The Power of Saving

By Josela Lopez, Honduras Field Content Specialist

A partnership between Child Champions in Honduras and an American ministry teaches young adults valuable financial lessons that can help them rise out of poverty.

During the pandemic, saving money is not likely to cross someone’s mind if that person lives in poverty. They tend to focus more on how to continue paying for necessities. However, this hasn’t stopped Child Champions at Hope Centers in Honduras from starting Savings Groups to help teach young adults in OneChild’s program the importance of saving and give them a biblical understanding of saving. Learning to save also gives youths hope for the future.

Savings Groups help teach young adults in OneChild’s program the importance of saving and give them a biblical understanding of saving.

These groups are initiatives developed by The Chalmers Center, a Georgia-based ministry that helps local churches address the broken relationships at the root of poverty. The idea is to have a group of young people come together and learn what the Bible says about finances and how to administer money.

The groups also provide an opportunity for people to save money and take out loans with no interest depending on the amount they have saved. All decisions made within a Savings Group have to be approved by the majority of the members.

Many people in impoverished communities don’t have access to a bank or a cooperative, so a Savings Group is a huge help for them. Child Champions have helped these groups stay in touch with each other so they can continue to find creative ways to solve financial problems. This program is making a difference in the lives of young adults living in poverty.

The Savings Groups were started at centers in Tegucigalpa and Choluteca. During the pandemic, Child Champions at Hope Center HN-102 moved their monthly in-person meetings to virtual meetings and were successful at keeping enrollment up. Sixteen young adults attend these meetings, which is 90% of the entire group. Most are not able to save money during these difficult times, but they continue to learn what the Bible teaches about being good stewards of their finances.

Child Champions have benefited from their partnership with The Chalmers Center, which provided workbooks for the Savings Groups. The knowledge they are learning is also positively impacting group attendees’ families because they are sharing what they learn, and their families are inspired by their example. Saving is not common for these families, but they are learning new practices that will help them in the future, thanks to partnerships with The Chalmers Center and other like-minded organizations.

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