1 May 2019 - 11:00 CET
Informal and local approach works to reduce poverty and debt
Today, the ‘From Debt to Opportunities Foundation’ published its Annual Report for 2018 (in Dutch). The foundation is part of NN Group’s overarching community investment programme, NN Future Matters.
The goal of the From Debt to Opportunities Foundation (Stichting van Schulden naar Kansen) is to help teach households the financial skills they need to sustainably get out of debt and poverty. Together with local nonprofit partners in Amsterdam, Rotterdam, Arnhem and Zwolle, the foundation aims to advance financial literacy and improve people’s financial security. This help is often much needed, as one in five households in the Netherlands struggles with problematic debts.
Together for a better future
In line with the theme ‘Together for a better future’, the report shares personal stories of several participants dealing with debt and the nonprofit partners aiming to help them develop the skills they need to sustainably get out of debt and poverty. The report also highlights the long-term research on debt and poverty in the Netherlands that is conducted by the foundation in cooperation with the Amsterdam University of Applied Sciences.
The research looked at the outcomes for participants who have participated in a project supported by the foundation and found that:
- 26% of respondents stay debt-free in the long term
- The average debt of participants decreases significantly, both in the short and long term
- Respondents more frequently have money available for emergency expenses, for example, to replace a washing machine that has broken down
You can read the full press release, which is available in Dutch.