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Finance Your Life Legacy

Lifecycle Finance and Life Skills Capacity Development

Photo of Paula M
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Who is your idea designed for and how does it support the dreams and obligations of those 50 and older?

In my home country, I discovered, on the death of my elders, that communities and villages had developed financial support mechanisms to citizens in the form of Burial Societies, Penny Banks and 'BoxHands'. These were collective savings support modalities that provided :
1. Financial access and continuous advisory support
2. Communication on funding requirements to cope with life events
3. Prevention of loss of family assets
4. Preparatory systems and finance conversations on investments

My interest in this topic is triggered not only by decades of participation in global, regional and national development activities, but more so by my personal experiences with loss of family resources.

In my developing world experience of female headed households is that during their productive years,  women are maxed out on requests for support, not only from immediate family but from family circles that often lean heavily on those women in the family who have had or have made the most of limited access to educational and other professional opportunities.  

These households but often are filled with unexpected events that leave little time to plan, invest and/or manage life resources. And the key to this is the entry point/opportunity to start a conversation to stimulate financial decisions and actions at critical life points. I see this as needed more for female-headed households which make up 40-60% of the populations of small island developing states. 

The methodology for starting conversations on difficult topics used by The Conversation Project:  https://shar.es/18OXsZ can be used by credit unions or other social groups to stimulate financial decisions and actions that impact the over 50 age group.

This is critically needed as in developing countries, state or employers benefit systems are minimal and often do not provide sufficient insurance, pension and other lifetime financial coverage required to support over 50 life goals, health events, dreams and aspirations. 


What early, lightweight experiment might you try out in your own community to find out if the idea will meet your expectations?

Http://theconversationproject.org/wp-content/uploads/2016/09/TCP_NEWStarterKit_Writable_Sept2016_FINAL.pdf would support testing the starter kit developed by The Conversation Project

What skills, input or guidance from the OpenIDEO community would be most helpful in building out or refining your idea?

Given the number of submissions build on Credit Union partnerships, I would see OpenIDEO collaboration in developing a pilot to support possible scaling in a multi-regional context a conversation concept on financial issues, also maybe in linking with research developed by the Conversation Project.

Tell us about your work experience:

Retirement from the UN in the Caribbean. I volunteered on the Board of a Caribbean Foundation. My past development experience in other sectors informs my current goal and vision to support social change interventions, social impact investment, innovation and financial literacy.

Please check all that apply:

  • I'm currently a member of a credit union

This idea emerged from

  • An Individual

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Photo of Kate Rushton
Team

Hi Paula, interesting post! Any chance you could find an image to go along with it? Images help grab attention and tell a story. You should be able to use the Edit Contribution button on the top of your post and follow the instructions to add images from there. Looking forward to seeing more of your inspiring insights on OpenIDEO.