By Rani Deshpande, Save the Children
Despite growing interest in youth financial services as a means to financial inclusion, until recently there has been previous little publicly available information on what youth in developing countries want from financial institutions. YouthSave, a consortium of four practitioner and research organizations, sheds new light on this question using market research conducted in Colombia, Ghana, Kenya and Nepal.
By Tanaya Kilara, CGAP
Policymakers in various countries are closely watching the youth savings landscape for clues on which direction to take. The Central Bank of Philippines, Bangko Sentral ng Pilipinas (BSP) made a bold move by launching the ‘Kiddie Account Program’ this August. This is the first instance of an initiative in a developing country, spearheaded by the Central Bank, allowing young children to open accounts.
By Corrinne Ngurukie, Save the Children
Role models, mentors, coaches, teachers, cheerleaders, and influencers are a few of the ways to describe the role adults play in the development of young people. Findings resulting from a three-month, nation-wide market research that was successfully completed early this year, revealed as much. The over 700 respondents, of whom 80% were youth between 12-18 years, provided important insights that indicated the need for adult involvement in a youth savings product, which is currently being pilot tested.
By Payal Pathak, New America Foundation
Today, YouthSave’s core Research Advisory Council (RAC) member, Carolina Trivelli was appointed as Peru’s Minister of Social Inclusion. The newly formed Ministry of Development and Social Inclusion is charged with planning and implementing the country’s pro-poor programs for marginalized communities who have not benefited from Peru's increasing economic growth.
Ms. Trivelli, an esteemed economist, comes to the Ministry having served as a researcher and Director General of Instituto de Estudios Peruanos.