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Women at a savings group

Saving
Groups

Saving Groups (SG) provide members with the possibility to provide financial services to themselves and access savings, credit, and insurance benefits on affordable terms and conditions. Financial services that otherwise, they wouldn’t be able to access. In addition to a regular savings routine, savings groups provide collective and personal money management experience and the opportunity for members to extend their supportive networks.

As a result, savings groups are the first step to financial inclusion for vulnerable communities as they provide a mechanism to save money while building financial knowledge and skills.

Plan International’s approach also includes training on financial literacy and life skills. This approach strengthens women’s leadership and self-confidence, supporting them to participate in the management of the groups, and voice and influence decision making in their groups, families, and communities. Plan also works with boys and men to transform unequal gender and power relations and contribute to the full realization of women’s rights.

savings group

More than

15,000

saving groups

More than

20

countries in Africa, Asia and the Americas

More than

500,000

beneficiaries

Through groups comprised of 15-25 self-selected individuals, members mobilize small sums of money to save regularly in a disciplined way, and also access credit on flexible terms. In addition, groups may choose to contribute to a social fund, which works as a basic form of insurance. Savings Groups are owned, managed and operated by their members. They are sustainable by design and continue to operate independently after a training period of about one year.

Groups can save amounts up to CAD$5,000 or more per year, representing an important safety-net that supports low-income households to meet consumption, investment and emergency needs.

Savings Groups can work as effective vehicles of social and economic change. They can be used to deliver financial education, child-rights awareness, healthcare and agricultural extension training. They can also help communities sustain infrastructure such as water points or build resilience in planning for, or recovering, from emergencies.

saving groups

What is microfinance

Savings groups are the first step to financial inclusion for these people as they provide a mechanism to save money while building financial knowledge and skills. They can play a vital role in achieving one of the Global Goals’ ambitions to end poverty in all its forms by 2030.

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financial-inclusion

Financial Inclusion

Financial literacy is a core life skill for participating in modern society. Children are growing up in an increasingly complex world where they will eventually need to take charge of their own financial future.

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