FinCo – Project Description
Social Challenge:
Latin America faces a significant social challenge regarding financial education. Many people in the region do not receive adequate education on managing their personal finances, which can lead to a cycle of debt and poverty. In some cases, individuals take on more debt than they can afford to repay, leading to financial ruin and even bankruptcy. Additionally, many people in Latin America do not prioritize saving for the future, which can have long-term consequences for their financial stability
The lack of financial education in Latin America exacerbates existing inequalities within the region. Those who are already struggling to make ends meet may be more likely to fall into higher debts or make poor financial decisions, further deepening their financial struggles. This creates a cycle of poverty and inequality that can be difficult to break. In comparison, countries in Europe tend to have more robust financial education programs, which can help individuals make informed decisions about their finances and avoid the pitfalls of debt and financial instability.
Solution Idea:
The idea is divide in two, the first one is to create a mentoring enviroment where people with higher education in the country (who want to do MBAs or Masters) and wants to do a voluntier or even a part time jobs with social impact before go to college can teach people about personal finance. On those clases we can select the best students and trainning them to be the next teachers or reward the best students with economic difficulties with reductions on the following levels of the course.
The idea of the course is to target people in high school or university so they can sponsorship the first levels of the course so they can see the value of them and the importan in the future.
The second idea is to creat a social environment where people outside or in the courses can ask about any problem in their personal finances, like, ¿where should i invest xxxx money?, ¿which debt should i pay first?, ¿what is the best way to invest xxxx money in my country?, ¿what is the best mortgage debt?, ¿how is the inflation afecting me?. The idea is to be sopported by AI (artificial intelligence) to get the best answers for each particular case. This AI will be calibrated by our experts at the beginning and then updated with new information available in each country.