Transforming lives in Lebanon: Enabling communities through financial literacy

BEIRUT (ILO News) - Liliane Beyrouthy, a 20-year-old displaced young woman, lived in an overcrowded shelter and was engulfed by financial struggles. She found a glimmer of hope in the depths of hardship through an ILO financial literacy training programme.

© ILO

© ILO

"The programme gave me the financial tools to shape my future and provide for my family with confidence,” Beyrouthy said.

In response to the crisis affecting Lebanon, the ILO launched a vital initiative to enhance financial literacy for vulnerable communities in Lebanon, in Beirut, Tripoli, Akkar, and Damour. The Financial Education Trainings are part of the ILO ENABLE programme, funded by the European Union, and have already shown results in empowering marginalized populations by equipping them with crucial financial skills.

In 2022, the ILO developed a financial education programme for Lebanon. In 2024, the ENABLE programme joined efforts with the PROSPECTS partnership and other ILO projects to ensure the continuity of this initiative, centred on conflict-affected populations and social protection beneficiaries.

Focused on empowering individuals to make informed decisions and fostering sustainable businesses, this project strives to increase self-reliance of social protection beneficiaries and to promote financial inclusion among local communities and displaced populations. Through tailored partnerships with the Association d’Entraide Professionnelle (AEP), aspiring entrepreneurs receive intensive 5-day financial education, while vulnerable beneficiaries undergo a concise 2-day program, both emphasizing financial goal setting, budget management, and savings strategies.

Beyond boosting financial literacy, the initiative seeks to instill self-reliance and entrepreneurship, aiming to lessen dependence on social aid and nurture economic independence. Anticipated outcomes include enhanced financial literacy, improved decision-making, and better financial management skills, benefiting both entrepreneurs and participants in their daily lives, fostering sustainability and reducing financial risks.

© ILO

© ILO

"The financial literacy training programme transformed my approach to managing finances. I now organize my expenses, create budgets, and prioritize savings, instilling in me the confidence to independently secure a brighter future for my children," said Mirna Ahmad, a 29-year-old single mother of three girls facing financial challenges.

Raed Al Chaar, a war injury survivor overcoming physical challenges, said: "The financial education programme has been a game-changer for me, shifting my perception on concepts related to saving, debt and risk awareness. I've learned to create budgets, track saving plans, and explore investment strategies, empowering me to manage my finances with confidence, plan for the future, and strive for a more stable and independent life."

A total of 552 beneficiaries received financial education trainings, facilitated by eight certified trainers across 25 training sessions in the North, Beirut, and Mount Lebanon. Over 73 per cent of the beneficiaries were women in long-term employment situations, emphasizing the program's commitment to gender empowerment. Additionally, more than 50 per cent of the trainees were forcibly displaced persons, highlighting the initiative’s reach to vulnerable populations.

Looking ahead, an emergency-related sensitization session tailored for essential financial skills is set to take place in December 2024, further amplifying the ripple effect of this initiative, bringing hope for more people affected by the crisis.