2016年-世界发展银行全球_Impact_of_Counseling_on_Knowledge_Feelings_and_Actions_of_Over-Indebted_Borrowers____________in_Tajikistan_81页_3mb

Summary of the Impact of Counseling on Over-indebted Borrowers in Tajikistan

Core Content

This document presents the findings of an impact assessment conducted by IFC in Tajikistan to evaluate the effect of financial counseling on the knowledge, feelings, and actions of over-indebted borrowers. The study was carried out in two cities—Kurgantiube and Kulyab—within the Khatlon oblast of the Republic of Tajikistan, and included three survey waves: baseline, interim, and final, conducted at 0, 3, and 6 months post-counseling.

Main Objectives

The study aimed to assess the impact of personalized financial counseling on:

• Knowledge: Understanding of financial rights, income and expense management, and savings opportunities.
• Feelings: Readiness and confidence in managing financial matters and making future decisions.
• Actions: Implementation of financial planning, budgeting, and debt management strategies.

Methodology

• Participants: Two groups were formed:
  • Intervention group: Borrowers who participated in free, confidential counseling sessions.
  • Control group: Borrowers who did not participate in counseling but were interviewed.
• Sample size:
  • Baseline: 270 respondents
  • Interim: 179 respondents
  • Final: 150 respondents
• Counseling sessions: Conducted in parks, marketplaces, cafes, and office buildings. Each session lasted approximately 30-40 minutes.
• Sampling method: Intervention group was selected based on participation in the campaign, while the control group was selected using the "slow ball" method.
• Data collection: Face-to-face interviews using tablets, with a focus on descriptive statistics and cross-analysis.
• Quality control: 20% of questionnaires were randomly checked via phone calls by experienced controllers.
• Training: A two-day seminar was conducted for consultants in December 2015, led by World Bank and microfinance experts.

Key Findings

1. Impact of Counseling on Knowledge

• Financial literacy: Improved in the intervention group by 16% between baseline and second survey, but declined slightly by 14% from the second to final survey.
• Income and expense calculation: In the intervention group, the percentage of respondents who could not calculate their monthly income dropped from 26% to 18%.
• Understanding of credit rights: Increased in the intervention group by 4% from baseline to final survey, while the control group showed a slight increase of 5%.
• Preference for receiving explanations: Increased in both groups, with the intervention group rising from 78% to 83% and the control group from 79% to 84%.

2. Impact on Feelings and Perceptions

• Sense of hope and security: Participants reported increased optimism and a greater sense of security over time.
• Confidence in financial control: Improved in the intervention group, with a decrease in the percentage of respondents unsure about keeping collateral from 2% to 5% in Kurgantiube, and from 3% to 0% in Kulyab.
• Pessimism reduction: In Kurgantiube, the percentage of pessimistic respondents dropped from 5% to 6%, while in Kulyab it decreased from 12% to 25%.
• Perception of credit benefits: Increased in the intervention group from 81% to 85%, while it decreased in the control group from 86% to 81%.

3. Impact on Actions

• Debt repayment: Counseling helped reduce debt repayment difficulties, with 42% of the intervention group reporting debt repayments exceeding income at baseline, which dropped to 23% after six months.
• Food insecurity: Reduced from 17% to 7% in the intervention group.
• Family budgeting: Increased by 15% in the intervention group within the first three months.
• Financial goal setting: Increased by 14% in the intervention group within the first three months.
• Discussion of income and expenses with family: Increased by 7% in the intervention group.
• Loan restructuring: More people in the intervention group sought loan restructuring after counseling.
• Asset selling: Reduced in the intervention group compared to the control group.

4. Control Group Considerations

• The control group was not a true control due to significant differences in baseline financial stress.
• The control group had lower levels of financial stress at baseline, which may have influenced the results.
• The control group also received some form of intervention through the survey process, which included phone calls and follow-ups.

5. Geographical Differences

• Kurgantiube showed stronger positive outcomes compared to Kulyab.
• The intervention group in Kurgantiube had a higher percentage of respondents who repaid their debts by the final survey.
• The control group in Kulyab showed a slight decline in financial literacy and a decrease in the percentage of respondents who felt they had control over their finances.

Limitations and Recommendations

• Limitations:
  • Counseling had limited impact on reducing arrears or decreasing borrowing behavior.
  • It had minimal effect on multi-loan borrowers.
  • The control group was not representative, leading to potential bias in results.
• Recommendations:
  • Incorporate communication with financial officers and steps toward debt restructuring.
  • Include practical advice on increasing income and managing risks.
  • Future studies should aim for a more comparable control group with similar baseline characteristics.

Conclusion

The study highlights that financial counseling, particularly in a personalized and just-in-time format, can positively influence the knowledge, feelings, and actions of over-indebted borrowers in Tajikistan. While it does not significantly reduce arrears or borrowing behavior, it fosters a sense of hope, confidence, and proactive financial planning. The effectiveness of counseling appears to be stronger in Kurgantiube than in Kulyab, suggesting that contextual and cultural factors may influence the outcomes. Future research should focus on improving the design of the control group and incorporating complementary financial support measures.