Moldova: Improvement of Financial Literacy for Remittance Recipients and Senders
Start date - End date
Brief description of the initiative
The project provided financial training with a special focus on remittances, which helped raise the ability of families to address future economic difficulties anticipated by the decrease in remittances during the financial crisis.
Results and lessons learned
- Development and piloting of training materials for two-day financial planning seminars and for coaching sessions with managers of rural Savings and Credit Associations. - Development and distribution of an information flyer (1,000), workbooks (5,000) and posters (200) to 69 participating SCAs throughout Moldova. - 40 SCA managers have been trained in providing coaching sessions on financial education. - Two trainings of local trainers took place in February 2010 and September 2010. In total, 18 local trainers were trained and are conducting financial education seminars in rural Moldova. - By project end (March 2011), 72 financial education seminars were conducted with a total of 1440 participants. - Impact evaluation of the trainingswas conducted April-June 2011 - Presentation workshop of final results took place in Moldova June 1st, 2011.
Key success or innovative factors
Training the managers of Savings and Credit Associations (SCAs) to themselves provide coaching sessions on different financial education aspects was particularly successful. Additionally, the project team has provided the SCA managers with all the materials in hard and soft copies so that they can easily be replicated and distributed. This will increase the sustainability of the project after it has been completed.
Main thematic areas
The project aimsed to increase financial literacy in rural Moldova, thereby ensuring a more sustainable use of inflow remittances.
The activities were:
1) spread of informative materials for remittance receivers (5,000 copies) to Moldovan villages;
2) coaching sessions through the Savings and Credit Association system; and
3) financial education seminars (50 training seminars conducted in villages in Moldova, training 1000 people during 150 seminar days.).
The project focused on rural areas of Moldova.