In the heart of a bustling slum in Thane, India, a series of Financial Literacy sessions were organised within the scope of the project supported by The Human Safety Net and implemented locally through Pratham Education Foundation and Aflatoun International, for the local women. Among the participants was Nagina, a hardworking sewing machine operator who wanted to learn something new. This experience reshaped her financial perspective and empowered her to secure a better future for herself and her family.
Before these sessions, Nagina’s was uncertain about her financial decisions and did not know how to manage her money. Despite her dedication to her work, she struggled to distinguish between wants and needs, leading to unnecessary spending that left her with no savings and little hope for financial security. Like many in her community, Nagina had never received formal financial education and was unaware of the importance of saving and mindful spending.
The three financial literacy sessions, led by Pratham, became a turning point in Nagina’s life. She explored crucial topics such as the importance of saving and budgeting, differentiating between wants and needs, and the necessity of having a bank account. During these sessions, Nagina had a profound realization: she had been unknowingly misusing her hard-earned money on non-essential purchases.
This newfound awareness opened her eyes to the damaging effects of impulsive spending and the importance of saving for the future. In reflecting upon her journey, she told us that had she attended these sessions earlier, her financial trajectory could have been much different.
With this knowledge and determination to change, Nagina now wants to work towards financial stability. She regularly saves and deposits money into her bank account to protect her earnings. Additionally, she made a conscious effort to reduce unnecessary expenditures, focusing on essential purchases aligned with her long-term financial goals.
Through these sessions, Nagina learned how to manage her finances better and gained the confidence to take control of her financial future. Her story is a powerful reminder of how financial literacy can empower individuals to transform their lives, one smart decision at a time!
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