When women work outside the household, they earn, on average, far less than men.
They are also more likely to work in more precarious forms of employment with low earnings, little financial security and few or no social benefits. However, women’s economic empowerment is a powerful growth and development driver. Studies show that women’s economic empowerment has positive multiplier effects on nutrition, health and education in families and communities. It is for that reason that we focus our efforts on two programs that support and sustain such empowerment – micro credit and mentorship.
Microfinance.
Women in developing countries need help getting access to capital to help them start or grow businesses. The concept of ‘microfinance’ – small loans distributed with low interest rates to groups of women who work together to pay off the collective loan – has been shown to work as a way to help empower female entrepreneurs who would not otherwise have access to capital.
Microfinance institutions extend very small, uncollateralised loans to impoverished people, generally women, who want to start or expand an income generating business.
Education.
TIAW believes that empowering women’s financial independence is best served by education that allows them to take charge of their financial choices, decisions and future.
Internationally, TIAW partners with these extraordinary institutions to support microfinance and deliver financial education programs:
Cufa, formerly known as Credit Union Foundation Australia, is an independent, secular, not-for-profit Australian development organisation focused on empowering communities by way of growing their financial stability. www.cufa.org.au
FINCA, whose goal is to alleviate poverty through lasting solutions that help people build assets, create jobs and raise their standard of living. www.finca.org
Grameen America, a nonprofit microfinance organization, and the US arm of the Grameen Foundation founded by Nobel Peace Prize recipient Muhammad Yunus, dedicated to helping women who live in poverty build small businesses to create better lives for their families and communities.