This saving groups methodology and training curriculum aims to promote Savings Groups in countries where partner organisations of the LEarning, Teaming up and Saving – SAVing groups for Employability and Empowerment (LETS SAVEE1 ) project are based.
Within this Erasmus+ funded project, the partner developed a flexible savings group methodology that would be adaptable to the needs of the target groups in different contexts of the participating European countries. Especially people with irregular incomes need flexible products, but by increasing product flexibility, record keeping tends to become more complex, which consequently reduces the group’s transactions’ transparency and accountability. Capitalizing on lessons learned on different savings methodologies in the Global South and in Europe, this curriculum is developed to be adaptable to skills and needs of the different target groups. This methodology will be adapted to permit as much as flexibility as possible, allowing flexible saving and withdrawing of savings, lending and a small insurance fund for emergencies, while the record keeping system will guarantee transparency of transactions. The tools create a framework for Savings Groups, as the members decide themselves about their specific policies and rules (e.g. interest rates, loan terms, fines, etc.). The training and implementation of the savings group methodology is a form of just-in-time financial literacy education in itself. The exchange between the partners and the learning togethers led to the development of this saving groups methodology and training curricula that integrates the following modules:
- Modules for group operations: including guidelines for savings and loan; for the management of an insurance fund; meeting procedures and record keeping system.
- Modules of social competences, financial literacy and entrepreneurship trainings.
- Module that presents different partnership approaches.
The modules are designed in a way that it serves as ‘Training of Trainers Materials’. Each module integrates content, relevant topics to discuss and tools to try out with the savings groups’ members. The current pandemic situation made piloting of the material difficult for all partner organisations. As a result, some organisations with established saving groups piloted the materials, while other used or will use it as information material for the multiplier event to identify a partner willing to test the methodology in the long run.
Appendix 1- Bookkeeping forms:
- Loans Form
- Registration Savings Form
- Share Out of Money Form
- Social Fund Form
- Kudo Form
- Ledger Kudos, Savings and Loans Form
- Ledger Social Fund Form
The curriculum is one of the deliverables of the Erasmus Plus funded project “LETS SAVEE” (LEarning, Teaming up and Saving- SAving groups for Employability and Empowerment).
The LETS SAVEE project aims at developing an innovative methodology for a hands-on-experience training opportunity for adults from vulnerable groups to develop skills like entrepreneurship, financial literacy, cash flow management.
This two-year initiative is led by MFC in partnership with 6 organizations:
- Stichting Cash2Grow from the Netherlands
- Asociación CAF,Comunidades Autofinanciadas from Spain
- SavingBuddies e.V. from Germany
- FUNDACIO PRIVADA SERVEI SOLIDARI PER LA INCLUSIO SOCIAL from Spain
- LAB.IN.S Società Cooperativa Impresa Sociale from Italy
- The Hague University of Applied Sciences (THUAS) from the Netherlands