Financial Litearcy & Knowledge Camp for financially challenged disadvantaged Poor of Urban Slums in Dehradun
-To spread across community some of the following simple messages of day to day finance.
Why Save?Why invest? Why insure?Why you will need regular stream of income post working life –pension? Why save or invest regularly and consistently? Why insure fully? Why save with banks? Why borrow within Limits?What is the difference between saving and investment? Why borrow for income generating purposes?Why repay loans? Why repay loans in time? Why do you need insurance? What is interest? How moneylenders charge very high interest rates?
-building knowledge, skills and attitudes to become financially literate,introducing people to good money management practices with respect to earning, spending, saving, borrowing and investing.
-to enable people to shift from reactive to proactive decision making and work towards fulfilling their financial goals..
-to develop confidence, knowledge and skills to manage financial products and services enabling them to have more control of their present and future circumstances.
-help in protecting society and individuals against exploitative financial schemes and exorbitant interest rate charged by moneylenders.
-to avoid over-indebtedness, improve quality of services and make wise financial decisions.
-Promoting entrepreneurship.
-Behavioral Change
Activities
Marginalized & poor population save, borrow and make payments throughout their lives in most unorganized way.
In order to bring marginalized & poor disadvantaged poor population into the mainstream we organize ‘Financial Literacy & Education Camps’ designed to provide the knowledge and tool they need to save well, moderate risk and make informed and wise financial decisions.
We conduct 2-3 hrs. of session for 3-days of maximum 20-participants per camp with total 45-training sessions (900-disadvantaged poor of slums) in which Sita Devi Foundation teaches cash flow management, budgeting(income & expenditure), saving options, debt management, debt negotiation, financial literacy as a life skill,differentiation between ‘needs’ and ‘wants’, mechanics of loans/EMI components as well as competent use of banking facilities(ATMs, SMS alerts and cheque books),healthy investments and retirement funds in simplistic manner with the help of charts, videos, leaflets, role play, flip charts and financial diaries.
Budget for 1-training sessions for 3-days (20-persons) : Rs.12000/-
Beneficiaries
Financially challenged disadvantaged poor of urban slums from age group 18-55 yrs.
The most principal benefits of aboved Financial Literacy & Education Awareness Camp:
• It will enable households to attain higher standards of personal as well as household savings and dramatically reduce the vulnerability of any unforeseen future financial hardship and risk due to any reasons.
• Encourage discussion and action on other community’s issues
Output of the project
- Peoples capabilities for self-development enhanced
- Sustainable improvement in livelihood base
- Community bonding
IMPACT :
In determining the impact to be achieved , it is worth noting that during implementation the primary focus of our financial literacy activities gradually shifted from providing training to the broader aim of empowering and social improvement through the solidarity of economically disadvantaged poor.
(a) Poverty Impact :
Beneficiary families would see a substantial rise in their incomes during implementation and reduced the vulnerability of member households to social and environmental calamities and to seasonal fluctuations in income and expenditure,and dependence on money lenders considerably reduced.Higher incomes lead to improved food and nutrition,health care and education of household members.
Major micro level Poverty Impact are :
(i) smoothing consumption ;
(ii) buffer aginst avoidable expenditure ;
(iii) safety of assets from major disruptions ;
(iv) better incomes ;
(v) rational utilization of saving ;
(vi) freedom from clutches of moneylenders;
(vii) increase in risk taking ability;
(viii) enlarges livelihood opportunities;
(ix) improved self esteem and sense of elevation.
We’ve seen that the monthly income of beneficiary increased by 20% per month and they get some extra surplus in their hand which they save for their better future and emergencies.
(b) Social Impact :
Perhaps the single most striking result of our financial literacy activities would be (probably) seen in the remarkable increase in opportunities for financially challenged disadvantaged poor people to come out and enter the public domain. It introduces a new mindset,which lead many young person to broaden their field activities.
Total Budget: 540000.00(5.40 lacs)