Financial education

In 2010 we began a program to provide financial education to workers in India. In addition, we have helped hundreds of workers open bank accounts for the first time.
Many workers in India do not have bank accounts and over 80% have never received any financial education. This can leave workers vulnerable when it comes to budgeting expenses and saving their money. Many turn to moneylenders, which can expose workers to more risk. Women are particularly vulnerable, as traditionally they have not been in charge of household finances and often lack financial awareness.

Financial Education
Women Bank Account

Our program

Our program with our local partner Geosansar has provided workers with easy-to-open bank accounts since 2010. Geosansar bank kiosks are located near factories or in worker communities. Accounts can be opened using biometric finger scans, which is useful for workers who may not be able to read or write. Rather than receiving their salary in cash, which can be unsafe, workers have their salary paid directly into their bank accounts.

In 2012, we launched a new initiative with BSR to provide financial education. The HERfinance program works by selecting a group of workers from each factory, who are trained by local partners as coaches. The coaches are then responsible for training the other workers in the factory, and for providing support and advice. The program includes training on basic numeracy, creating a household budget, saving money, and how to borrow responsibly.

Bank accounts for workers

Our program in India has helped workers in factories producing for Primark open bank accounts. Our film explores the program in action and how it is helping workers manage their money more effectively.

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