People Willing to help financially
Globally financially helps are given by various sources to the needy and poor people. Some of the helping hands are as under:
Rich Individuals having allocable surplus of wealth give away help to the needy. They gather wealth either due to their successful conducting of their business or due to inheritance of wealth from their forefathers. They know the value of money and they extend valuable support to the needy people to come out of their poverty.
The mode of help differs from person to person. Some prefer to the known people such as close to the family. In some cases of an extended family some members may not settled financially and need help. They help to these categories. Some help to the people who are recommended by friends, relatives, close by people etc.
Some wealthy people give money on charity. In this case they have to select the people to receive the financial aid.
Organizations with prime aim of charitable help extend help to the needy. Their way of helping may be different. Some prefer to publish on internet, newspapers etc. to enable the needy to apply for the same. Others simply depend upon educational institutions when they spend their quantum of charitable amount to the educational expenses to the needy students. Some convert a portion of the amount to scholarship to meritorious students to cover their educational expenses. This is an indirect help they provide to needy families. They later on claim the income tax rebate for the amount spent on donations. This is a mutual interest transaction.
Missionary Activities – Missionary activities are normally organized by religious communities. They choose needy people from the same community or across the society. Their choice mainly depends upon the decision of the head of the community who is entrusted with power to disburse money. At the time of global tragedy they are the first people to come forward to help the affected people. They collect the amount from wealthy people, own contribution etc.
Current Trend of seeking financial help
In advanced countries citizens depend upon digital form for their financial activities and the amount is stored virtually and gets it transferred instantaneously. In addition to cost savings, digital financial services offer lot of benefits such as –
They connect poor people to the formal financial sector and enable them to become customers and suppliers within the wider economy and financial flows can be accurately tracked, resulting in safer and speedier transactions and less corruption and theft.
Providers can use financial histories to develop products that are better suited to customers’ needs, cash flow, and risk profiles, including fee-for-service offerings and smaller-unit transactions.
Direct deposits (including wages and government assistance) allow money to “bypass” the home, helping users save rather than spend and often giving women more financial authority within the family.