Impact & Learnings
- 89% of young people received emotional or economic help through their savings group in the last 12 months
- 89% of young people know how they can save the money they earn
- Youth feeling they are part of their community increased from 83% to 96%
- Savings groups are vital tool for the unbanked
- The ability to save creates a longer-term outlook in financial decision making
- Savings groups build civil society ties by uniting community members through a shared goal
- Savings groups can create a forum for knowledge sharing
“We used never to know one another but now we are one family”
Most of those residing in Uganda’s informal settlements are unbanked. Savings groups are therefore crucial in providing a means to save money and thus ensure individuals are no longer forced to exist hand-to-mouth. In providing the opportunity to save, these groups are an important first step in building towards a financially secure future for those in informal settlements.
“We see the light. We no longer spend money on useless things.”
The ability to save also creates long-term thinking when it comes to financial decision making. This extended outlook benefits both individuals and society in the long term.
This savings culture has changed the lives of many boda boda drivers:
“A lot has changed in our lives compared to how things used to be as a result of the project…
there has been an improvement in our incomes due to the financial literacy we received.”
Group affiliation has created bonds between fellow drivers and accelerated the sharing of knowledge. Thus, in coming together drivers have improved their personal finances, while also increasing safety on the roads for everyone.
Through the savings groups, drivers were also equipped with the skills needed to partake in other income-generating activities, like briquetting.
Learn how boda boda drivers have also helped to improve road safety
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