Financial security is a concern for most people in the world. “How can I make money to support myself and my family, how much can I spend every month, and how can I make sure that there is enough money in case of an emergency such as the sudden illness of a family member?” Financial literacy provides the answers to these questions and also provides the skills and tools to prepare and respond to these situations. It helps people make sound financial decisions and learn how to generate, save, invest, and spend money – both at home and in their business.
German Sparkassenstiftung for International Cooperation has much experience providing sustainable financial education, being the developmental wing of the German Sparkassen Finanzgruppe (Savings Bank Finance Group) that first introduced financial education with the World Savings Day in 1924. Today, financial education is the primary focus of German Sparkassenstiftung’s work in Albania, with an emphasis on populations in rural areas.
The objective of the project Strengthening Financial Literacy in the Republic of Albania is to improve the socio-economic living conditions of the Albania population. We facilitate this by providing support to individuals, small and micro businesses and also farmers through financial literacy training programs and by sustainably promoting and providing financial and vocational education.
Our goal is to strengthen financial literacy – focused on in rural regions of Albania - by developing measures for ordinary people, farmers and entrepreneurs to gain important financial skills like: financial management, accounting, business planning, agricultural financing, risk management and emergency planning. We work closely with partner institutions in Albania, assisting them to strengthen the ability to design and implement needs-based financial education programs, which have been sustainably developed in cooperation with state actors and other donor initiatives in the rural areas of Albania.
German Sparkassenstiftung has been involved in the institutional strengthening of the microfinance sector worldwide and hopes to become a leading consultant and partners for the microfinance sector in Albania, working against the background of the global COVID-19 pandemic as well as relevant climate adaptation measures.