MEDA Blog - Stories from the Field

Youth Savings Association: Not Just About Developing A Savings Culture

VSAY Group in Addis
VSAY Group in Addis 1

Research1 has shown that benefits from savings groups can go beyond asset building and savings for youth, and provide working youth with their own solidarity groups in which they find peer support and social security. They can also expose youth members to other financial service concepts, such as borrowing, banking, and income generating activities, which are taught through orientations and workshops. This blog seeks to further strengthen existing research on youth savings by showcasing MEDA's project titled Ethiopians Fighting Against Child Exploitation (E-FACE).

Village Savings Associations for Youth (VSAYs) are one aspect of a multi-pronged approach to supporting Ethiopian youth in the E-FACE project. MEDA's youth team recently undertook a visit to Addis Ababa to explore savings behavior among youth, including changes in their livelihoods, behaviors and working environment as a result of their participation in savings groups. Field observations, interviews and focus group discussions with VSAY members and their parents revealed a number of important changes.

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Saving(s) the Future!

morocco savings blog
morocco savings blog 1
Savings has been lauded as one of the strongest levers of financial inclusion. Grounding itself in this scholarship, from the outset of the project, YouthInvest has made savings one of the pillars of its financial inclusion strategy in Morocco.

YouthInvest has encouraged youth to save by providing them with training on financial education as well as enabling them to access a low-minimum balance savings account made possible through a partnership with Al Barid Bank in Morocco. (The YouthInvest team managed to decrease the minimum deposit amount from 100 MAD to 5 MAD by negotiating with the banking institution).

While the savings component was incorporated into most aspects of YouthInvest's programming in Morocco, two particular initiatives made education on savings behaviour their tenants:

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