestic helpers can save, with no minimum balance requirements and low fees. Since 2008, AMCU has opened more than 600 accounts for migrant workers, and is registered as a credit union with the Registrar of Credit Unions (Registration Number 76) under the Agriculture, Fisheries and Conservation Department of the Government of the Hong Kong SAR. Learn more about opening a bank account here: What is the best bank account for domestic helpers?

The Asian Migrants Credit Union also offers the Gift A Savings Scheme, where the employer and domestic helper can arrange to co-contribute a fixed sum each month into the domestic helper’s AMCU account. Find out more about this service and how to enroll, by visiting the AMCU’s website.

Debt issues:

Enrich is a Hong Kong-based charity that provides financial management training for domestic helpers and a confidential one-to-one Financial Counselling service for domestic helpers in debt. Employers and/or domestic helpers can reach out Enrich for help:  Tel: 2386 581; Facebook: EnrichHK

Financial management training:

Enrich is a Hong Kong-based charity that provides financial management training for domestic helpers on saving, investing and setting up a business. Employers can also sponsor domestic helpers to take Enrich courses and find further tips on their website.

  • Language: English, Bahasa, Tagalog
  • Contact:  Tel: 2386 581; Facebook: EnrichHK

These other organisations offer financial management training:

  • Bank Mandiri: Mandiri Sahabatku by Mandiri Bank is a Financial Literacy Training for domestic workers.
    • Languages: Bahasa, English, Tagalog
    • Cost: Free
    • Contact: Tel: 2877 3632; Facebook: Mandiri Sahabatku
  • ASKI Global: ASKI Global runs Entrepreneurial Coaching and Training as well as Financial Literacy Courses. Their aim is to help migrant workers, their families and society at large become financially literate and independent.
    • Languages: English, Tagalog
    • Cost: Free
    • Contact: Tel: 98070714; Facebook: ASKIGlobalHK
  • WIMLER: WIMLER focuses on capacity building and empowerment of migrant communities and promotes cultural diversity in Hong Kong. WIMLER promotes access to education for all and conducts regular training and workshops on financial literacy topics.
    • Languages: English
    • Cost: Free
    • Contact: Tel: 5191 0902; Facebook: WIMLER.ORG

You might also like:

The Asian Migrants Credit Union (AMCU) is a contributor to this article. AMCU is a savings and credit cooperative of and for the migrants. It is the first and only credit union of migrant workers of various nationalities in Hong Kong. Since 2008, AMCU has opened more than 600 accounts for migrant workers. AMCU is registered as a credit union with the Registrar of Credit Unions (Registration Number 76) under the Agriculture, Fisheries and Conservation Department of the Government of the Hong Kong SAR. Contact: Phone/Whatsapp: +852 9208 3227;  Email: amcu.hongkong@gmail.com

References:

Farsight, Modern Slavery in East Asia, Feb 2016, (http://modernslavery.seefar.org)



Last updated on November 15th, 2018
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