Today 
at European Microfinance Week (EMW), Ewa Bankowska of the Microfinance Centre (MFC), a Poland-based network of approximately 100 microfinance institutions (MFIs), described her organization’s response to lackluster results from the financial education it has delivered to 200,000 people in 22 countries over 15 years.
Evidence suggests that changes in financial behavior are more likely when learners are given simple “rules of thumb,” such as putting a euro in a jar after every shopping trip. Based on this idea, MFC is developing a system to determine which rules of thumb should be suggested to which clients. The organization has drafted an online tool with 13 questions that categorize users into one of four categories. Based on the person’s category, she is given a selection of simple behavior changes that she can choose from. For example, she may commit to reducing the number of days she purchases treats outside the home. Another suggestion is to separate income into different envelopes labeled for different purposes.
Ms Bankowska also stressed the importance of involving spouses and children in financial choices.
As a source, Ms Bankowska credits the work on financial health that is ongoing at the Center for Financial Services Innovation, a US-based NGO.
This sponsored feature is part of a series on European Microfinance Week, which is being held from November 14 through 16 in Luxembourg by the European Microfinance Platform (e-MFP), a network of over 130 financial-inclusion stakeholders. MicroCapital has been engaged to promote and document the event.
Sources and Additional Resources
Green Inclusive and Climate Smart Finance Action Group Convenes on First Day of European Microfinance Week Regarding Its Green Index, Study Tour in Bangladesh, Impact Measurement Ideas
https://www.microcapital.org/special-feature-green-inclusive-and-climate-smart-finance-action-group-convenes-on-first-day-of-european-microfinance-week-regarding-its-green-index-study-tour-in-bangladesh-impact-measurement-idea/
European Microfinance Week 2018
http://www.e-mfp.eu/european-microfinance-week-2018/information
MicroCapital Coverage of European Microfinance Week Since 2012
?https://www.microcapital.org/category/european-microfinance-week/
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