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Perceived Social Acceptance and Migrants' Financial Inclusion

Author

Listed:
  • Barboni, Giorgia

    (Warwick University)

  • de Roux, Nicolás

    (Universidad de los Andes)

  • Perez-Cardona, Santiago

    (University of Chicago)

Abstract
We conducted a telephonic survey experiment with 2,214 Venezuelan migrants to examine how their perceptions of Colombian’s social acceptance influence their engagement with the financial system. We find that 66% of the subjects we interviewed underestimate the extent to which natives are open towards migrants. We then show that providing accurate information reduces belief errors by 23 percentage points. This correction increases migrants’ willingness to interact with the financial system. In particular, individuals who initially underestimated Colombian’s acceptance of migrants are 15% more likely to visit a bank and request financial information in the next two months relative to the control group. These individuals also show a 12% increase in the willingness to open a digital wallet and an 18% increase in the willingness to open a savings account. These effects are concentrated among individuals who have not experienced episodes of discrimination in Colombia. We find no effects on the willingness to apply for a loan or an insurance product, consistent with the idea that supply barriers play a significant role for the financial inclusion of vulnerable populations. Using an instrumental variable strategy, we show that the increased willingness to engage with the financial system is driven by belief updating. Our findings highlight that misperceptions about native’s social acceptance of migrants can drive self-exclusion from the financial system.

Suggested Citation

  • Barboni, Giorgia & de Roux, Nicolás & Perez-Cardona, Santiago, 2024. "Perceived Social Acceptance and Migrants' Financial Inclusion," Documentos CEDE 21278, Universidad de los Andes, Facultad de Economía, CEDE.
    • Handle: RePEc:col:000089:021278
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    File URL: https://repositorio.uniandes.edu.co/bitstreams/handle/1992/75275/dcede2024-48.pdf
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    More about this item

    Keywords

    Financial Inclusion; Migration; Beliefs; Social Acceptance;
    All these keywords.

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

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