DSP BlackRock in association with Parinaam Foundation recently concluded financial literacy workshops to benefit 4,000 women in the lower income segment, educate them about the importance of financial planning and introduce them to basics of financial services. This was part of ‘Winvestor’ - DSP BlackRock’s investor education initiative to educate women with financial knowledge.
The financial literacy workshops with Parinaam were structured as a five module in – classroom training program. The program is designed to empower women from low-income families across India with the knowledge and tools, impressing on them the importance of the need to save, reduce financial risk and make informed financial decisions. The beneficiaries were also made aware of financial services available to them such as budgeting, savings and credit management. The program was conducted in 8 states spread across Karnataka, Tamil Nadu, Gujarat, Maharashtra, Rajasthan, West Bengal, Jharkhand and Odisha.
Role play, video animations, flipcharts, and financial diaries which are pictorial and colorful were used as part of imparting financial knowledge during training process. Calculators were provided to beneficiaries to teach basic numerical skills; Financial Diaries to help them track their income and expenses. Saving boxes were provided to every participant to inculcate saving habits for themselves and their children before they are able to open bank accounts.
At the completion of the program, 80% of beneficiaries now have savings accounts and have also started availing banking services like usage of ATM, withdrawal, deposits, among others. While 61% of beneficiaries now access cashless loan facilities, 73% beneficiaries availed higher ticket loans from MFI to develop business and improve their housing conditions as well as to fund higher education for their children.
In a press release, Aditi Kothari Desai, EVP and Head of Sales & Marketing, DSP BlackRock said, ‘We believe that women are the backbone of society and empowering them with financial skills is an essential step towards making each family financially secure and independent. Participants have expressed great interest and commitment towards learning financial skills, enhancing their knowledge and putting their learning into practice, which has reinforced our commitment in bringing in a positive change among women across all sections of the society.’’
