Dozens of Hong Kong domestic helpers learn to break cycle of debt through financial literacy course
Year-long pilot programme provided migrant workers with vital information on investing and financial planning, as many in the city continue to fall victim to scams and high-interest loans
Living hand to mouth on a domestic helper’s wage with three sons to put through college, the concept of “making her money work for her”, instead of the other way around, was not on Margie Valverde’s mind.
Especially since she was trapped in a vicious cycle of debt, upon arriving in the city 15 years ago.
“When I came to Hong Kong, I had a lot of pressure with money,” the 51-year-old said. “I borrowed a lot of money; I owed a lot of money.”
But she also thought to herself that she could not stay in Hong Kong forever because her family was back in the Philippines.
So Valverde forced herself to save and learn the ropes of investing and financial management. Last year, she took part in a year-long financial literacy course by Enrich, a charity focused on empowering migrant workers, and multinational accounting firm KPMG, to expand her knowledge.
And she now estimates that in two years, she will have saved enough to invest in a property project with her sons that will provide her with a positive income stream long into her retirement.