This blog originally appeared on The SEEP Network Blogg, co-authored by Jennifer Denomy and Rebecca Hession.
The United Nations Population Fund reports that there are 1.8 billion young people between the ages of 10 and 24, with 89 percent of them residing in the world’s least developed countries (2014). With appropriate knowledge and tools, youth can be financially empowered to access a range of economic opportunities over the course of their lives. Although they represent a large potential market, the integration of youth into the formal financial system is still a relatively new concept in many countries. In order to address these operational issues and explore innovations in this area, the SEEP Network’s Youth and Financial Services Working Group commissioned and wrote four Promising Practices Briefs. The topics of the briefs were selected during a series of consultations held with Working Group members in January 2015.
How can financial services be effectively integrated into economic opportunities programming for youth?
The SEEP Network’s Youth and Financial Services Working Group, facilitated by MEDA, recently completed a series of learning documents which highlight promising practices in youth financial services, illustrated by examples from multiple projects and stakeholders. In a series of member consultations, four topics were identified as areas of particular interest:Integrating youth financial services into economic opportunities programmingUnderstanding usage and dormancy of youth savings accountsUsing incentives, subsidies and complementary services to promote youth financial inclusionUnderstanding the role of parents and families in youth financial inclusion
A learning document was created to explore each topic, with full publications available here: http://www.meda.org/publications/seep-youth-and-financial-services-working-group We will profile each in a blog entry over the coming weeks, starting with today’s topic: integrating financial services for youth into economic opportunities programming.