"Colombia received an award for Global Money Week 2013, a week long set of activities in which “children and youth from across the world learn about saving, banking, giving back to the community and sparking their entrepreneurial spirit,” organized by the CYFI movement. According to CYFI, 80 countries, 185 institutions, and 1 million children officially participated in the over 1000 organized activities which ran from March 15-21, 2013."
By Alejandra Montes Saenz & Courtney James, Save The Children
To help support the YouthSave project, the Colombian pop group Wamba teamed up with Save the Children in Colombia to write the “Savings Song”, which encourages youth to save to achieve their goals and dreams. During events to promote YouthSave’s financial education workshops in schools, Wamba performs the savings song and teaches the students a choreographed dance routine that helps them learn the song by heart. So far, the song and events have been a great way to motivate youth and get them to start thinking about the importance of saving. In fact, facilitators returning to schools to conduct workshops have often been welcomed by the familiar tune of students singing the Savings Song – evidence of how much they have internalized the lyrics. To hear the song and see what goals Colombian youth hope to achieve through their savings, watch the video here.
By Eric Tyler, New America Foundation
New Research Explains Savings Habits of Young People in Developing Nations
By Jamie Zimmerman and Clara Hogan, New America Foundation
Teens in poor nations want to save larger amounts of money over the long-term in secure places to pay for their education or to start a small business, which can be used to bump them up into a better set of opportunities, according to new research released last week by the YouthSave Initiative.