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.
In this technical note, FINCA Uganda and Hatton National Bank Sri Lanka (HNB) explore key components and issues around the institutionalization of youth financial services, based on their individual experiences. Topics that are explored include key considerations, steps, and challenges of institutionalization. While some universal aspects of institutionalization are covered, this document primarily examines differences in institutionalizing youth financial products as opposed to financial products targeted to non-youth.
This toolkit was developed by Enlace and XacBank as part of The SEEP Network’s Innovations in Youth Financial Services Practitioner Learning Program (PLP), in partnership with The MasterCard Foundation. The purpose of this toolkit is to explore key differences in marketing financial services to youth as compared to adults and to provide tools for practitioners looking to scale up their services through marketing. The objective of this toolkit is to help organizations think through how to effectively market to youth in three critical stages—design, implementation, and evaluation—to reach more young clients in different market segments with innovative financial products and services.
The Youth Economic Opportunities learning platform is the first community of practice and knowledge exchange portal developed by and for the youth economic opportunities sector. The online portal offers an open and innovative environment for collaborative and dynamic learning and knowledge sharing around the following technical areas and cross-cutting themes: Workforce Development, Financial Services, Enterprise Development, Gender, and Evaluation & Assessment. We are dedicated to: Connecting and sharing knowledge, experiences, and lessons learned; Exchanging the latest resources, jobs, and funding opportunities; and Impacting the world’s 1.8 billion young people.