09 Nov MONEY MANAGEMENT: FINANCIAL EDUCATION FOR DAILY LIFE
Developing activities that generate new sources of income can lead to radical changes in the quality of life of many families. The National Institute for Social Action (Instituto Nacional de Acción Social – INAS) of Mozambique knows this well, and to this end have been working to design a component of the Social Productive Action Program (Programa Acción Social Productiva (PASP)) called “Support for the Development of Income-Generating Initiatives”, in partnership with the support and technical assistance of Fundación Capital.
In this context, during August 2016, Fundación Capital ran a cycle of financial education and personal finances trainings for employees of INAS. Four members of the National Institute for the Development of Fisheries and Aquaculture, an institute receiving support from Fundación Capital, also joined.
During the cycle, 63 participants had the opportunity to familiarize themselves with topics such as money management and family and personal savings, as well as to learn how to do an analysis of income and expenses.
Participants learned about the Cossa Family, an example that demonstrated many of the frequent challenges that individuals and families face, and based on which the participants had to work to develop advice for the family on how to adequately manage their money and work to achieve their dreams. Each group completed a detailed analysis of the family’s various expenses, distinguishing between those that were necessary and those that were not, and revising their actual and potential sources of income.
With this, the training strengthened the interest of the participants in financial education, which they can integrate into their daily and family lives, and which can be useful when they need to do a training in the field on such topics.
And what better way to see the practical effects of building financial and entrepreneurial capacities than supporting former participants of PASP? For this, catering during the trainings was done by a business started by former participants who, in addition to providing excellent food, had a space to promote their business and share their story.
In order to remember all the lessons and help get them into practice, each participant received a piggy bank at the end of the course. This small reminder can help them to strengthen their savings habits and remember the main messages learned in the sessions.