In the past, we've talked about what savings groups are and how they work as an effective tool to help poor families build savings and better manage their financial lives. In our latest installment in this series, we explore the idea of incorporating the mechanisms that make savings groups work in products and contexts outside of the group model.
Savings groups are a popular and effective way of helping poor households increase their savings. But is there a way to incorporate the mechanisms that make them effective outside of the group in savings products in general? To learn more about Savings and the work of FAI, click here: http://www.financialaccess.org/big-questions/savings
If you liked the video and want to learn more, visit our Research section on Savings and other videos in this series. Also, download our briefing note, The Wisdom of the Group: How Lessons from Savings Groups Can Guide Financial Product Innovation, in which we draw together recent studies on savings groups and then explore the potential to apply this research to developing formal products that make sense for both providers and consumers.