Frances Fraser, Positive Planet, South Africa, The Role of Savings Groups in Building Assets and Financial Capability
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The Role of Savings Groups in Building Assets and Financial Capability, 18th Microcredit Summit, Abu Dhabi UAE, March 14-17, 2016
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Frances Fraser, Positive Planet, South Africa, The Role of Savings Groups in Building Assets and Financial Capability
- 1. 3/24/2016 1 #18MCSummit Financial education in Savings Groups: The case of SaveAct Abu Dhabi, March 2016
- 2. 3/24/2016 2 #18MCSummit Embedded financial education Financial education that makes business sense
- 3. 3/24/2016 33/24/2016 3 #18MCSummit Understand the different needs of stakeholders in the ecosystem to ensure sustainability Customers Institution Touch points
- 4. 3/24/2016 4 #18MCSummit Financial education in SaveAct Applying the embedded approach in the context of savings groups
- 12. 3/24/2016 12 #18MCSummit Lessons learnt For all institutions adopting financial education as part of their value proposition
- 13. 3/24/2016 13 #18MCSummit Lessons learnt 1. Invest in understanding the needs and context 2. Training and coaching the trainers – critical success factor 3. Participative approach to developing the solution enhances the buy-in 4. Create the right incentives for staff and members 5. Simple monitoring tools possible and valuable 6. It takes time – be patient 7. Not a silver bullet – it forms part of an holistic solution
- 14. 3/24/2016 14 #18MCSummit Contact details Frances Fraser Operations Director frances.fraser@positiveplanet.ngo Chloe Jacquin Financial Education Coordinator chloe.jacquin@positiveplanet.ngo
Editor's Notes
- A sustainable, scalable approach to FE Alignment between SaveAct’s goal and the members goals Ongoing, iterative and evolving solution Integrated into the usual approach to business Therefore embedded financial education Understanding customers needs Understanding the organisations agenda/ needs Understanding the touchpoints
- Semi-literate and illiterate population – strong reliance on visual aids Storytelling based on real stories adapted from interviews with members of the group Necessity for a conversational style – not a formal training session
- Introductory module integrated into the savings group formation training about the FE forming part of the SaveAct approach Four modules developed on topics that were identified in the research with SaveAct and the members Budgeting Lifetime planning Managing debt Managing day-to-day cash flow Each module included a one-page “training aid” for the trainer as well as a comprehensive facilitator guide. (Picture shows the training aid as an example).
- Participation in the sessions a highlight – whereas previously members were reluctant to spend time in “training” the feedback was positive in terms of time spent
- The tools were designed for use in different settings and environments. Important for the fabric and materials to be resilient and hardy.
- Limited need for translation of materials themselves due to low text – but had to spend time translating during the TTT to ensure the trainers understood. Four languages involved due to geographical coverage. Ultimately translated the training aids for the trainers and very little for the members.
- TTT involved training both the content (so that the trainers felt confident and empowered in their personal capacity) but also on how to use the tools effectively and deliver the training meaningfully. This required a lot of coaching.
- Scenarios and storytelling were very powerful methods of creating understanding quickly. These were depicted in the learning map and were reinforced with character development of two female characters.