Financial literacy and practical skill for rural women
Help women to improve their financial capability, to enable them to have the best possible financial wellbeing, both now and in the future.
workshop for women in clay crafting
Yes, I fulfill all of the eligibility criteria.
Initiative's representative name
Initiative's representative date of birth
4 June 1978
Initiative’s representative gender
Which eligible market are you based in?
Where are you making a difference?
Republic of Ingushetia, North Caucasus
Website or social media url(s)
When was your organisation founded?
Financial skills and capability
Pilot (have done first proof of concept)
Yearly Budget: How much capital do you need to accomplish your proposed project?
1. Founding story: Share a story about the "Aha!" moment that led the founder(s) to get started or the story of how you saw the potential for this to succeed
When I was watching video from Chicago Council on Global Affairs speakers emphasized "that research continues to show that women earn less than men and that men are four times more likely than women to ask for a raise – and when women do ask, they receive 30 percent less than men. Women are also less likely to invest, generating an investment gap between genders that can reach as high as $1 million over time. As a result, women retire with two-thirds the money of men, even though they usually live years longer". Thinking over the situation in my Republic I am surprised about the point that women really don't get education on finance literacy , can't see opportunities for investing their money , effective financial planning etc
2. The problem: What problem surrounding employability or financial capability are you helping to solve?
In 2017 I was implementing project on women and girls empowering. Our objective was to raise awareness of women and girls about their rights: political, social and economic. During the economic session I realized that Ingush women completely unaware of the opportunities to receive support from the state to open their own business. 0% of all 210 women participating in the program knew about financial literacy and 0% had investment experience.
3. Your Solution: How are you planning to solve this problem? Share your specific approach.
1.Organise 10 sessions (online and offline) for young rural women “Effective financial planning, properly managing debt, accurately calculating interest, understanding the time value of money, learning how to budget, track spending, effectively pay off debt, and properly plan for retirement, digital opportunities for better financial literacy” . More than 1000 women will be involved . One grope will be students of economic faculties / the second group for women- freelancers/ the third group is unemployed women/ and the fourth is for employed women. The age from 18 to 40 . Training program will include topics tailored to the interests and needs of groups. Training program will be composed by specialists
2. Form and promote women digital networking . On this platform women with different background , professions and occupation will share their success stories , ask and answer finance questions . The network will be administered by 3 volunteers who will show their motivation in promoting it
4. How are you innovating or using unique approaches to solving the problem?
This is an innovative approach for the Republic of Ingushetia since there were no seminars on financial literacy of women before. There are no organizations in our region that are engaged in improving the financial well-being of women. Of particular importance is the creation of female network digital platform (with chat) for the dissemination of experience and success, knowledge, approaches. Support each other participants. Rural women often have complexes and afraid to ask questions. Therefore, network will include successful women entrepreneurs and will be an opportunity for new ones starting business or just who wants to increase financial grammar.
(Instructions for questions 5 and 6, no answer required) Please only answer the question (5 - “employability” or 6 - “financial capability”) that applies to your organization’s topic of work (see below for definitions)
6. Financial capability: how is your organization or project creating innovative solutions that arm people with ability to optimize their current and future financial health
Our organization will give women knowledge based on their needs and interests. Specialists will take into account the needs of specific groups in the formation of training programs. These will be very flexible sessions with supervisions. For example, if one of the participants already has her own business, our specialists will analyze and help women find weaknesses in their work and further advise to increase profits and success. For unemployed women there will be programs tailored to their interests and so on. They will know what financial services and products are at their disposal and which ones are appropriate to them.In Ingushetia women with high financial income is more protected from domestic violence or from the risk of not having access to her children if she gets divorced. Financially competent woman can protect most of her rights and also she can help other vulnerable women.
6a. Please describe what aspect of financial capability your organization is focused on fostering and how you have measured / plan to measure progress.
Skills to manage household financial management (accounting, budgeting, separating between their needs and wants and calculating interest payment ) as well as to develop and manage entrepreneurial activities. For measuring progress we will use assessment methods - questioning before/after the program and observation. Also we will evaluate the quantity and quality of participation in a digital network (this is easy to do in the portal administration process)
7. Marketplace: Who else is addressing the same problem? How does the proposed project differ from these approaches?
It is difficult to answer this question since it is still difficult to find such a specific group of beneficiaries that we are going to involve and help
8. Impact: How has your project made a difference so far?
According to the results of the recent project “I Know - I Can” from 2017, we were able to attract 210 direct participants and more than 1,500 women were involved through Internet resources and media.But these were topics on the legal education of women and very few were concerned about the economic opportunities of women
9. Financial Sustainability Plan. Can you tell us about you plan to fund your project and how that plan will be sustainable in the short, medium, and long term?
We are establishing contacts with foundations that help strengthen women. We are already members of the Women Economic Forum and All Ledies League. A Digital Women Network platform is being created with a plan in the future to post paid (sponsored) content and use profits (incomes) for further implementation of the project
Zalina Dzeit - Project Coordinater, full-time. Zarima Doshokloeva - Human Recourses Specialist, responsible for staff recruitment (part-time). Zara Evloeva - economist, successful experience in entrepreneurship, part-time. Malika Bekova - accountant with 9 years of experience. part-time. Madina Mereshkova is a specialist in budget management and business development (part time)
Leyla Ozdoeva lawyer and site administration( patr-time). Every will be attracted based on knowledge and experience
Help Us Support Diversity! Are you a member of an under-served , under-represented, or marginalized group in your country of residence? (yes/no) (this question is optional – if you choose to fill it out, the response will not be shared with your fellow contestants)
If you selected “yes” to any of the categories above, please explain how being a member of this group has impacted you and your work?
In Russia it is very difficult for Caucasus ethnic group to get better social opportunities. Our region has the lowest income and highest unemployment in this country. It is especially difficult for Muslims because banks in Russia do not give Islamic loans and Muslims cannot take other loans because of religious beliefs. Therefore, there is no way to get interest-free subsidies from the State even for small business start up.
How did you hear about this challenge?