Empowering House Help with Financial Concepts: An Initiative by Young Changemakers – Arjun, Adhieraj and Aryan
In many households, the house help plays an essential role in maintaining the house and taking care of the family. However, due to their limited income and lack of financial literacy, they often face challenges in managing their finances. A group of TribesforGOOD students took the initiative to empower their house help with financial concepts and government schemes.
Adhieraj Lohia (Grade 12, La Martiniere for Boys, Kolkata) shares his motivation to take on this project saying, “In the last few years as I started gaining some basic knowledge of finance, I like to apply that wherever I can. Whenever I hear or see charity, an especially direct financial charity in the form of donations, or when I see my domestic help managing their finance, I always notice an underutilisation of money. The reason is that people who get this money in the form of donations don’t know how to use it and manage it and grow it. This makes me motivated to actually go and educate these people about how to manage better and grow the money they receive.“
This is what Arjun Dahiya (Grade 10, Delhi Public School International Edge Gurgaon) had to say, “We took up this course to learn about the real crux of financial literacy and how we can efficiently deliver it to people in need. Our main aim throughout the course is to make lives easy for people and make them understand how financial management works regardless of what they are earning there will always be ways to save and invest more money. There has always been a lack of financial literacy in our country and our goal is to change that by making a small step towards this big narrative.”
Aryan Chaudhary (Grade 11, Venkateshwar Global School, Delhi) shared, “We took up financial planning because it something that is really neglected in our community. Saving and investing money can be really easy if broken down the right way for our household helpers. We just need to educate them the right way. It can be really easy for them, If done the right way.“
The journey of these young ChangeWarriors is a testament that any aspiring changemaker can explore creating a social impact in 5 simple but crucial steps.
Step 1: Concluding assets and liabilities
The students began by concluding the assets and liabilities that the house help had under their name. They analyzed how much these assets were paying or costing them to get a clear picture of their financial health.
Step 2: Breaking down income streams
Next, they broke down the house help’s income streams to understand how they were earning money. This analysis helped them identify areas where they could potentially increase their income or cut down on expenses.
Step 3: Imparting education on viable government schemes
The students then introduced the house help to government schemes that they could benefit from. They educated them on viable schemes such as PPF, Sukanya Samridhhi Account, Atal Pension Yojana, and Government Bonds, explaining the benefits of each and how they could enroll in them.
Step 4: Advising them to avoid false schemes
The students advised the house help to not entertain any false schemes that were not approved by the government. They suggested that they could easily check the authenticity of schemes on the government’s website or consult with any of the students before investing.
Step 5: Gradually explaining how to avail scheme benefits and mutual funds
The final step was to gradually explain to the house help how to avail scheme benefits and invest in mutual funds. The students aimed to help them save and invest more and more money over time.
The students’ efforts did not end with the workshops. They also created a follow-up system to track the progress of the house help and provide ongoing support. This included regular check-ins and one-on-one sessions to address any queries or concerns that the house help had.
Become a Changemaker
Signing up for change-making is easy, but the real challenge lies in effectively implementing it. It starts with the mindset to be a changemaker. Begin your change-making journey by joining the upcoming cohorts of our Global Challenges & Social Justice Program.