Ben Shell shares key lessons learned regarding the development of a youth savings product for girls between the ages of 7 and 24 in Mongolia. Specifically, Ben highlights the ways in which Women’s World Banking adapted their market research tools to be more youth friendly and the role that appropriate marketing plays when developing financial products for young people.
YouthStart, a UNCDF initiative established in partnership with The MasterCard Foundation, aims to increase access to financial services for low-income youth in sub-Saharan Africa, with an emphasis on savings and financial education. The programme helps to design, test and scale up sustainable services tailored to the needs of young people, while helping to create an enabling regulatory environment for young people to access the right financial and other services they need to make sound financial decisions, build a strong asset base, and create sustainable livelihoods for themselves.
MasterCard Foundation, Save the Children, New America Foundation, Center for Social Development, CGAP, Banco Caja Social, HFC, Postbank Kenya, Bank of Kathmandu
YouthSave is a consortium project led by Save the Children in partnership with the Center for Social Development at Washington University in St. Louis (CSD), the New America Foundation (NAF), CGAP (Consultative Group to Assist the Poor), and supported by The MasterCard Foundation. The YouthSave Consortium and its local partners - financial institutions and researchers - are committed to developing, delivering, and testing savings products accessible to low-income youth in Colombia, Ghana, Kenya, and Nepal.
This article makes the case that nonfinancial support should be recognized as an alternative to traditional types of collateral and guarantee to expand access to startup capital for young entrepreneurs.
This fact sheet is part of a collaborative effort of the Inter-Agency Network for Youth Development, coordinated by
the United Nations Programme on Youth. It was done as part of a series of fact sheets to support the International
Year of Youth. It provides an overview of why investing in youth should be a concern, as well as UN commentary
on the issue.
Access to appropriate financial services can play a critical role in enabling young people to navigate the challenges and opportunities they face, regardless of their employment or educational status. This paper discusses: 1) the results of a global survey conducted in 2009 by Making Cents International; and 2) findings of leading NGOs and financial institutions which are pioneering youth-inclusive and youth-specific financial products.
This paper presents an overview of the business and social case for serving young people with appropriate financial services. Using examples form several global financial institutions, it addresses the differences between youth and adult market segments as well as how financial products differ for young people. The paper presents practical guidelines to help institutions begin thinking about developing or adapting financial services for youth and will highlight the essential non-financial aspects of serving young people with financial services including life skills, health and business training as well as providing safe meeting spaces and mentoring. Finally, it concludes by discussing a vision for the youth-intensive financial services including a call for youth-friendly banking regulation, greater research and experimentation, especially with services for the most vulnerable youth, as well as the need for greater advocacy to encourage financial institutions to invest in appropriate, demand-drive financial services for young people.
The SEEP Network, BRAC USA, Making Cents International
The presentation “Financial Inclusion for Youth: Reaching the Next Generation” which took place at the QED group has been uploaded as a webcast. Viewers can hear and see presenters from BRAC, SEEP Network, and Making Cents International discussing program results, scaling up, and creating stronger linkages to youth.
This paper argues that common definitions of financial capability understate the role of psychological barriers to establishing sound financial behaviors, namely savings habits. Drawing on insights from psychology and behavioral economics, we explore these missing psychological variables in the standard financial capability equation and suggest mechanisms, or nudges, to overcome those barriers to accelerate financial capability among low-income youth.
This brief presents findings that came out of the 2009 AudienceScapes surveys on youth access to financial
information and services in Ghana and Kenya. It aims to provide guidance to the many development organizations
active in financial services and mobile money projects.