Women & Youth Workshops Deploy Tool to Help Members Prepare for a Rainy Day
- Date : Thursday September 10, 2020
- Venue : Nonthaburi
Despite the pandemic, the Women and Youth Workshops were held virtually. Two separate workshops were held that deployed Business Solution No. 30 - Template for Personal Financial Plan.
26 young generation leaders, officers, and youth coordinators joined the program on September 1 to 3, 2020 while 40 sister society leaders and women coordinators attended the second batch on September 6 to 8, 2020. The participants were from 7 countries: Bangladesh, Hong Kong, India, Indonesia, Nepal, Philippines, and Taiwan.
The training entitled Personal Financial Resilience in a World of Uncertainty was intended to raise awareness on the need for credit unions to guide members in preparing their simple financial plan. The template developed by ACCU is focused on building members' net worth by saving for emergencies, building assets, getting out of debt, and engaging in multiple streams of income.
During the pandemic, members could find it very challenging to meet their daily needs if they do not have emergency savings. Many members who derived income from small businesses and services lost their income due to lockdown. "We can anticipate that vulnerable members could slide back to poverty or those who are already middle-income earners could become underemployed," according to ACCU CEO Elenita San Roque.
People with more savings are more financially resilient to shocks such as the impacts of COVID 19. Financial resilience enables members to weather storms with less need for debt and government support.
The training raised the participants’ awareness of their financial safety and the way to be financially resilient. By setting their personal financial goals and preparing the family financial plan, they have initially taken the important step toward becoming financially secure and allow the opportunity to formulate the firm financial footing.
The training was supported by the General Manager of First Choice Credit Union Mr. Paul Dawson and the Chairperson of Australian Mutuals Foundation Ms. Gillian George, who facilitated the first-day introduction sessions on “Credit Union Responsibility in Helping Members Prepare for Rainy Days” and “Financial Resilience – Why does it matter now?”.
As a requirement for graduation, participants were tasked to prepare the action plan and provide the coaching session to their colleagues, family members, or coop members.