SoLife defines women’s economic empowerment as the process by which women increase their right to economic resources and power to make decisions that benefit themselves, their families and their communities. Investing in women’s economic empowerment sets a path for poverty reduction and for equality between men and women. SoLife works to ensure that poor women have access to a full range of suitable and affordable financial services critical to withstand shocks and fulfil their economic and social potential. We empower women to build better livelihoods, earn more income, and create businesses that provide jobs and boost local economies. With improved financial security, other areas of women’s lives also improve: they can afford health care
Around 2 billion poor people around the world – particularly women – are financially excluded and women and girls make up the majority of the poorest people in the world today. Women continue to earn on average only 60 to 75% of what men earn. Laws in many countries restrict women’s economic opportunities, dictating the types of jobs that women can do, or giving husbands the right to prevent their wives from accepting jobs. Women bear disproportionate responsibility for unpaid care work: women devote 1 to 3 hours more a day to housework than men; 2 to 10 times the amount of time a day to care (for children, elderly, and the sick), and 1 to 4 hours less a day to market activities.
SoLife’s Village Savings Loans Associations (VSLAs) have greatly fostered women’s economic empowerment. VSLAs allow the most vulnerable to efficiently save and invest small amounts of money to grow a new business. These saving programmes also give women and girls vital financial skills to build their businesses by providing training in savings, loans and financial literacy.
SoLife helps women gain access to basic financial services such as bank accounts and to business skills training. Combined with efforts to strengthen women’s economic decision-making power and develop a more supportive environment in both the household and the community, this enables more women to start businesses, leading to financial independence.