Employers of Filipino domestic workers play a crucial role in educating their helpers about OFW loans and general financial management.
Discussing loans and financial management with your domestic helper can uplift them as they work hard to keep your household running.
Usually, as an employer, you are bound to face discussions with your helpers now and then on OFW loan needs, savings issues, or budgeting. These discussions are about money and the helper’s overall financial well-being and future security.
Taking loans and general financial management may not be, especially when there is no formal education to lay the ground for practical financial management principles.
Although it is a rather daunting conversation, approaching it with empathy and a clear structure can foster a deeper connection between you and your helper.
This post will discuss how you could discuss this touchy yet vital subject with your domestic worker.
Ways to Discuss About OFW Loans With You Domestic Worker
1. Get the Discussion Going with Empathy and Understanding
Take time to understand where your helper comes from before proceeding. Learn about their money priorities since they could differ significantly from yours. For instance, their financial decisions could be dictated by responsibilities back home or a lack of economic understanding.
Start the conversation by assuring them of your concern for their financial well-being. For instance, you can begin by asking them, “Is everything okay financially?” This will make them feel they have a safe place to confide in, trusting and comfortable enough to discuss something personal like money.
2. Avoid being Judgmental
If your helper mentions debt or problems in managing expenses, please do not lecture or judge them. Most domestic workers have to support a family or even have financial responsibility in their hometown, often stretching their earnings to meet such essentials.
Therefore, instead of judging them, ask nonjudgmental questions such as “What made you decide on that loan?” or “Is the repayment manageable?” These questions show your concern and willingness to understand their situation without passing any judgment.
3. Educate Them About the Pros and Cons of OFW Loans Without Dictating
When the discussion gets easy, share some financial tips or resources to help them with finances. Importantly, position yourself as a resource, not an authority. Assist them in deciding on whether to take domestic helper loan or not to, and do not dictate what to do. This means you should provide information and guidance but ultimately respect their autonomy in making final financial decisions.
Also, you could ask them if they have ever considered setting aside a small amount each month as a safety net for emergencies. Significantly, you can also help them understand what the interest rates and terms mean if they seek to obtain OFW loans. You can explain that sometimes the money lender charge fees and offer to look at it together to see if it is a fair deal.
4. Offer Practical Support
If appropriate, offer to provide practical assistance. This could include introducing them to a responsible financial institution, helping them set up an account, and showing them how to monitor spending.
You can also recommend free apps or easy ways to manage the budget. Importantly, suggest cheaper remittance options if the helpers send money back home. Always tell them you will help them should they want to know about these methods.
Encourage Open Communication on OFW Loans and Financial Management
Financial struggles can be daunting for domestic workers, so assure them they won’t have to go through them alone.
You can use phrases like, “If you ever feel overwhelmed about financial constraints or need to apply for a loan, don’t hesitate to talk to me.” This will give them security in knowing your relationship is transactional and based on mutual respect and care.
Importantly, commit to ongoing financial guidance. Equip them with tools for a more secure financial future while ensuring you are kind, patient, and willing to help one step at a time.
Lastly, remember, it is not all about teaching them. Sometimes, you might likely learn something from them about other equally important aspects of life, such as resilience and the depth of the universal financial stability quest.