Financial Literacy for Drivers
Financial planning and management are imperative to ensure financial stability of one’s family. It is also a way to help familiesimprove their lifestyle and provide the next generation with adequate opportunities to succeed in life. However, not all individuals have the necessary skill set to budget, plan and manage their money.
Recognizing the important aspect that financial management has in the development of individuals and their families, NIIT Foundation, along with their funders, have come together to spread Financial and Digital Literacy in a bid to work towards financial inclusion of all individuals.
With careful consideration, NF launched a Financial Literacy program exclusively for drivers. The program has been rolled out in 7 states of India and uses a healthy mix of in-person workshops as well as e-content to reach more individuals. Women Drivers form an important part of the audience and certain sessions are catered exclusively for their benefit within this program.
Project Objectives:
The program aims to educate and spread Financial and Digital literacy among underprivileged drivers including women. It has been designed to ensure that trainings be easily accessible online and offline. The trainings have been created to cover all topics and start from the absolute basics of financial planning. Some of the objectives of the project are:
- To provide a holistic financial and digital literacy program which aims to make every household, in the target areas, financially literate.
- To educate the beneficiaries about the importance of maintaining a good CIBIL score for the future of their business.
- To educate the beneficiaries about the relevant RBI Guidelines and how to stay updated with any modifications.
- To encourage all beneficiaries to maintain a bank account and use digital financial options such as e-wallet, BHIM, mobile banking.
- To encourage the beneficiaries to avail insurance for covering personal, agricultural, or business risks.
- To help them build confidence to approach banks and financial institutions, over local moneylenders, for loans.
- To support them to explore various government schemes and access information related to financial services through their mobile phones.
Project Achievements:
- The program is widely appreciated and is covered in local newspapers and media.
- Master trainers and delivery associates of the program have all been certified by NIIT Foundation in Financial and Digital Literacy content that has been specially curated for the program.
- Over 25,500 drivers were educated through 650+ workshops in Gujarat, Uttar Pradesh, Madhya Pradesh, Maharashtra and Rajasthan. They can use the banking system and inculcate good financial practices for better money management.
- Beneficiaries have been able to take benefit of the government financial programs and schemes.
- The beneficiaries feel confident to fully use technology for their financial planning, management and advancement.
Post the program, the beneficiaries feel more empowered and knowledgeable about various financial facilities, terminology, procedures etc. Women drivers were informed about the government initiatives and schemes available exclusively for women. Self-help groups for women were encouraged so that they may learn from one another and encourage each other’s ambitions.
Testimonials from our beneficiaries reinstate that the course content and delivery is fulfilling NF’s objective to bridge the gap between the urban educated and the underserved in financial management. Utilizing the tools taught in the workshop, they are carefully budgeting and prioritizing saving money for important events such as purchasing their home, financing children’s education. Some of them have even carefully planned their budgets to work towards owning their own taxis, trucks, tempos, buses etc. in a bit to be more independent.
Course: Financial Literacy Program
Location: Chhindwara
Vasim Khan, a driver, was the sole bread earner for his family consisting of his parents and his siblings. A hardworking young man, it still seemed that no matter how much he worked, the household expenses were never ending. He was unable to save any money and by the end of the month, they would be struggling and awaiting his next pay. Vasim realized that driving alone would not be able to cover all their expenses.
Vasim Khan, a driver, was the sole bread earner for his family consisting of his parents and his siblings. A hardworking young man, it still seemed that no matter how much he worked, the household expenses were never ending. He was unable to save any money and by the end of the month, they would be struggling and awaiting his next pay. Vasim realized that driving alone would not be able to cover all their expenses.
He came across the NIIT Foundation and Mahindra Finance Financial Literacy program a few months later. The program was being exclusively offered to drivers. Vasim decided to take the course up. Through the course module, he learned the techniques and correct ways to budget, save and manage money. He began to apply the concepts to his life.
As he began saving, he realized he had enough to buy a second-hand car. After carefully reviewing his finances he determined a budget of Rs. 6000-Rs 7000 that he could set aside for monthly instalments. He went ahead and bought a car that would comfortably work with his financial budgets. The art of saving and planning helps him to ensure that he is able to easily pay the instalments every month while managing his family’s household expenses, educational expenses for his siblings easiy.
Vasim has greatly benefitted from the Financial Literacy program offered by NIIT Foundation and used the techniques to be entrepreneurial while setting a model example for his younger siblings to manage money well.Â