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> Posted by Center Staff
Unless you’re with one of the few organizations working to combat youth financial exclusion, you probably don’t hear much about the issue. A few weeks ago, the world celebrated Global Money Week, which is gaining encouraging participation and engagement. Sadly, aside from this annual blitz of activity, there isn’t much in the airwaves on expanding financial access to this hugely underserved client segment. According to the Global Findex, in higher-income countries, 42 percent of youth save in financial institutions. The next highest regions are East Asia & Pacific and sub-Saharan Africa, where this rate is 19 and 9 percent respectively. During our youth, financial services and financial education help us save for the future, form good money management behaviors, and navigate life transitions like getting an education and starting a family.
The MasterCard Foundation, as spotlighted in a recently released report, has been quietly busy these past seven years working to address this shortcoming. Since 2008, the Foundation in partnership with six organizations has worked with over 30 financial services providers and non-profits to expand youth access to banking services. The new report, Financial Services for Young People: Prospects and Challenges, reviews the MasterCard Foundation’s youth financial inclusion projects for insights and learning to inform future industry efforts.
> Posted by Center Staff
#147841446 / gettyimages.com
In over 100 countries around the world, central banks, stock markets, finance providers, NGOs, and others are coming together en masse this week and next to target the financial inclusion of one of the most underserved client segments: children and youth. Global Money Week (GMW), now in its fourth year, is an ambitious movement to raise awareness on the importance of youth inclusion and to empower our rising generation. Indeed, around the world only 38 percent of youth (ages 15-25) have some sort of account at a formal financial institution.
The theme of this year’s GMW is “Save today. Safe tomorrow.” Globally, savings rates among young people are dismally low. In high income countries, 42 percent of youth save in formal institutions. The next highest regions are East Asia and Pacific and sub-Saharan Africa, where youth savings rates are 19 and 9 percent, respectively. Why is this the case? On the consumer side, when asked, youth most often cite the same reasons adults most often cite: a lack of money and high account fees.
> Posted by Jeffrey Riecke, Communications Associate, CFI
Jeroo Billimoria of Global Money Week, a worldwide child and youth financial empowerment movement, recently said, “Want to ensure poor children mature into poor adults? Make sure they spend all their leftover cash.” To me, that simple statement captures the obvious case for advancing financial inclusion for children and youth. Youth save at dismal rates and lack adequate access to formal financial services. Global Money Week, expected to span 112 countries, 485 organizations, and 2 million children, aims to combat this reality.
The weeklong movement, now in its third year, is led by Child & Youth Finance International (CYFI), a global network working towards the financial inclusion and economic empowerment of children and youth. Global Money Week’s participants range from central banks, to government ministers, schools, NGOs, the media, and children. Its activities include bank visits, educational events, expert discussions, online engagements, and the launching of new research and initiatives.
One of the new reports launched in coincidence with Global Money Week is Banking a New Generation: Developing Responsible Retail Banking Products for Children and Youth, a joint-publication from MasterCard and Child & Youth Finance International. The publication is designed to support financial institutions, NGOs, and governments in collaboratively developing financial products and services appropriate for children and youth. Among the publication’s content are guiding principles for appropriate child and youth products, the case for financial institutions investing in this client segment, and considerations for the product development process.
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