Savings groups have proven to be powerful tools for economic empowerment, particularly for women in underserved regions. Recent data shows that 30 million participants across 67 countries have collectively saved $11.5 billion, with $1.8 billion added in the past year alone. Additionally, members accessed $105 million in microloans, demonstrating the financial viability and scalability of these grassroots initiatives. Beyond the numbers, these groups unlock transformative potential by fostering resilience, entrepreneurship, and community development.
One of the most compelling aspects of Village Savings and Loan Associations (VSLAs) is their high return on investment—$18.85 generated for every dollar invested. This efficiency is critical amid shrinking global development funding. Evidence shows that participation leads to improved nutrition, higher school enrollment, and greater female leadership. Women themselves recognize the value, using pooled resources to navigate economic uncertainty and build long-term stability.
In crisis settings, such groups serve as lifelines. In 2025, 305 million people worldwide required urgent humanitarian aid. In Syria, displaced women formed savings circles that evolved into income-generating ventures. One such group, Al-Diya, began as a mutual support network but, with assistance from a CARE partner, developed a formal business plan and opened a sewing shop. This venture provided dignity, independence, and a sustainable livelihood. When conditions allowed their return home in late 2024, they relocated the business, trained new members, and expanded its role into a skills development hub.
Even outside conflict zones, women face recurring shocks—from droughts to floods and crop failures. In Tanzania’s Tunduru District, elephants frequently destroy crops, undermining food security. For Athumani, a member of the Upendo savings group, the collective fund became a lifeline. Instead of relying solely on farming, she now borrows to grow her small enterprise and invests in a shared fish project, ensuring greater household resilience.
The broader economic impact is substantial. Closing the financing gap for women-owned micro and small enterprises—estimated at $1.9 trillion—could add $5–6 trillion to the global economy. VSLAs provide the foundational financial literacy and capital needed to scale businesses. In Vietnam, Hoang Thi Duong transitioned from isolated cinnamon processing to leading a cooperative that employs over 170 people seasonally. Her success reflects a wider trend: women reinvesting profits into their communities, creating ripple effects of opportunity.
Another example comes from the central highlands, where Nối’s mushroom-growing group sells out each harvest thanks to effective social media marketing. The extra income—about VND 3 million ($115) monthly—supports her family and stimulates local trade by sourcing straw from other women, creating a new market.
These groups also strengthen agricultural supply chains. The global chocolate industry, valued at $123 billion in 2024, relies heavily on cocoa from Côte d’Ivoire and Ghana, where women play a central role in production. Facing climate and economic instability, farming families use savings to diversify income and secure their futures. Beatrice from Côte d’Ivoire exemplifies this shift, using her group’s support to invest beyond subsistence farming.
Recognizing these benefits, global corporations are partnering with organizations like CARE to integrate savings groups into supply chain resilience strategies. By linking smallholder producers to financial tools and markets, VSLAs are becoming essential components of inclusive economic development.
— news from CARE
— News Original —
6 Reasons Women’s Savings Groups Drive Economic Growth
The report highlights why savings groups are more relevant than ever. Our latest numbers again demonstrate the global power of savings: 30 million members across 67 countries have amassed $11.5 billion in cumulative savings. Last year alone, members saved $1.8 billion and accessed $105 million in microloans. But it’s not just the numbers that propel us forward; it’s the vast potential ready to be unlocked.
Here are six lessons we’ve learned from more than 30 years of supporting women in savings groups — compelling reasons for why CARE continues to invest in savings groups as the cornerstone of economic growth for women.
1. Savings groups deliver strong returns on investment.
Amid unprecedented global funding cuts, making every dollar count is more critical than ever. VSLAs offer one of the strongest returns on investment in global development: $18.85 for every $1 invested.
The results go beyond dollar signs. Our evidence shows that investing in savings groups helps families eat more, keeps more children in school, and empowers women to lead change in their communities. And it’s not just us who see the value — women in savings groups do too.
