Sample Essay on Poverty Reduction Strategies

Poverty Reduction Strategies

Poverty is a condition that is affecting quite a larger percentage of the world’s population today. Even though there has been constant debate over the definition of poverty, it can be basically referred to as the inability of a person or a population to acquire basic needs like food, shelter, clothing and medical care. Besides, poverty can also be measured on the inability of a population to access basic education. Poverty reduction strategies refer to frameworks for policies and programs that can be employed to help in reducing poverty.

There are quite a number of poverty reduction strategies that have been tried out and can still be applied today to help in delivering those affected by the menace from it. When looking at poverty reduction strategies, it is very important to note that poverty can be fought by strengthening individual households, local communities as well as organizations that are working towards that kind of goal.

In order to strengthen individual households, workforce development can be applied as a strategy. When households are strengthened, there are higher chances that quite a number of families will be saved from the yoke of poverty considering that the family is among the basic institutions in society. Under workforce development, quite a number of interventions can be applied to help in reducing poverty like imparting self employment skills whereby people are trained on how to come up with their own sources of employment for economic gains. Other strategies that can be applied in order to strengthen households include job placement and retention support, personal development programs, workforce intermediaries among others.

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Income support is also another strategy that can be applied towards strengthening households. There are various interventions that can help in increasing the incomes of households and others aimed at cutting down costs. Some of the strategies that can help in improving household incomes include credit rating repair, emergency vendor payments and tax credit access. Provision of affordable goods and services can also work towards ensuring that the poor are able to access basic commodities.

Education is also another strategy that can be beneficial in the fight for poverty reduction. The reason why most people are stuck in poverty is because they lack proper knowledge on how to achieve sustainable lives. Education and training can significantly improve the ability of an individual to be competitive when it comes to employment. However, it should be noted that education is quite vast and can include GED upgrading, general life skills training, financial literacy training, parenting skills, and home ownership skills among others.

Another poverty eradication strategy that can also be applied is Social entrepreneurship. This refers to a commercial business that runs for social purpose. Social enterprises cover a variety of social as well as environmental issues and can be applied in all sections of the economy. Social enterprises can significantly work towards equipping individuals with skills on how to generate supplementary income, micro-enterprise development among others. All these can help in lifting individuals out of poverty.

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