Mumbai, Maharashtra, India
DSP BlackRock Investment Managers Pvt. Ltd., one of the premier asset management companies in India, in association with Parinaam Foundation successfully conducted financial literacy workshops to benefit 4,000 women in the lower income segment, educate them about the importance of financial planning and introduce them to basics of financial services. This was part of ‘Winvestor’ – DSP BlackRock’s investor education initiative to inspire and educate women with financial knowledge, enable them to plan for their financial future and make well-informed investment decisions.
The financial literacy workshops with Parinaam were structured as a five module in – classroom training program. The program is designed to empower women from low-income families across India with the knowledge and tools, impressing on them the importance of the need to save, reduce financial risk and make informed financial decisions. The beneficiaries were also made aware of financial services available to them such as budgeting, savings and credit management. The program was conducted in 8 states spread across Karnataka, Tamil Nadu, Gujarat, Maharashtra, Rajasthan, West Bengal, Jharkhand and Odisha.
Role play, video animations, flipcharts, and financial diaries which are pictorial and colorful were used as part of imparting financial knowledge, thus retaining the attention span of participants during training process. Calculators were provided to beneficiaries to teach basic numerical skills; Financial Diaries to help them track their income and expenses. Saving boxes were provided to every participant to inculcate saving habits for themselves and their children before they are able to open bank accounts.
At the completion of the program, 80% of beneficiaries now not only have savings accounts but have also started availing banking services like usage of ATM, withdrawal, deposits, among others. While 61% of beneficiaries now access cashless loan facilities, 73% beneficiaries availed higher ticket loans from MFI to develop business, improve their housing conditions and fund higher education for their children.
Aditi Kothari Desai, EVP and Head of Sales & Marketing, DSP BlackRock Investment Managers Pvt. Ltd., said, ‘We believe that women are the backbone of society and empowering them with financial skills is an essential step towards making each family financially secure and independent. Participants have expressed great interest and commitment towards learning financial skills, enhancing their knowledge and putting their learning into practice, which has reinforced our commitment in bringing in a positive change among women across all sections of the society.’’
Mallika Ghosh, Executive Director, Parinaam Foundation said, “Through our programs, we strive to make underprivileged women aware of various financial services which can help them to save, manage their day –to day expense and make well informed investment decisions. Taking a step ahead, we will look to integrate newer methods to deliver the content into the existing financial literacy program to strengthen our mission of financial inclusion.’’
About DSP BlackRock Investment Managers Pvt. Ltd
DSP BlackRock Investment Managers, a Joint Venture between the DSP Group and BlackRock, is one of the premier Asset Management Companies in India. The DSP Group has a track record of nearly 150 years and through its investment companies owns a 60% stake in the joint venture. BlackRock Inc., which owns a 40% stake in the joint venture, is one of the largest quoted asset management companies in the world and manages assets in excess of USD 4.65 trillion as of December 31, 2015. For more information, visit www.dspblackrock.com.
The cause of women empowerment is gaining momentum in India today. DSP BlackRock believes that an increase in financial literacy among women will go a long way to make them feel empowered and confident to face the challenges of tomorrow. Therefore, we have designed a special investment education initiative called Winvestor, meant especially for women in India. Winvestor aims to empower women with the knowledge required to make sound personal financial decisions on their own. For more information, visit http://www.dspblackrock.com/winvestor
About Parinaam Foundation:
Parinaam Foundation is a not-for-profit organization working throughout India with underprivileged families. Recognizing that poverty manifests itself in various forms, Parinaam provides a range of holistic initiatives including 1) healthcare; 2) education; 3) professional development and 4) community development. We are more than just another aid giving organization, and we see ourselves as a friend, mentor, and companion to ‘our folks’; someone they can always turn to for support. This experience has translated into the development of one of our most viable and scalable programs – The Diksha Financial Literacy Program. For more information, visit www.parinaam.org.