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Sarita's Story: Overcoming Financial Fraud Through Education

Attending the Financial Education programme marked a turning point for Sarita. She learned essential skills to improve her family’s financial health and manage the expenses more effectively.

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In a stride towards enhancing knowledge about family finances in India, The Human Safety Net, in collaboration with its local partners, has started a new Financial Education for Families programme in 2023. Reaching 1402 individuals to date.

The programme encompasses a series of training sessions designed by Aflatoun and UNICEF, each focusing on critical aspects of financial administration in the family. These sessions aim to equip participants with essential knowledge and skills to make informed financial decisions.

In Bhaskar Nagar, Kalwa, a Financial Literacy program has made a significant impact across 35 neighbourhoods. Sarita, one of the programme's beneficiaries, faced numerous challenges due to a lack of knowledge, particularly in saving and financial planning. Her earnings often disappeared quickly into immediate expenses, leaving no safety net for emergencies. She also struggled to differentiate between wants and genuine needs for her family.

Reflecting on a painful experience from ten years ago, Sarita recalled investing 50,000 rupees (approx. €570) in a fraudulent scheme, losing her money in the process. Many others in her community suffered similar losses, with amounts ranging from 25,000 to 200,000 rupees (approx. €285 to €2,280). Sarita lamented that a lack of financial education had left them vulnerable to such scams.

Attending the Financial Education programme marked a turning point for Sarita. She learned essential skills to improve her family’s financial health and manage the expenses more effectively. The sessions helped her understand how unchecked desires often lead to unnecessary spending, thereby preventing savings.

Through this program, Sarita and other mothers gained valuable insights into their financial needs, learned the principles of budgeting, savings, and responsible borrowing. Sarita's transformation highlights the empowering effect of financial education, enabling individuals to make informed decisions and protect themselves from financial pitfalls.