Child & Youth Finance International (CYFI) started on its mission to empower all children and youth worldwide by supporting them in realizing their potential as full economic citizens in 2011. CYFI developed its model of economic citizenship together with leading academics, multilaterals, and experts in the field. Economic citizenship empowers children and youth and builds their capabilities to be successful in life through three building blocks: financial education, social and livelihoods education, and financial inclusion.
Today, a large part of your life occurs online. When you share photos on Instagram or via SnapChat, transfer money to your friends through mobile apps or shop online for a new pair of sneakers or jeans; it all happens digitally. With the world rapidly moving towards digitalization, new exciting opportunities are continually being created and become available to us all. Nevertheless, it is important that you know more about these new opportunities and are aware of the challenges they may bring.
Global Money Week (GMW) is an annual global celebration, initiated by Child & Youth Finance International (CYFI), with local and regional events and activities aimed at inspiring children and youth to learn about money, saving, creating livelihoods, gaining employment and becoming an entrepreneur.
It’s 8 March 2017, International Women’s Day. As my colleague David beautifully said: “It’s a day to remember that women are not treated equally to men across the world. It’s a reminder that women worldwide are exposed to shocking abuse from sexual violence and female genital mutilation, to forced early marriage and deprivation of their most basic rights.
Globally, there are 600 million adolescent girls in developing countries who face challenges to education and health services and too often face persistent discrimination and violence. They frequently have limited opportunities to gain the education, knowledge, resources, and skills that can lead to economic advancement.
Social isolation, economic vulnerability, and lack of access to health care and education prevent healthy transitions from childhood to adulthood, especially for vulnerable adolescent girls in developing countries. In Zambia, poor girls often are at high risk of gender-based violence, unintended pregnancy, and HIV. Many drop out of school, are unable to find employment, lack the ability to make independent decisions, and are not being reached by existing programs for young people.
This paper is part of the Child and Youth Finance International Landscape Series. Each paper in the Landscape Series looks back on the developments of recent years and looks forward to the future. This paper focuses on financial inclusion for children and youth.
Rural youth tend to be the least financially included: youth financial inexperience and limited assets exacerbate the basic rural finance challenges of low population density and poor infrastructure. Nonetheless, they demand financial services to manage their resources, build assets, and invest in livelihoods or education. How should the financial sector react to this situation – try to serve rural youth directly with new products and services, focus on the “near adults” in a rural finance strategy and deepen services over time, or ignore this population until the challenges of rural finance can be overcome? 136 financial inclusion practitioners came together on January 11th to discuss these issues and determine whether rural youth financial inclusion was possible, or simply a bridge too far.
Making Cents and RTI International are pleased to announce an in-person and webinar event on January 11, 2017 that will bring together financial inclusion and youth experts to discuss the key issues related to scaling rural and youth-inclusive financial services. The panel will highlight digital and practical innovations that have the potential to financially include rural populations and especially youth, but also the challenges of applying them to this hard-to-reach group. Panelists will draw from discussions at the recent USAID-sponsored Financial Inclusion Forum, results from a 6-part rural youth learning series developed by Making Cents and IFAD, promising practices from USAID’s K-YES project in Kenya, and other initiatives focusing on rural youth financial service provision.
The challenge of youth unemployment continues to garner headlines. Recently, the New York Times described the demographic challenge as, “The World Has a Problem: Too Many Young People.” These headlines have galvanized interest in youth and led governments and donors to re-focus their efforts on employing this growing population. Youth-inclusive financial efforts have expanded as well, aimed at providing youth with the credit and savings services necessary to facilitate their “earning and learning.”