On December 18, 2013, the YouthSave Project in Ghana put the issue of youth financial inclusion squarely on the national agenda with its second widely-attended multi-stakeholder conference.
"Discussion centered on combining education with access – how to reach children, who will teach them and which products will appeal to young consumers. CYFI’s charge, once they determine content and delivery methods, is to take the efforts to scale. Their initial target is to reach 100 million children in 100 countries by 2015, ensuring they have financial access and education."
[He] noted that several countries in Asia have created innovative policies and programs that build assets for family and community development. 'All of this experience can inform innovations in the United States and elsewhere. It seems likely that universal and progressive asset-based policies will play a larger role in many countries in the years ahead.'
"The workshop included about 25 people, representing not only YouthSave’s project staff and partners in Colombia, Kenya, Nepal, and Ghana, but also representatives from The MasterCard Foundation. In a room where everyone had experience and ideas to share on youth financial services (YFS), the session provided an opportunity for in-depth discussion on common topics and set the stage for YouthSave’s third Learning and Exchange event."
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.
Colombia´s first Multi-Stakeholder Meeting brought together a diverse range of actors in the fields of financial education and financial access to discuss and share experiences, ideas, and inputs on issues that are critical for increasing youth financial capability. Four interesting themes emerged...
Building Communities of Practice – The Recent “Innovations in Youth Savings” Workshop in Colombo, Sri Lanka
In an effort to shift the status quo, Women’s World Banking (WWB) joined 12 financial institutions in Sri Lanka last month to ensure that youth have access to comprehensive savings programs during its first international “Innovations in Youth Savings” workshop. Mary Ellen Iskenderian, President and CEO of Women’s World Banking, says that, “girls have been left behind in so many ways, including not having a way to build savings in their own name.”