Women living in the squatter settlements of Ulaanbaatar are among the most financially and educationally disadvantaged in Mongolia. The squatter areas—commonly known as “ger districts”—are mainly comprised of recently-migrated nomadic herders. Ger districts make up over 60% of the capital city’s population and have tens of thousands of new arrivals each year. The newly-settled nomads face difficulties in the urban job market due to stark cultural differences between rural and urban lifestyles and a mismatch of employable skills. The challenges of finding employment can result in alcoholism, domestic violence, and cyclical poverty. Women in the squatter settlements need confidence, practical knowledge, and access to capital in order to break from patriarchal gender roles that often prevent them from reaching their full potential as business and community leaders. Through structured small-group support, this project provides impoverished female migrants with information, skills, and low-interest microloans in order to develop their small businesses and foster more economically-resilient communities.
Track: Financial Inclusion
The Somo Project
The Somo Project’s mission is to identify, train, fund and mentor entrepreneurs looking to drive social change by building enterprises in their own low-income urban communities. This project seeks out talented individuals with vision, drive and a concrete plan to change their communities from within. Focusing on taking a long-term, investment-focused approach, the project will identify focus areas that have long-term importance to a community, such as health, education and the environment. The project will identify and build partnerships with local grassroots leaders to establish Somo’s presence and local platform. The project aims to prudently allocate capital and mitigate risk by seeking partnerships with only a limited number of excellent entrepreneurs (5 -15) in each start-up class. The focus is simple: seek entrepreneurs who can build sustainable, socially focused franchises, and who have a long runway of growth ahead of them.
(Note: This project originally won in the Big Ideas “Conflict & Development” Category)
InversionParaTodos.com.ar
InversionParaTodos.com.ar is a web based educational platform that will provide a set of tools that help individuals to manage debt, savings, public benefits, investments and other money related issues more effectively. The platform will target four million individuals from Argentina, between the ages of 20 and 40, who come from a low and middle class background, and who have access to the internet. These educational resources will take a holistic approach, including interactive graphs, tables, video lessons, and even live lessons with an instructor via the Skype API. The easy to use interactive platform will allow users to discover how inflation affects their personal assets and exposes them to liabilities. The main tool will allow users to enter their financial information, overlay different projections, and recommend an adequate course of action. The overall goal is to help people improve their personal finance knowledge and protect their savings against inflation. As a result, they will improve their economic status in the long term.
The Employment and Life Skills Academic Competition
The Employment and Life Skills Academic Competition is a program that teaches teenagers resume writing, job interview and oral presentation skills, and financial literacy. The objective is to prepare high school students for life after graduation by not only making them competitive for the workforce but also teaching them information about managing their finances. The student participants prepare for the Academic Competition through an enriching afterschool program. A Resource Guide, which serves as an outline of the various skills and financial concepts to be mastered, is then distributed to all student participants. The Academic Competition includes four categories in which students will be evaluated as individuals or part of their high school team. The categories include an oral presentation, a mock job interview, a written essay focusing on financial literacy, and an objective section where the high school teams compete to answer financial-based questions in a game-show format.
Cash FLOW
Cash FLOW aims to address the problem of low financial literacy by bringing personal finance classes to high schools. Through these classes, high school students will be equipped with the knowledge and skills to make informed financial decisions during and after college. Currently, the team leads a weekly “Teaching Financial Literacy” DeCal course that teaches students about personal finance and guides them to apply their knowledge by counseling low-income individuals at homeless shelters. By using the student-to-student teaching model, instructors hone their leadership skills, solidify their knowledge base, and create a platform for open discussion with students. Leading an after-school program in high schools, starting with the pilot program at El Cerrito High during the 2013-2014 school year, the team intends to use their democratic teaching model to provide high school students with the key money management skills that they will need to succeed in their post-high school lives. The curriculum includes loans, budgeting, banking services, financial aid, and other financial information that may impact their lives.
L.I.F.E. Courses (Learning and Inspiring through Financial Education)
This project will target students and their parents through a year-round program focusing on financial literacy. This program will focus on Richmond High School in Richmond, CA, which is a socio-economically disadvantaged and underserved school primarily serving students of color. L.I.F.E. will also conduct a one-day conference on the UC Berkeley campus in the spring semester for students from all around the East Bay area to increase outreach and accessibility as well as extend knowledge and resources.
Cashify
Cashify seeks to innovate what financial literacy means for over 65 million young adults. Cashify provides a sustainable business model for an engaging social platform and a series of exclusive events that empowers students with the financial knowledge and long-term access to relevant resources necessary to make informed financial decisions.
CA$HFLOW
To combat increasing student debt from rising tuition fees by bringing financial literacy to high schools. CA$HFLOW’s teaching ideology is focused on reinforcing content through a democratic model of peer-to-peer teaching. At the end of the program, students will be empowered to manage their post-high school finances.