Sparing Changes for Growth: Fostering Financial Empowerment 

In 2024, India enjoys the reputation of being amongst the fastest growing economies in the world. Moreover, the rapid integration of digital technologies across multiple spheres of life including the day-to-day financial dealings of citizens has further enhanced India’s image on the global stage as a formidable geopolitical player. As the country on an international level in its economic prowess, it is often convenient to overlook that a significant section of the population is excluded from sharing in the macro success. Financial literacy rates in India remain staggeringly poor with only about 27% qualifying possessing basic financial literacy. This percentage is even lower among women at around 20%.

Addressing this issue, therefore, becomes a critical goal to ensure greater socio-economic parity in India. Two of our most resilient changemakers Gargi Agarwal (Unison World School, Dehradun) & Samaira Aggarwal (Welham Girls School, Dehradun) from the June 2024 cohort of TFG’s social impact program decided to do their bit in promoting financial literacy in their country. Their motivations lie in their deeply personal experiences. Samaira’s drive comes from having witnessed a valued house help member struggle with meeting her regular financial requirements. Gargi, on the other hand, grew concerned over the lack of financial education among young students within her community and from less privileged backgrounds. These experiences fastened their resolve to make the best use of their time at TribesforGOOD.

Part 1: Triggering Change through the Virtual Medium

With a clear grasp over their mission, the changemakers commenced their program with virtual awareness workshops. During her sessions, Gargi sought to introduce her audience of students from non-profit institutions to basic banking and personal finance related concepts, such as mobile banking, credit cards, personal debts, and buy-now-pay-later policies. She also guided them on the process of reactivating deactivated bank accounts and helped them distinguish among digital wages, internet banking, and mobile banking, focusing on the usage and features of the UPI. Her sessions also endeavored to sensitize her audience regarding the prevalence of exploitative loan schemes that could lead to personal debt traps. Meanwhile Samaira collaborated with TribesforGOOD partner NGOs Chaitanya Kul and Thinksharp to introduce their young students to the basic elements and steps required in starting a business. Her session saw an invigorating exchange of ideas among students who each shared their unique designs for businesses they would like to start.

Part 2: Imparting Skills and Knowledge 

The success of their virtual sessions served as fuel to our changemakers who decided to then push the boundaries of their project scope. They sought to do this by going out into their neighborhoods to collaborate with the locals to empower them with the skills and knowledge needed to realize a more financially secure future. 

Samaira first targeted groups of underprivileged women and specially abled children to conduct sessions on the art of beading encouraging them to channel their newly acquired skill into a side business. Subsequently, she also approached small business owners in her neighborhood and helped them establish their Google Business accounts. On the other hand Gargi was able to bring together a group of domestic help workers employed in her neighborhood for a session on financially damaging consumer habits, focusing on the pitfalls of buy-now-pay-later schemes and the role of social media in propelling impulse buying behavior. 

The Way Forward

Being the dynamic changemakers they are, Gargi and Samaira seek to continue carrying forward the mission of their TribesforGOOD projects. As Gargi works on launching a social media page promoting financial literacy followed by a website on the same with content catered to regional audiences, Samaira is planning out collaborations with local NGOs through which she seeks to participate in the financial upliftment of her community.

Their drive and commitment to precipitate positive change in their spheres is truly admirable and something we can all be inspired by. Much like them, we too can seek ways to financially uplift members of our community with access to far less than we do.

Become a Changemaker 

Signing up for change-making is easy, but the real challenge lies in effectively implementing it. It starts with the mindset to be a changemaker. Begin your Changemaking journey by joining the upcoming cohorts of our Global Challenges & Social Justice Program.