Financial Literacy

Good money management is critical for meeting day-to-day needs, dealing with life cycle events and unexpected emergencies, taking advantage of opportunities when they present themselves, and planning for the future.
 
LAPO is actively engaged in the financial literacy training of members of the public to enable them achieve financial stability. This is in recognition of the fact that financial illiteracy often results in poor financial choices with negative consequences on the financial well-being of the individual. Under the programme, beneficiaries are empowered with the knowledge and skills to manage their financial resources effectively. This includes ability to develop a long-term vision and planning for the future, appropriate decisions about investing, insurance, budgeting, savings culture, retirement and the discipline to use the skills daily.
 
Goal
Strengthen the capacity of small and medium entrepreneurs to succeeds in business.
Objectives
·         To support the target group to make better expenditure, savings and investment decisions;
·         To enable the target group to achieve their financial goals
·         To promote economic decision-making capacity of participants
Target
Micro, small and medium entrepreneurs in target areas.
Content of Training
1. Basic principles of money management
·         Assessing your financial situation
·         Setting financial goals
·         Distinguishing between needs and wants
·         Assessing your financial ‘personality’ or ‘style
2. Managing cash flow
·         Making a financial plan
·         Developing a budget
·         Implementing budget
·         Spending wisely
·         Building assets
·         Housing, land, property, and other physical assets
·         Investing in a business
·         Protecting assets
3. Dealing with life cycle events
·         Marriage
·         Household formation
·         Birth
·         Children’s education
·         Retirement/old age
·         Death
4. Interfacing’ with formal and informal financial institutions
·         Saving. Opening a savings account; setting savings goals
·         Borrowing. Knowing when to borrow; risks associated with borrowing money; comparing loan terms and conditions; calculating interest and managing debt
·         Insurance. Understanding what it is
5.         Dealing with special challenges
·         Illness of a family member
·         Death of a family member
·         Own illness
·         Extending help to other families
·         Divorce or family breakdown
·         Job loss
·         Natural disasters/calamities
6.         Financial decision making processes
·         Joint decisions
·         Independent decisions
7.         Planning for the future
·         Investments
·         Old age/retirement
·         Death
8.         Earning money
·         Money making ideas
·         Looking for a job (paid employment)
·         Starting and managing your own business
·         Career planning
Methodology
·        Questions and answers
·        Small group discussions
·         Lecture and discussions
·         Exercises
·         On- site training