2. Savings groups are proven to help women recover in emergencies.
Humanitarian needs are growing. In 2025, 305 million people around the world will require urgent humanitarian assistance and protection. Savings groups offer a proven way to build resilience and support recovery in emergencies.
When conflict in Syria forced many to flee their homes, savings groups did more than help them survive — they allowed them to take control of their lives with dignity. Our studies found that displaced people who joined savings groups ate more regularly and were better able to repay debts. Even more striking, half of the participants started joint businesses — pooling resources and working together to earn income for their families.
One group, called Al-Diya, began as a modest savings circle, but soon built trust and solidarity among its members. When they dreamed bigger, a CARE partner helped them develop a business plan. Together, they opened a sewing shop, offering independence and hope for their futures.
“Group business sessions made us feel like we were running a real business, with all its challenges and opportunities,” says one group member.
When the situation in Syria shifted in late 2024, allowing them to return home, the group brought the business with them. They recruited and trained new members, turning the shop into a business and a skills-sharing space.
Today, Al-Diya Group continues to thrive as the women who lead it build stability for themselves and their community.
3. Savings help families and businesses withstand crises, no matter where they are.
Women do not have to be displaced by conflict or disaster to find themselves facing crisis. CARE regularly polls savings groups through our Women Respond initiative. The most recent data shows women around the world are besieged by drought, pests, floods, and other shocks. 70% of respondents told us that accessing enough food is a major challenge.
For women, their families, and the businesses they have built, having savings to rely on can make the difference between coping and catastrophe. From Women Respond, we know women in VSLAs use their savings to get through tough times, while research with women leading small businesses shows savings are a key part of financial health and resilience, even for established entrepreneurs.
For one community in Tanzania’s Tunduru District, crisis comes in the form of elephants that destroy their crops at night. After years of uncertain harvests, savings groups offered hope and a different future. “Before, we depended on farming only,” says Athumani, a member of the Upendo savings group. “Once crops were destroyed, we had no alternatives for survival or a place to get affordable loans. But now, through the group, I can borrow money to grow my small business and contribute to our shared fish project.”
4. Women entrepreneurs hold massive potential to boost economies.
Some studies estimate that if women started and grew businesses at the same rate as men, the global economy could gain $5-6 trillion. Yet women-owned micro, small and medium enterprises face a huge gap in financing — around $1.9 trillion. Savings groups help close that gap by giving women a solid foundation, allowing them to move from earning money to growing it.
Our experience shows when women succeed, whole communities benefit. In Vietnam, for example, Hoang Thi Duong worked alone as a cinnamon processor in the remote north. Her income was unpredictable, and her work was unstructured. That changed when she joined a savings group. She began to imagine how women could work together to build a better future.
Today, she is director of a thriving cinnamon cooperative, leading a business that sources materials locally and provides seasonal jobs for more than 170 people.
“For the first time,” Duong said, “I see women in my village earning steady income, planning for the future, and working together like a team.”
Duong’s story isn’t uncommon. Over 60 miles away in Vietnam’s central highlands, Nối’s mushroom-growing group consistently sells out every harvest thanks to their savvy social media marketing. The mushrooms help feed her family and earn her an extra VND 3 million (about $115) each month. Now, her group buys straw (which they use as a base for their mushroom crops) from other women in the community, creating a new local market and more opportunities.
5. Savings groups help sustain farming communities and global supply chains.
The global market for chocolate products was worth roughly $123 billion in 2024, yet 60% of the world’s cocoa comes from just two countries, Côte d’Ivoire and Ghana. From chocolate to coffee to cashews and beyond, women farmers supply the world with essential goods. But extreme weather, economic upheaval, and other crises are making it harder for farming families to stay afloat.
Savings groups help connect local communities growing products and the global corporations that sell them. By connecting local producers to financial tools, global markets, and additional ways of earning income, VSLAs are becoming a vital part of how corporations strengthen the supply chains they depend on.
That’s why global companies are investing in savings groups through CARE — because they see that supporting farming communities is not just good for people, but also good for business.
This support is helping many cocoa-growing families diversify their income and invest in their futures. Beatrice from Côte d’Ivoire is one of them.