Towards Financial Security: An Analysis of Migrant Employees’ Planning Habits

Abstract: In recent years, Kerala has witnessed a significant influx of migrant workers from various parts of India, particularly in sectors such as construction, hospitality, and informal labor. This study titled "Financial Planning of Migrant Employees" aims to examine the income sources, saving habits, spending behaviour, investment patterns, and financial challenges faced by migrant employees in the Ernakulam district. Data was collected through a structured questionnaire from migrant workers employed in construction sites, hotels, restaurants, and other manual jobs. The findings reveal that while most migrant workers earn a regular income, their financial planning is limited due to poor financial literacy, irregular saving practices, and low awareness of formal financial institutions. Many continue to rely on informal saving methods and face difficulty in accessing reliable financial services. Lack of documentation, language barriers, and frequent mobility further contribute to their financial vulnerability. The study recommends targeted financial literacy programs, awareness campaigns, and training initiatives to empower migrant workers with essential money management skills. It also emphasizes the importance of promoting formal savings mechanisms and providing financial counselling through NGOs, banks, and government agencies to ensure greater financial inclusion and long-term security for migrant employees.

Keywords: Financial literacy: The ability to understand and effectively use financial skills, including budgeting, saving, investing, and managing debt.