{"id":19506,"date":"2022-08-02T06:22:57","date_gmt":"2022-08-02T04:22:57","guid":{"rendered":"https:\/\/francescoeconomy.org\/addressing-intergenerational-poverty-in-search-for-a-better-future\/"},"modified":"2022-08-02T06:35:39","modified_gmt":"2022-08-02T04:35:39","slug":"addressing-intergenerational-poverty-in-search-for-a-better-future","status":"publish","type":"post","link":"https:\/\/francescoeconomy.org\/es\/addressing-intergenerational-poverty-in-search-for-a-better-future\/","title":{"rendered":"Addressing Intergenerational Poverty: In Search for a Better Future"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_2 1_2 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:50%;--awb-margin-top-large:0px;--awb-spacing-right-large:3.84%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:3.84%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-image-element \" style=\"--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-1 hover-type-none\"><img decoding=\"async\" width=\"1080\" height=\"1080\" title=\"EoF POSTS (14)\" src=\"https:\/\/francescoeconomy.org\/wp-content\/uploads\/2022\/08\/EoF-POSTS-14.png\" data-orig-src=\"https:\/\/francescoeconomy.org\/wp-content\/uploads\/2022\/08\/EoF-POSTS-14.png\" alt class=\"lazyload img-responsive wp-image-19494\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271080%27%20height%3D%271080%27%20viewBox%3D%270%200%201080%201080%27%3E%3Crect%20width%3D%271080%27%20height%3D%271080%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/francescoeconomy.org\/wp-content\/uploads\/2022\/08\/EoF-POSTS-14-200x200.png 200w, https:\/\/francescoeconomy.org\/wp-content\/uploads\/2022\/08\/EoF-POSTS-14-400x400.png 400w, https:\/\/francescoeconomy.org\/wp-content\/uploads\/2022\/08\/EoF-POSTS-14-600x600.png 600w, https:\/\/francescoeconomy.org\/wp-content\/uploads\/2022\/08\/EoF-POSTS-14-800x800.png 800w, https:\/\/francescoeconomy.org\/wp-content\/uploads\/2022\/08\/EoF-POSTS-14.png 1080w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 720px) 100vw, (max-width: 640px) 100vw, 600px\" \/><\/span><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_2 1_2 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:50%;--awb-margin-top-large:0px;--awb-spacing-right-large:3.84%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:3.84%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><h1 style=\"text-align: center;\"><b>Addressing Intergenerational Poverty: In Search for a Better Future<\/b><\/h1>\n<p>by: Viory Yvonne T. Janeo<\/p>\n<h4 style=\"text-align: center;\"><strong>Extreme poverty continues to persist in the world. High barriers to quality healthcare, a weakening job market, and political instability are some factors that attribute to this, but there is also the consideration that due to intrinsic systemic discrimination, those caught in a cycle of poverty will remain in that cycle indefinitely, regardless of the socio-economic safety nets that are made available to them.<\/strong><\/h4>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-2\"><p><span style=\"font-weight: 400;\">In the case of the Philippines, over 25% of the population is living in poverty\u2013 this equates to roughly 26 million people who are subsisting on less than $2\/day. But despite the inherent disadvantages of being born into poverty, Filipinos continue to be resilient and resourceful in pursuing opportunities that empower them to break out of this vicious cycle. In the 1970s, a trend of seeking employment overseas began, with a few thousand Filipinos, primarily male, finding work on oil rigs and construction sites in the Middle East. In the 80s and 90s, the service sector boomed and women began leaving to fill domestic and caregiving vacancies in developed countries within and beyond Asia. The Philippines continued to be one of the major sources of labor migrants for many countries across the globe, thus positively impacting not only the country\u2019s economy, but also the standard of living for their families. The unique contribution of the Overseas Filipino Worker (OFW) phenomenon was the inspiration of my study and moved me to explore sustainable means of alleviating Filipinos from poverty by evaluating existing financial literacy modules, addressing certain gaps, and assessing how this can be improved and utilized as an appropriate tool and intervention for a specific target market.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are several studies evaluating the impact of OFW remittances on the Philippine economy, with multiple authors citing that remittances can significantly influence economic growth. More specifically, these studies revealed that the presence of cash remittances increases the liquidity of households and provides consumption power, especially in times of economic crises. Others pointed out the role of remittances as a major source of foreign exchange. This is especially relevant for developing countries, like the Philippines, which are greatly challenged by fiscal deficits, external debts, growing trade imbalances, and limited foreign direct investments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At a micro-scale, the remittances received from a family member working abroad offers a steady flow of income to the family. The hard-earned money of the OFW at the very least ensured that the minimum essential needs are met. Based on the c<\/span><span style=\"font-weight: 400;\">onsumer expectation survey data, more than 90% of the OFW household respondents spend the remittances on food and other household needs. Spending on education and medical expenses follow suit.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although not guaranteed and automatic, it has been generally observed that a household which receives continuous remittances experiences an improvement in their standard of living. But this is also greatly determined by the financial discipline of the family members.<\/span><\/p>\n<\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;flex-grow:1;margin-bottom:10px;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;--awb-sep-color:#22325e;border-color:#22325e;border-top-width:2px;\"><\/div><\/div><div class=\"fusion-text fusion-text-3\" style=\"--awb-font-size:20px;--awb-line-height:1;--awb-letter-spacing:0px;--awb-text-font-family:&quot;Antic&quot;;--awb-text-font-style:normal;--awb-text-font-weight:400;\"><h3 style=\"text-align: center;\"><span style=\"color: #003366;\"><em><strong>\u00abThe Philippines continued to be one of the major sources of labor migrants for many countries across the globe, thus positively impacting not only the country\u2019s economy but also the standard of living for their families.