As The Himalayan Times, who reported on the launch of BoK’s CYBY product launch back in April, stated in their coverage of the meeting, “Access to formal saving channels seems to have motivated Nepali youths to develop saving habits. Even though preteens and teens tend to keep their surplus money for future use, especially in piggy banks, access to organised depositing agencies culminate it into saving habits.”
Perhaps the favorite quote from the meeting came from Raju Shrestha, a YouthSave product champion at Bank of Kathmandu, when he said “It’s really nice to be able to stop talking about plans on paper, and start talking about what we did.”
You probably brush your teeth every morning, a habit you started developing as soon as you were able to hold your own tooth brush. So, what if we applied the same logic to asset building – that as soon as you could grasp a handful of change, you started saving?
Members of the YouthSave Consortium and other youth finance experts gathered at New America yesterday to argue that this logic can – and should – be applied to today’s youth.
A third of the global population today is under the age of 19, with 90 percent of these young people living in developing countries and 45 percent living on less than $2 a day. More than ever, young people need the tools to manage their financial lives and, especially, accumulate savings -- opening up economic opportunities and impacting their attitudes and behaviors over the course of their lives.