Finlife

Why it Started:

Global Shapers Ludhiana's initiative on financial literacy stemmed from the observations and insights gathered by Impact Officer Rohan Madaan and Founding Curator Reetika during their visits to various NGOs and orphanages. Their firsthand experiences highlighted the glaring necessity for a solution to the prevalent lack of financial literacy among adults, particularly in vulnerable communities. Their visits revealed that this problem was deeply entrenched and required urgent attention. Witnessing the challenges faced by these groups, they recognized the pivotal role financial education could play in empowering these individuals and communities. This realization prompted the organization to initiate a comprehensive program aimed at addressing this critical issue.Problem Statement: In a country where only 27% of adults possess fundamental financial knowledge, concerns arise regarding its impact on the economy and educational system. The lack of financial literacy impedes economic growth, especially in the face of recent economic challenges. Addressing this gap is crucial for fostering a financially responsible populace and bolstering economic stability.Proposed SolutionGlobal Shapers Ludhiana devised a comprehensive five-point plan in collaboration with local banks and financial institutions to tackle this issue:   1. Financial Content: Develop tailored financial literacy material for both students and educators within schools2. Capability Building: Enhance the educational system's capacity to impart financial knowledge effectively.3. Self-Help Community Groups: Establish small self-financing communities to promote financial independence. 4. Financial Communication: Utilize social media platforms to disseminate impactful and insightful financial literacy messages for wider reach.5.Collaboration: Integrate financial education seamlessly into vocational courses, promoting interdisciplinary learning.

Outcome and Impact: The initiative resulted in:

·        15 Sessions: Conducted to educate various demographics.

·        15 Mohallas (Communities): Engaged in spreading financial literacy.

·        112 Students: Empowered with enhanced financial knowledge.

·        153 Women: Benefited from financial education initiatives.

·        227 Senior Citizens: Equipped with better financial understanding and strategies for stability.

As for measuring the impact on women and children:

·        153 Women: Engaged and benefited from the financial education initiatives, gaining essential knowledge to manage their finances effectively.

·        112 Students: Specifically focused on children, who received tailored financial literacy content, enabling them to develop fundamental financial skills for their future.