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Sustainable fishing requires fishers to change their behavior, which maybe sometimes be a challenge when the household is subject to many environmental and economic crises and shocks. Fish Forever works with fisher households to set up savings clubs, which help them build up their own assets, which can act as cushion during family emergencies, bad weather or poor fishing conditions.
Later, fisher households (wives of fishers often play a key role in financial resilience) are able to save enough to invest in enterprises that can supplement their income.
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INSTRUCTION
Read the case study about Mang Toto
Formulate your answer to the case study.
Share to others your answer.
Reflect on the guide questions
You are Mang Toto's friend/s.
Mang Toto’s dream is for his wife to come home to a good life—a life that mirrors her 15 long years of hard work as an factory worker. To make this happen, they need to have a home to call their own and retirement funds to live on. But with two kids and the typical challenges of life—sickness in the family, emergency expenses, decline income from poor catch among many others—Mang Toto found it difficult to save money. Mang Toto heard talks from his neighbors about savings that made him hesitate. These are:
#1: You should not save in banks because they have low interest rates.
#2: You need to have a high salary or source of income before you start saving money.
#3: You have to deprive yourself if you want to save money.
#4: You can only save a small amount, so it’s not worth it.
As a friend, how would you encourage Mang Toto to continue his plan to start saving money. You can validate if the statements above are either True or False. Explain your answer.
REFLECTION
Have you been in a situation where you needed to convince someone either a family member, a friend or neighbor on the value of savings? What are their common misconceptions about savings?
What strategies and tactics will you use to encourage someone to start saving?
Why is it important for fisher households to set aside savings for emergency use?
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