The International Organization for Migration (IOM) continues its support to municipalities with high emigration and return migration rates. On July 4 and 5, IOM conducted financial planning and budgeting training in Kutaisi, aiming to empower the local population, including remittance recipients, with the knowledge and skills to manage their finances effectively.

Along with the increase in emigration, the number of remittances received from abroad has also increased in Georgia. Remittances continue to play an important role in reducing poverty and maintaining economic security of households that receive them. However, remittance recipients do not have enough financial knowledge to manage and allocate their financial income in a way to achieve more lasting financial stability.

Led by IOM consultant Nana Mikashavidze, the training provided participants with essential knowledge on the benefits of developing a financial plan and budget. Key topics included understanding financial well-being, distinguishing between necessary and desirable expenses, and making informed financial decisions. A significant focus was placed on developing the habit of saving money and setting appropriate financial goals.

Behavioral studies have shown that a majority of Georgian migrants and their families struggle to save money, often using remittances for daily expenses and debt repayment rather than for sustainable purposes. IOM plans to extend these financial education efforts to labor migrants and their family members, as well as return migrants in the future.

The training has already had a positive impact, with many attendees expressing that they are now more inclined to save and utilize banking products for their priority needs. This marks a shift in attitude towards financial management, which is crucial for the community's economic stability. Therefore, promoting financial inclusion and strengthening financial education will be key priorities for the IOM in the coming years.

The training was held under the project “Enhanced Opportunities for Returning Migrants in Georgia” project, financed by the Swiss Agency for Development and Cooperation (SDC) and co-funded by the IOM Development Fund (IDF).