Providing financial counselling to the poor

Description

Providing financial counselling to the poor involves delivering practical guidance and support to individuals and families with limited resources, enabling them to manage income, reduce debt, and make informed financial decisions. This strategy addresses issues such as financial illiteracy, vulnerability to predatory lending, and chronic poverty by offering tailored advice, budgeting tools, and access to relevant services, thereby empowering recipients to achieve greater financial stability and resilience.

Implementation

Self-Employed Women's Association (SEWA) in India provides financial counselling for poor women. The results are that women learn to use their own funds rather than borrowed funds, become able to convert savings into investment, and become able to survive financial crisis, emergencies etc. through insurance and other financial planning.