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093 - Financial Planning Literacy for SHG women

posted Jul 8, 2017, 5:36 AM by Don Bosco Development Society   [ updated Jul 8, 2017, 5:36 AM ]
Pune, July 2017:
Don Bosco Development Society, Pune organized a ‘financial planning literacy’ workshop for SHG women from Tempo Chowk slum. 43 ladies participated in this workshop which was organized under the aegis of ‘women empowerment project’ supported by Manos Unidas, Spain.

The workshop covered following 4 topics:

1) Thumb rules on saving and investment
2) Ponzi Schemes, Time value of Money, interest rates, Compounding, Discounting
3) Investing in Small saving schemes to meet Financial Goals
4) Life insurance, risk cover, health insurance and investment in insurance products

The workshop brought to the notice of participants the kind of financial discipline they require and plan they needs to make to achieve their financial goals. In a world where inflation is eating away the purchasing power of money, it is necessary that savings are invested in an instrument which gives better returns. A small and regular amount invested in a right instrument will create wealth for the investor. Schemes like Public Provident Fund is an excellent scheme for long term goals, Sukanya Samruddhi Yojana is an excellent scheme for girls upto 10 years of age to fund their higher education and marriage.

The session on small saving schemes gave them the knowledge of the various saving schemes run by post offices and how saving in these schemes can create wealth for them. The session on insurance gave them knowledge of the health insurance schemes and difference between risk coverage and investment in insurance. The workshop ended on a positive note where people invited the trainer to hold such sessions for their communities. People were motivated to start investing in small savings to meet their financial goals.