Many migrant domestic workers in Singapore take care of children, the elderly and household chores, often on a minimum salary. Many also send money home to help their families, leaving themselves with no savings. Aidha, a BNY Mellon Singapore grant partner, provides a comprehensive and holistic financial education program for these workers to help them navigate their challenges. In 2016, our support enabled 100 students to attend Aidha’s lifechanging nine-month course.
Many students in the Aidha program are the primary breadwinners in their families and work to break the cycle of poverty. Through Aidha’s courses, they learn to save and plan for their financial futures and gain skills and confidence to achieve their goals.
Students who complete Aidha’s course typically increase their monthly savings by 78 percent. Business ownership rises from six percent among new registrants to more than 40 percent among alumni. Aidha’s studies show students’ financial well-being has a significant multiplier effect, with the positive impact extending to an average of nine other people who depend on the student.