> Posted by Center Staff
The piece by T. Kilara and J. Rexner observes that as financial access “expands across the developing world, youth and adolescents have become a promising new sub-sector of the market for financial services. This emerging interest is related both to the demographic realities of the developing world – by 2050 it is expected that people aged 10-24 will account for 45% of the population – as well as the promise of advancements such as mobile-banking. However, despite these projections, a 2009 survey found that only 4.2 million youth are currently accessing financial services.”
Among the reasons for the youth focus, the authors note, is that “in many developing countries, people enter the workforce and become heads of households at young ages, and access to financial products will help them manage their earnings and provide for their families.”
The post also links to a good interview with UCLA Anderson Professor of Finance and CFI Faculty Council member Bhagwan Chowdhry, who developed the model of achieving inclusive financial citizenship that is currently being explored by the Financial Access at Birth initiative.
Have you read?