Over the years, we helped countless families with vocational training and supported them in establishing microbusinesses. However, after 12-24 months, many of these initiatives failed, and families often found themselves back at square one. What went wrong?
Many charities aim to help families escape poverty by focusing on income generation—through vocational training, microfinance, and similar programs. While these initiatives can play a role in breaking the cycle of poverty, they’re not sufficient on their own.
Without strong skills in financial management and the confidence to handle both personal and professional finances, families are at risk of failure.
Whether managing a blue-chip company or a microbusiness in Cambodia, financial literacy is a critical foundation for sustainable income growth.
Once we incorporated a multi-step financial literacy process into our Village Hive Early Intervention program, we began to see dramatic improvements in the long-term socio-economic outcomes of the families we support.
One year after completing the Early Intervention Journey, families, on average, increased their income by 142%. Beyond that, they continued to grow their income by an additional 88%, and they were able to save 14% of their income, which they reinvested into further income growth and contingency plans for unexpected challenges.
Sokeoun’s story below is a prime example of how financial literacy has transformed lives.
Visit our website to explore how the Early Intervention Journey fosters lasting financial sustainability.
