Title: Transforming Multidisciplinary Research Through Artificial Intelligence
Chief Editors: Dr. Nagasudha R and Dr. Geetha V
Associate Editors: Dr. Aarti Sharma and Ms. P. Nithyashankari
Co-Editors: Dr. Madhumathi Reddim and Dr. Shishira Srinivasa
ISBN: 978-93-7183-019-5
Chapter: 5
DOI: https://doi.org/10.59646/804/05
Authors: Dr. Arunkumar M, and Dr. Latha K
Abstract
Interstate labour migration to Kerala has grown steadily as workers from economically weaker states seek better wages and livelihoods, with Ernakulam district — driven by its construction, hospitality, logistics and retail sectors — emerging as a major destination. While these migrant workers make a substantial contribution to the local economy, their personal finance management remains an under-researched area. This study examines how migrant workers in Perumbavoor, Ernakulam, earn, spend, save and invest, and evaluates their level of financial literacy and access to formal financial institutions. Using a descriptive and empirical research design, primary data were collected from 61 respondents through structured questionnaires and interviews, employing a convenience sampling technique. The findings reveal that the majority of migrant workers are young, married men from Bihar and West Bengal, working long hours (8–10 hours or more per day) predominantly in the informal sector, earning between ₹10,000 and ₹30,000 per month. Although 59% of respondents reported a savings habit, 77% remained unaware of formal investment options, and 78.7% lacked access to health insurance or government health schemes. Lack of financial literacy (47.54%) emerged as the single biggest challenge to financial management, followed by high cost of living and language barriers. The study concludes that targeted financial literacy programmes, simplified banking access, and greater awareness of welfare schemes are essential to improving the financial well-being and security of this economically vital but financially vulnerable workforce.
Keywords: Migrant workers, personal finance management, financial literacy, financial inclusion, savings behaviour, unorganized sector