From poverty to prosperity
Caroline Mosey, World Vision US.
We all know the frustration of unexpected setbacks. But for those living in the vise grip of poverty, a financial setback can mean more than just frustration.
- It can mean the difference between eating that day, or not.
- It can mean the difference between sending your children to school, or not.
- It can mean the difference between hope and despair.
Today, 1 in 11 people on the planet live in extreme poverty — most of them smallholder farmers. Among them, at least half are women, many of whom have never experienced a chance to grow or diversify their incomes, and who live day-to-day on what their own small farms can produce. When setbacks occur — in the form of natural disasters, rising costs, illness, or other emergencies — the razor-thin margin they survive on can disappear overnight.
But that’s not how the story has to end. Through World Vision and the generosity of partners like you, every 60 seconds, a family gets the tools to overcome poverty. One of those tools? Savings groups, which offer women entrepreneurs a way to support each other in saving for the future and building financial resilience. When World Vision helps a community start a savings group, that includes providing the first loan to get them going. On average, a first loan of $800 is provided to a savings group that has around 22 members, 80% of whom are women!
As members repay their loans plus interest, the loan fund increases, and the funds raised become a permanent asset for continuous lending to members into the future. Access to emergency funds prevents setbacks from becoming financial ruin. When new opportunities open up for members, the razor-thin margin begins to widen. Thriving is finally possible.
Meet Sarafina
In Zambia, a mother named Sarafina struggled to earn enough to feed her children or send them to school. “My children weren’t able to eat three meals in a day,” she says. “I used to feel sad when I would see other people’s children go to school.”
Sarafina joined a savings group World Vision started in her community and was able to open her own store with the help of a loan. When thieves broke in and stole all her goods, the setback didn’t destroy her. Instead, she was able to take out another loan to restock her store and continue providing for her family.
To learn more, visit the World Vision US page.