“Within my community of farmers, the monthly system of loan payments is a burden for us, and doesn’t match our livelihoods.”
Dedan is a 47-year old farmer who also works as a security guard at a hotel on Inle lake. He has farmed since the 10th grade when he dropped out of school. He and his family live in his ancestral home and work his inherited acre of land to grow one crop of sugarcane and corn each year. He started work as a security guard in 2014, which enabled him to quit the difficult day labor he did on other people’s farms to subsidize his family’s income. His wife still works as a day laborer. They have two sons, who are in school and their eldest daughter, works full time as a gardener at another local hotel. His 14-year old son’s high school costs are by far the highest expense the family shoulders. The family works very hard to provide him with his uniform and materials. H wants to give his kids the opportunity to get as much education as they desire, though he admits coming up with the significant fees each month is challenging.
Though Dedan has made multiple attempts to better manage his finances, why does he continue to struggle with meeting his family’s routine living costs?
by the numbers
Like Dedan, Reliable Planners are typically rural middle-aged male heads of household who farm, often in commercial fields. Approximately 13.8 million people (35% of the Burmese population) fall in this segment.
SOCIOECONOMIC (SES 2-4)
HIGH INCOME VOLATILITY
Reliable Planners are slightly more likely to be in the low to middle income bracket. As is true of all segments, the majority report stable incomes, while a slightly smaller minority experience high income volatility.
SAVINGS BEHAVIOR & ATTITUDES
They tend to save, consistently but infrequently. When they do save, they are highly deliberate with their savings goals.
When they save, they often do so through informal groups and especially with family. While their technology use is low, a significant number still use social media, although almost none use mobile wallets.
BORROWING BEHAVIOR & ATTITUDES
They exhibit strong borrowing dependability but infrequently borrow from others, due to their low comfort with debt.
Similar to their savings behavior, Reliable Planners tend to borrow more through informal group channels than with formal institutions. Virtually no segment in Myanmar demonstrates significant borrowing behavior through mobile money.