Fundación Finsocial – Best Project in a Developing Economy Runner-Up | The MAIAs 2022
Children in developing countries often face significant financial challenges. Teaching them the basics of financial literacy early on can make a massive difference in their life outcomes.
Michael Gilmore, the co-founder of the MAIAwards, said, “Teaching children financial literacy gives them a foundation on which to build. These are skills that are missing from many curricula but should be essential knowledge, especially for those who are particularly vulnerable.”
The MAIA judges were so impressed with Fundación Finsocial and its Ahorra y Siempre program they gave it a runner-up award.
Maria Claudia García, the Director of Fundación Finsocial, explains the program. “Ahorra y Siempre means ‘Save and Always’. It is a social and financial education program focused on children and young people in states of vulnerability that helps them develop the habit of saving, entrepreneurship, and taking care of their planet, environment, and community.”
“We work with vulnerable communities that struggle to put food on the table. Typically, young children go to public daycare, which is where we step in. Our approach is that we don’t just educate the kids but also their parents, caregivers, and teachers. They then take this knowledge to their homes and neighbours. When children have the seed of saving and taking care of their area, it can be contagious,” García says.
Ahorra y Siempre is based primarily in Columbia and is backed by Aflatoun International, the world’s leading social and financial education NGO. The program is designed for children between the ages of two to five and has developed approaches specifically for that age group. However, they aren’t the only target audience.
García believes that the way the information is taught makes a difference. “Our magic works because our teaching is experiential, with all activities using our five senses. This is how young children learn and remember, and they go on to share this with others in their community.”
The approach taken by Fundación Finsocial and its Ahorra y Siempre is having an impact and reaching more people. So far, it has conducted 144 workshops and met with 102 educational agents in six public daycares. As a result, over 600 children between two and five years old have directly learned from the program, with an additional 600 parents also benefiting from the knowledge shared.
The Fundación Finsocial only began in 2019 as a non-profit and, despite the pandemic, has made significant progress. Maria Claudia García has big hopes for the future.
“Our goal is to plant a seed in our children to raise a generation who believe in prosperity and themselves. Change begins with each person individually, and together we can create a bigger impact,” García says.
“Increasingly, we see children becoming leaders, creating, following their dreams, pursuing their passions and talents. We educate young kids, their parents, and carers on how to save and its importance. Our courses help them become financially literate and teach them how to create their own business and be self-employed. This way, anyone can change from a state of vulnerability to one of prosperity.”
Michael Gilmore said, “Children in developing countries are especially vulnerable. Many find themselves and their families in challenging financial situations with low incomes and opportunities. Learning how to save, start businesses, and gain financial independence can make life-changing differences. The earlier this education starts, the better the outcome.”
For more information about Fundación Finsocial and its Ahorra y Siempre, you can visit their website, or email us at michael@maiawards.org.