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Heuristics: A Behavioral Approach to Financial Literacy Training

By Microfinace Barometer estimates, over half of microfinance institutions around the world offer non-financial services. The most frequently offered service? Financial literacy training. Despite its popularity, there is little evidence whether such trainings improve microentrepreneurs’ decision-making or the actual performance of their businesses. In this post, ideas42 shares findings on what an effective financial literacy program could look like, based on insights about human psychology and decision-making. To begin with, imagine for a moment that you’re a cash-strapped Indian microentrepreneur trying to decide whether to purchase extra inventory or buy a new fridge for the home. What do you do? ….[READ]


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