"There is an inherent policy case for youth savings: asset accumulation and positive financial behaviors among youth will have spill over effects that could lead to great social and economic development, at both the micro and macro levels. However, policy interventions or regulations to spur youth savings are rare. Over the next few weeks, YouthSave will host a blog series shining light on the policy innovations that do exist and are driving youth financial inclusion forward."
"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."
"The market research behind BoK’s “CYBY” youth savings product revealed some seemingly contradictory findings. A significant proportion of the 500 youth respondents, approximately 80% of whom were low-income, actually said that they wanted a portion of their money locked away to help them accumulate more savings over the long-term. However, they also said that they needed emergency access to their savings to deal with unforeseen circumstances."
Mobile Phones for Microsavings: Can Mobile-Enabled Savings Products Bridge the Youth Financial Services Gap?
1. Are mobile phones the most effective tools to reach youth?
2. Do the lessons learned around adult access and usage of mobile phones apply to youth?
3. How do we bridge the gap between financial services and youth in strict regulatory environments which limit their access to basic tools like SIM cards?