The main difference for those who live in poverty however is that they have limited access to the resources, information and opportunities necessary to become and to stay economically self sufficient.
Haiti is one of the poorest countries in the developing world and the poorest country in the Western Hemisphere. Less than half of the population is literate and over two-thirds of the labor force do not have formal jobs. About 80% percent of Haitians have to manage with less than $2 a day.
When you have to struggle in a context of high-risk and scarcity like the Haiti, knowing how to manage the little money that you have is critical for meeting daily needs, dealing with unexpected events and planning for the future.
These are some of the reasons why Solisyon Kominote Yo (Community Enterprise Solutions) has developed the Family Wellness Financial Literacy and Voucher Program as part of the Levi Strauss Foundation & Co initiative Improving Workers Well Being IWWB at CODEVI / Grupo M garment factory.
The program is specially created for CODEVI employees and includes 2 training sessions, the first session started on Friday 20th of June with the objective of encouraging the participants to start thinking about where their money is coming from, where it’s going, as well as how to classify and adjust their expenses. Solisyon Kominote Yo believes that developing this kind of strategies can enable them to better understand their family cash flow and to make a plan of action that helps them to improve their family’s financial situation.
During the classes, the students have already started to come up with ideas on the different ways in which financial literacy skills can be applied their personal lives, their family budgets and even their small businesses.
Fundamentally then it is not just about improving the financial literacy of individuals, we strongly believe that once people have acquired financial literacy skills, they cannot be taken away and therefore financial education can have longer-term benefits not only for themselves but also for their community.