Please describe the goal of your initiative; outline what you are trying to achieve
All ages and education level of women and youth that wants to have the core knowledge about personal finance management issues such as budgeting, debt, savings, investments and entrepreneurship.
-To create awareness for ‘Financial Literacy’ to every Turkish citizen.
-Providing access to the right information in Turkey about personal money management issues such as saving, budgeting, debt, investment, credit card usage, personal loans, etc. in a simple, intuitive, innovative way.
-To introduce budget notion and its benefits
-To raise awareness about debt and its instruments
-To contribute the raise awareness of having savings
-To promote financial instruments
-To introduce micro credit and enlighten about setting up a business with micro credit
Which barrier(s) to financial inclusion does your solution seek to address? (select all applicable)
Physical and other accessibility obstacles that prevent communities from reaching financial services, Other (Please describe below).
If you selected 'other' above, please specify which other barriers to financial inclusion you solution seeks to address:
-The lack of awareness, content and national strategy about financial literacy
For which underserved or excluded communities will your solution create access to valuable, affordable, secure and comprehensive financial services?
Women; because they cover 50% of Turkish population(75M) and most of them are under-served.
Kids&Youth; Because this segment is 61% of Turkish population. So they need a guidance
Enterepreneurs; It is a trend topic in Turkey as the positive economic growth. There are lots of national&international angel investors for Turkish Entrepreneurs. So those entrepreneurs need a guidance for `starting a business` content like building business plan, business strategy etc.
Could your solution work in other geographies or regions? If so, where?
In our strategy there is the plan to expend internationally with social franchising, towards to MENA&East side especially under privileged parts of the world, because those regions have similar needs & opportunities with Turkey after the national proved concept.
If your solution is dramatically successful, how will things be different in 10 years?
People will be literate about financial issues and they will start to use investment tools more often and they will start to save more, so that capital shift towards to market will provide an economical growth. Create sustainable welfare of the economy with financial peaceful families, that are composed of "financially free" individuals, people manage their money will be able to manage their lives
What will have had to have changed to make this happen?
Awareness, importance and effect of financial literacy should be accepted and supported by regulatory bodies which we are trying to create the awareness by seminars, one to one visits, and by delegation in the related committiees
What has been the impact of your solution to date?
We have an ongoing project to educate 20.000 women in Turkey; project started in December 2011 and will finish in May 2012. According to the survey results, implemented to 475 seminar attendees by Infakto Research Company, showed that their money issues knowledge increased up to %74.
After attending the education,
•Attendees habit of writing to their spending increased to 81%
•Distinguish of obligatory and luxury spendings increased to 87.6%
•Knowledge about financial instruments increased
•Credit card useful and must know knowledge increased to 57%
•Before education, the women’s only knwoledge about investement was “gold”. After education they have the knowledge about other instruments
•The most distinct increase is about savings evaluate ways. (pre 54% had knowledge, post 81% have knowledge)
What is your projected impact over the next five years?
We will be transforming most of our education to online platform. So that it can be sustainable and replicable.
What barriers might hinder the success of your project? How do you plan to overcome them?
Accessibility is one of the critical factors in our project. Though physical touch is the key to success to overcome the accessibility issue we have created the website (paradurumu.tv). We answer members questions, create tools to help their financial decisions, We collect the data of attendees when we get a physical contact, after that we are trying to get those people to our online platform (www.paradurumu.tv) so we can keep our connection and continue to educate
Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact
To create national financial literacy council
Now think bigger! Identify your 12-month impact milestone
To widen the target other than women