Financial Literacy

Financial literacy refers to the set of skills and knowledge that allows an individual to make informed and effective decisions through their understanding of finances. Improving financial education and literacy standards underpins is a major component in all our work and projects.

Financial literacy means understanding financial products, concepts and risks, and through information, instructions and/or objective advise, develop the skills and confidence to become more aware of financial risks and opportunities, to make informed choices, to know where to go for help, and to take other effective actions to improve their financial well being.

Thus financial literacy is the ability to know, monitor and effectively use financial resources to enhance the well being and economic security of oneself, one’s family and business, and also for improving the understanding of the financial service providers. In our case, our focus of financial literacy will be SHG members and their families and all other organizations who are involved with them.

The concept of Financial Literacy, is essentially spreading the knowledge of good money management practices. It encompasses all monetary transactions that a person enters into such as earning, spending, saving, borrowing and investing. These transactions cannot be avoided and they are all integral parts of a person’s life, and hence the introduction of financial literacy will help people, especially women to manage these transactions to their advantage. With financial literacy, poor will have opportunity to learn skills related to:

a) setting economic goals,

b) making a financial plan,

c) managing cashflow,

d) keeping financial records,

e) minimizing debt,

f) planning for the future,

g) socially responsible actions without jeopardising the environment or natural resources

 

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