We are supporting our partner Rang-De to develop a financial literacy model that truly changes the financial behaviours of low-income families and proves it by establishing a robust behaviour change methodology.
(Programme concluded and no longer supported by the Trafigura Foundation)
Despite several efforts by relevant stakeholders to increase the financial literacy of India’s poor, with a view towards increasing their access and use of financial services, many initiatives aren’t able to spur a concrete financial behaviour change among beneficiaries. In particular, when the target populations are poor rural communities, an extended and tailored support coupled with strong monitoring of financial behaviour is needed to make programmes effective and sustainable.
This is why we decided to support Rang-De, a leading expert in financial empowerment of Indian marginalised communities that offers financial literacy training, followed by a customised credit.
Rang-De is capitalizing on its experience of making credit accessible to low-income populations to develop a financial literacy model that can educate India’s poor communities on how to access and evaluate financial products. Looking at failed financial literacy training examples and the continued vulnerability of India’s underprivileged populations to informal financial services and money lenders, Rang-De came up with the idea of a Centre for Behaviour Change to increase the financial literacy of the masses.
With the support of the Trafigura Foundation, Rang-De will study the wide array of Indian financial literacy programmes, identify best practices, and create a curriculum that provides highly customized digital and non-digital content for financial literacy. The Centre will also establish a process for data collection and measurement around behaviour change. Training progresses and analyses produced by the Centre will offer an important contribution to the research around financial literacy and help define key metrics to determine their effectiveness.