Financial Literacy Consultant

Duty Station of the Consultancy: Home-based

Duration of Consultancy: from 20 November 2023 until 8 January 2024

Nature of the consultancy: Develop financial literacy materials (with specific module on UK banking and remittances environment) and handbook for financial literacy trainers.

Project Context and Scope:

The main route to the UK for Tajik labour migrants is the Seasonal Worker Visa Route which allows workers to travel to the UK to work in horticulture for up to 6 months. The International Organization for Migration is assisting the Governments of Tajikistan, Kyrgyzstan and Uzbekistan in supporting safe and orderly migration from Central Asia to the UK through services of preparation, capacity-building, and reintegration. The recruitment process for 2023 has already begun, and migrants will begin departing for the UK in early March 2024. The current earning potential in the UK is 10.42 GBP per hour, with migrants guaranteed, at a minimum, 32 hours of work a week. The official average monthly household earnings in Tajikistan amount to roughly 200 USD a month, but unofficially this could be much lower. If there is a lot of work available, there is the potential for migrants in the UK to make substantial savings, but migrants and families back home need to have a clear grasp of financial literacy to ensure these funds are used to the greatest benefit for families. It is also unclear if migrants are aware of their remittance and saving options or are aware of the UK banking environment. In addition, financial literacy in Tajikistan and Uzbekistan, especially among women remaining behind to manage the household, is very low – and many families struggle with money management, savings, and financial prioritization or financial goals.

The target groups for this activity will be prospective migrants, return migrants, and their families.

As a result, IOM will provide financial literacy sessions to return migrants, prospective migrants and their families in both Uzbekistan and Tajikistan. The Missions require one set of financial literacy materials to be provided which can be disseminated amongst participants of these sessions, and a training handbook for the financial literacy trainers. The syllabus can be discussed and decided on between IOM and the consultant, and previous financial literacy trainings produced under IOM can be provided to support the consultant on request. We are interested in the following information at a minimum being included:

• Module 1: Managing your finances and banking in the UK.
• Module 2: How to send and manage remittances – for remittance senders and receivers.
• Module 3: Managing your finances at home.

S/hewill report to the Regional Project Manager in IOM Tajikistan.

Objective: Under the overall supervision of the IOM project lead, the consultant will be responsible for researching the banking and remittance environment in the UK with its links to the UK Seasonal workers scheme, and producing financial literacy materials, and an adjoined trainer’s handbook.

Consultants will contribute to the achievement of the following project indicators:

• Output Indicator 3.1: # of migrants and their families completing financial literacy training (disaggregated by country and gender)
• Output Indicator 3.2: % of attendees at financial literacy training who report feeling confident applying the acquired knowledge to their financial management (disaggregated by country and gender)

Organizational Department / Unit to which the Consultant is contributing: Labour Mobility and Social Inclusion (LMI)

Tangible and measurable outputs of the work assignment

The Consultant is hired to deliver the following tasks on a final payment basis:

Payment on IOM’s confirmed receipt of both deliverables – financial literacy materials and adjoining trainer’s handbook.

Scope of services to be delivered:

1. Provide an inception report to ensure all deliverables can be delivered within tight timeframe.

2. Desk review/research on the UK banking environment and financial considerations for migrants working in the UK under the UK Seasonal Workers Scheme.

3. Develop financial literacy materials in English which include content on how to manage their finances in the UK, and money management at home.

4. Develop an adjoining trainer’s handbook plus PowerPoint and handouts with key messages for migrants and their families which financial literacy trainers can follow and disseminate to provide these sessions to prospective and return migrants, and their families.

   Performance indicators for the evaluation of results

• High quality financial literacy materials produced within agreed timelines.

Education, Experience and/or skills required

• Bachelor’s or higher degree in international development, economics, migration studies or related field from a recognized institution.
• At least 5 years of working experience in developing development materials – financial literacy materials is a bonus.
• Prior experience of developing trainer’s manuals, developing financial literacy syllabus is a benefit.
• Extensive knowledge of labour migration, financial literacy and financial environment of the UK is a benefit.
• Fluency required in English.

Travel required – no travel is anticipated within this consultancy.