\u00bb<\/strong><\/em><\/span><\/h3>\n<\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;flex-grow:1;margin-bottom:10px;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;--awb-sep-color:#22325e;border-color:#22325e;border-top-width:2px;\"><\/div><\/div><div class=\"fusion-text fusion-text-4\"><p><span style=\"font-weight: 400;\">The survey that was conducted with select respondents confirmed the insights from various data and literature accounts that the remittances received by the family members of Filipino workers abroad has helped them finance important family expenses. About 60% of the respondents said that they were able to buy a house or make major home improvements and save up for future emergencies because of remittance money. A number also mentioned they were able to afford to send their children to good schools, spend on personal and family needs, and pay outstanding loans.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In terms of actual utilization of the remittance, it is worth noting that the remittances received were mostly spent on essential items. Food and household items appear to be the first priority, education comes next, and medical expenses comes third. Interestingly, the allocation for investment showed to be the least in terms of their priority, even lower than allocation for debt payment and the purchase of vehicles. When asked how an increase in remittances (due to a salary increase or other similar factors) affects their spending choices, majority of the respondents\u2019 first priority is to save the additional income. The second priority is to spend on family\u2019s health or invest in medical insurance. The third priority was expenses related to home repairs and improvement.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While most of the respondents<\/span> <span style=\"font-weight: 400;\">learned about financial literacy and management in a formal setting\u2014school, universities and government and non-government programs, only 34% are confident that their understanding of financial management is sufficient to allow them to manage their finances responsibly and effectively.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Recognizing the impact of the hard-earned money to the national economy and the family, we think that this money should not be put to waste and to be properly managed. Thus, we proposed, and we are trying to do initial groundwork for a Financial Literacy Education for the OFW and their family members.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This financial literacy module aims to raise awareness and increase their understanding on financial management so that they can better allocate their expenditures and maximize the hard-earned income of their overseas family members. For some, it could also empower and motivate them to improve their way of life and permanently escape poverty.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is also an expected ripple effect in which direct beneficiaries of the module will share these learnings with other family members in similar situations as them. We highly believe that financial independence will allow a person to contribute more outside of his or her personal concerns and may be a great catalyst in promoting a better economy for one and all.<\/span><\/p>\n<hr \/>\n<p><i><span style=\"font-weight: 400;\">The author would like to acknowledge the contributions of the following:<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Alyssamae Nunez, Diane Rueda, and Shay Juaneza<\/span><\/i><\/p>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_3 1_3 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:33.333333333333%;--awb-margin-top-large:0px;--awb-spacing-right-large:5.76%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:5.76%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-image-element \" style=\"text-align:right;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-2 hover-type-none\"><img decoding=\"async\" width=\"1080\" height=\"1080\" title=\"EoF POSTS (15)\" src=\"https:\/\/francescoeconomy.org\/wp-content\/uploads\/2022\/08\/EoF-POSTS-15.png\" data-orig-src=\"https:\/\/francescoeconomy.org\/wp-content\/uploads\/2022\/08\/EoF-POSTS-15.png\" alt class=\"lazyload img-responsive wp-image-19499\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271080%27%20height%3D%271080%27%20viewBox%3D%270%200%201080%201080%27%3E%3Crect%20width%3D%271080%27%20height%3D%271080%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/francescoeconomy.org\/wp-content\/uploads\/2022\/08\/EoF-POSTS-15-200x200.png 200w, https:\/\/francescoeconomy.org\/wp-content\/uploads\/2022\/08\/EoF-POSTS-15-400x400.png 400w, https:\/\/francescoeconomy.org\/wp-content\/uploads\/2022\/08\/EoF-POSTS-15-600x600.png 600w, https:\/\/francescoeconomy.org\/wp-content\/uploads\/2022\/08\/EoF-POSTS-15-800x800.png 800w, https:\/\/francescoeconomy.org\/wp-content\/uploads\/2022\/08\/EoF-POSTS-15.png 1080w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 720px) 100vw, (max-width: 640px) 100vw, 400px\" \/><\/span><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_2_3 2_3 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:66.666666666667%;--awb-margin-top-large:60px;--awb-spacing-right-large:2.88%;--awb-margin-bottom-large:60px;--awb-spacing-left-large:2.88%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-5\"><p><span style=\"color: #003366;\"><b>Viory Yvonne T. Janeo<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400; color: #003366;\">Researcher and fellow in The Economy of Francesco Academy<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #003366;\">Vice-Dean, School of Economics, University of Asia and the Pacific (UA&amp;P), Philippines<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #003366;\">PhD in Business Economics Student, UA&amp;P<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Extreme poverty continues to persist in the world. High barriers to quality healthcare, a weakening job market, and political instability are some factors that attribute to this, but there is also the consideration that due to intrinsic systemic discrimination, those caught in a cycle of poverty will remain in that cycle indefinitely, regardless of the socio-economic safety nets that are made available to them.<\/p>\n","protected":false},"author":3,"featured_media":19502,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[389,367],"tags":[],"class_list":["post-19506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-academy-proview-es","category-eof-proview-es"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Addressing Intergenerational Poverty: In Search for a Better Future | The Economy of Francesco<\/title>\n<meta name=\"description\" content=\"Extreme poverty continues to persist in the world. 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