WHY is saving small amounts of money impactful?
In a recent post, we were able to step into a savings group meeting. We learned all about Village Savings and Loan groups. How they are set up, the layout of meetings, and the benefits of savings groups. Though saving a couple
What is a savings group?
Sometimes called savings groups, sometimes called Village Savings and Loan Associations (VSLAs), these are savings-led microfinance groups that work to combat poverty. For those unable to benefit from a formal financial institution, these groups offer participants an opportunity to save, grow their money, and take
Plant With Purpose is heavily committed to the use of community savings groups. Across seven countries, over 1,200 savings groups regularly meet. Community members can bring the cash they’ve been able to save, investing that money by purchasing shares. When they’ve accumulated enough in savings, they can then take out a loan
Savings groups help rural communities grow out of poverty through their own resources. As members gain the opportunity to save their money, that money is then lent out to reinvest back into the community through small businesses, livestock, education, and other means.
Alongside that activity, however, groups also gather a
In his village, there were no banks. And that was a big problem.
Palmarito is in the rural Dominican Republic. Like many rural parts of the country, the community lacked banks.
This wasn’t just an inconvenience. Having somewhere to save your money makes a big difference in economic wellness. Having
Plant With Purpose invests heavily in savings groups, equipping families with tools needed to manage personal finances, access loans when needed, and save. This pays off. The average Plant With Purpose family is over twice as likely to save. On average, these participants have enough emergency savings to