Poverty Alleviation Through Integrated Development(PAID)

·         Financial literacy, which refers to the knowledge and understanding of various financial concepts, tools, and practices that enable individuals to make informed and effective financial decisions. It encompasses a wide range of topics related to personal finance, money management, and investment. The components of financial literacy include:

Basic Financial Concepts:

Understanding key terms like income, expenses, budget, savings, interest, debt, assets, liabilities, inflation, and taxes.

Budgeting and Money Management: Creating and maintaining a budget to track income and expenses.

Managing spending habits and avoiding overspending.

Allocating funds for different purposes such as savings, investments, and discretionary spending.

Saving and Investing; Debt Management: Learning how interest rates work and their impact on debt repayment.

Developing strategies to manage and reduce debt effectively; Credit and Borrowing: Knowing how to use credit responsibly and how to build a good credit history; Financial Goal Setting: Setting short-term and long-term financial goals; Risk Management and Insurance: Understanding different types of insurance (e.g., health, agro, life) and their purpose; Economic Awareness: Staying informed about economic trends and how they can impact personal finances.

Consumer Awareness: Developing the ability to critically evaluate financial products and services; Taxation Knowledge: Understanding basic tax concepts and how they relate to income, investments, and expenses.

Overall, financial literacy is a multidimensional concept that equips individuals with the knowledge and skills needed to make informed decisions that can positively impact their financial well-being.

·         Improved the livelihood of the target group.

·         Encouraged and empowered the poor through capacity building.

·         Emphasized on raising the voice of poor.

·         Emphasized gender equity.

·         Make conscious disabled group for their fundamental right

·         Improved financial literacy, saving and credit, debt management, saving and expenditure planning.

·         Improved the income generation, financial condition and  livelihood of the target group.

·         Encouraged and empowered the poor through capacity building in financial management.

·         Emphasized on raising the voice of poor.

·         Emphasized of gender equity.

·         Developed conscious disabled group for their fundamental right.

·         Financial Inclusion: So many programs have income generation activities and thus have financial literacy, financial management. Women’s groups, farmers’ groups, and other youth have been oriented in financial literacy and management. It motivated elderly people for adult education/learning and then financial aspects. The management of irrigation/drinking water supply system/community road management, maintenance became easier after this orientation. So financial inclusion is the most necessary and effective component of the program to change the lives of the people