In a partnership with Butterflies India, last week we signed up 80 students to participate in Child Development Khazanas (CDKs) as a way to foster our relationship with the community of Swedru and promote financial literacy and good money management skills among youth.
The day began at one school and the afternoon was spend at a second, where we met with the students’ parents to explain the purpose of the programme. Through the CDK, the students would be able to save and borrow money, learn how to balance their own passbook ledger and plan financially. Each student would be given their own passbook and some select students and teachers would receive training on the program to manage the deposits, withdrawals and loans. Younger children are able to take out loans for things to further or improve their education, while older students are able to take out loans to finance an economic enterprise.
Some parents were sceptical of their children’s responsibility in depositing the money and not purchasing sweets, but ultimately through detailed explanation, came to understand the importance of how this program can help with those issues and foster a sense of financial responsibility and growth. The students themselves were especially eager to participate in the program, and spent more than an hour waiting to get all of their forms filled out and their first deposit made.
Soon, the second part of the CDKs, a first aid and health care component will be implemented. Some students will be trained in administering first aid and first aid boxes will be placed around the school in strategic places. We are excited to see the growth of these programmes and how they foster independence and responsibility among the students who participate.