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MIF and AEF-Brasil partner to promote financial education for low-income women and retirees in Brazil

May 13, 2016

The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group, recently approved a US$511,328 technical cooperation grant for a pilot project that seeks to strengthen the financial capacity of 4,000 low-income women who receive conditional cash transfers through the Bolsa Família government program, and of 4,000 low-income retirees in Brazil. The project will be implemented by a nonprofit organization, the Association for Financial Education of Brazil (Associação de Educação Financeira do Brasil/AEF- Brasil).

The beneficiaries of this project come from two of Brazil’s most vulnerable populations: low-income women recipients of Bolsa Família conditional cash transfers and retirees, both of whom frequently lack the skills to make appropriate financial decisions, which results in poor budget planning, low levels of savings, and overindebtedness.

To achieve the project’s objectives, AEF-Brasil will design new financial education methodologies based on human behavioral science that are adapted to the needs of the target population and easy to integrate into their daily lives. These tools will be tested and adjusted according to the acceptance and reactions of the project participants. Subsequently, the project will seek to expand the use of these financial education methodologies in five municipalities in northern, northeastern, and southeastern Brazil, in partnership with the Ministry of Social Development, the Ministry of Social Welfare, public and private partners, and local NGOs.

This project includes a rigorous impact evaluation designed to measure behavioral change in terms of the target populations’ finances (financial planning, savings habits, and debt reduction) and financial knowledge.

About AEF-Brasil

The Association for Financial Education of Brazil (Associação de Educação Financeira do Brasil/AEF- Brasil) is a nonprofit organization founded in 2011. Its mission is to promote the country’s social and economic development, primarily through promoting financial education. At present, AEF-Brasil partners with the National Committee for Financial Education to design, plan, structure, develop, execute, and administer financial education initiatives, along with other activities integrated in the National Financial Education Strategy. Learn more at www.aefbrasil.org.br

About the MIF
The Multilateral Investment Fund is the innovation lab for the Inter-American Development Bank Group. It conducts high-risk experiments to test new models for engaging and inspiring the private sector to solve economic development problems in Latin America and the Caribbean. The MIF addresses poverty and vulnerability by focusing on emerging businesses and smallholder farmers with the capacity to grow and create economic opportunities. Learn more at www.fomin.org

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