I am so proud of the National Financial Eductors Council of which I am a National Financial Literacy Ambassador for the work they do to combat the effects of financial illiteracy in our world is worthy of a shout out!! I have to share about the work we are doing in India!! Changing lives!
I am HOPING to travel there some day SOON!!!
The National Financial Educators Council has expanded its operations to bring financial literacy to India with a partnership with the ENNELA Welfare Association. The first international financial literacy program in India through this partnership was held on October 21st, 2012 and hosted over 50 participants from the Sriranga Varam. The long term goal of this program is to serve over 1862 villages across India with financial literacy training.
Two of the 50 people that participated in the day long financial literacy program delivered by ENNELA included Mr. Ram and Mrs. Radha. Here are their stories:
Mr. Ram reddy has 10 acres of cultivating land. From the childhood he has been working in the field. He has no education and no schools in those days in the village. His father and 5 brothers are farmers but illiterates. 3 brothers sold out their lands and settled at Hyderabad city. He has 2 sons and 3 daughters. All are settled surroundings of this village.
He had no knowledge about personal finance matters and didn’t have access to financial literacy articles or education before this event. All the children has taken the property and left with 2 acres to him. He has been working in the fields for the livelihood of both wife and himself. Both are too old to work but no chance to take rest.
He participated the awareness program and surprised with the contents. He never heard of savings and about bank account. He has an opinion that children take care of parents in their old age. He has no answer if they neglect the parents. He said that after this program “at least even now I learned about savings. I would have enjoy retirement life if I can save my hard earning money for the past 50 years”
Mrs. Radha is a flower seller that was often cheated by customers due to poor knowledge of calculations. She is a 45 years old widow, selling flowers in surrounding villages for her livelihood. She has 2 sons and both are farmers in this village, sriranga varam. She is living with eldest son Mr. Prakash and no problems for her remaining life.
But she has entrepreneurship and selling flowers in surrounding villages. Daily morning she goes to gardens and purchase flowers in wholesale prices. Segregate and prepare into garlands in multiple sizes. After lunch at home she starts selling garlands in surrounding villages.
But every day she is suffering with losses. Why? She got the answer at the awareness program. She is poor in money matters and selling at very low rates and always receiving losses. The purchasers cheating her at prices and sizes of garlands. She never adds cost of her garland making charges to selling prices.
Here she learned about pricing, selling costs, buying costs, wastage and value additions to her marketing of flowers. She decided to learn basic financial education through banking kiosk. She advised by manager that “open savings account so that credit will increase and that will be the capital for next week trading”.