Responses provided by David Ansong & Gina Chowa, The Center for Social Development
Question 1: What are the main objectives of the research in Ghana?
The objective of the Ghana research experiment is to understand how the YouthSave intervention impacts youth development. Specifically, the research aims to measure the uptake, savings outcomes, experiences, and impact of youth-tailored savings accounts at the institutional level. The research also will evaluate the effects of the YouthSave Enidaso account on youth outcomes, including health, educational, psychological, and financial. To this end, together with our partners at the Institute of Statistical, Social, and Economic Research (ISSER) at the University of Ghana, we have planned at least two data collection points: baseline and follow-up. Given the enthusiasm and expertise of our research partners at ISSER, we are confident the successful data collection at the beginning of the project will also be effectively replicated in 2014. This will allow us to continue to obtain quality data that will provide insight into how the YouthSave intervention may or may not have impacted development outcomes.
Blog Post: Takeaways & Best Practices from the CYFI Regional Meeting for the America and the Caribbean
By Alejandra Montes & Catherine Rodriguez Orgales, Save the Children & Universidad de los Andes
The first Child and Youth Finance International Regional Meeting for the Americas and the Caribbean took place last month in México City. The meeting was led by Jeroo Billimoria, Executive Director of Child and Youth Finance International, and was attended by 132 people from 17 countries including senior government representatives, financial regulators, business leaders, scholars, and NGOs. The meeting had one objective in mind: Share the best practices in order to increase financial access and financial education for children and youth in the region. Here are some takeaways from the conference which we think provide interesting food for thought both for YouthSave partners and other practitioners:
By Adadzewa Otoo, Save the Children
The launch of Ghana’s first ever custodial savings account for persons under the age of 18 on September 20th represents a new era in the country’s banking history.
Like a sprout breaking through compact soil, HFC Bank has recently emerged through the hard earth of financial regulations on child and youth savings in Ghana to present to low-income youth a gleam of hope for a better financial future. The Enidaso Account, meaning Hope Account, gives young adolescents the opportunity to develop saving habits, which is an important step in creating a financially secure future. The account is adapted to the income levels and trends of low income adolescents.
By Vilma Ilic, Columbia University
On September 29th, over 1,000 orphaned and vulnerable children in Uganda opened Child Development Accounts as a part of the Bridges to the Future research project. For the vast majority, this was their first time interacting with a bank. With initial deposits ranging from $10 to $20, the project seeks to develop a savings culture in the children at a young age and increase income generation over time – all in the name of education