The Ur­ban-Slum Fo­cus – A Pi­lot Ap­proach

Consumer Voice - - Financial Literacy And You -

In­di­vid­u­als liv­ing in slums some­how man­age to meet their fun­da­men­tal ne­ces­si­ties like wa­ter, food and shel­ter, and are also em­ployed. How­ever, most of them are not able to make their ends meet – pri­mar­ily be­cause of bad fi­nan­cial plan­ning and fi­nan­cial il­lit­er­acy. They are also not much aware about the gov­ern­ment’s schemes, nor do they know how sim­ple bank­ing and sav­ings schemes can help them in se­cur­ing their and their chil­dren’s fu­ture.

Also, many ur­ban-slum dwellers get trapped in the cy­cle of bor­row­ing on high in­ter­est rates and the at­ten­dant hu­mil­i­a­tion and ex­ploita­tion by the lo­cal un­or­ga­nized money­len­ders as they do not know much about bank loans/schemes.

Against this back­drop, ur­ban slums have been se­lected for the pi­lot fi­nan­cial-lit­er­acy project. The fol­low­ing are the pri­mary rea­sons for se­lec­tion of ur­ban slums: Easy ac­ces­si­bil­ity to tar­get groups due to near­ness

near de­vel­oped metro/ur­ban towns The in­hab­i­tants have ac­cess to ba­sic eco­nomic

needs like wa­ter, elec­tric­ity and shel­ter The in­hab­i­tants are mostly em­ployed or are en­gaged in small busi­ness/trade or are skilled pro­fes­sion­als The chil­dren have ac­cess to ba­sic pri­mary

ed­u­ca­tion

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