Financial Literacy Program for Mongolian Families

Priority Project: 4–47405–46–87

Hovd, Mongolia

financial literacy classCenturies of nomadic living and seven decades under communism can be significant obstacles when trying to adjust and thrive in the global economy! Urbanization and unemployment (over 30%) have created some difficult living conditions even for tough Mongolians. Unfortunately, there was never any preparation for democracy, entrepreneurialism, or even money management. CAMA Mongolia has designed a financial literacy course for families in urban ger (yurt) communities that tackles issues of personal character, tools for family finances, and a process for building neighborhood savings groups.

We want to offer this financial literacy course four times per year to develop skills in managing family finances. Through this course, each participant will be trained to develop savings groups in their community that will provide protection (emergency funds) and potential for generating income (small loans). Our method is to incorporate prayer and God's Word into every class and group visit as well as to network each graduate with other small-business supports (business planning, start-up capital) from partner NGOs and local government agencies. Our vision is to grow in appreciation of our local resources, to develop a wealth of character and personal relationships, and to challenge one another to hard work and creativity as we lead families and community together.