Summit Report 2013 The Second Child and Youth Finance International Summit and Awards Ceremony
Summit Report 2013 The Second Child and Youth Finance International Summit and Awards Ceremony
Contents Executive Summary.......................................................................................................................................................4 About CYFI ....................................................................................................................................................................................4 About the Summit........................................................................................................................................................................4
Facts and Figures..........................................................................................................................................................................6 Background...................................................................................................................................................................................7 Structure of the Summit and Youth Summit...............................................................................................................................7 Summit Themes...........................................................................................................................................................................8 Youth Summit.............................................................................................................................................................................10 Pre-summit.................................................................................................................................................................................11 Inaugural Gala Dinner.................................................................................................................................................................12
Day 1: Program Schedule.......................................................................................................................................14 Opening Session........................................................................................................................................................... 16 Inauguration Ceremony..........................................................................................................................................18 Innovate............................................................................................................................................................................. 20 Breakout Session 1.1 - Governments Taking the Lead: Shaping the National Agenda........................................................20 Breakout Session 1.2 - Economic Citizenship Education: Sharing Innovations....................................................................22 Breakout Session 1.3 - Global Money Week.........................................................................................................................24 Breakout Session 1.4 - Technology Paves the Way: Technology, Innovation, and Child and Youth Finance......................26 Breakout Session 1.5 - Building a Livelihood: Facilitating Youth Entrepreneurship............................................................28 Breakout Session 1.6 - Innovative Finance............................................................................................................................30 Innovate: Key Outcomes.....................................................................................................................................................32 Plenary Session: Children, Youth, and Finance: the Movementâ€™s Impact............................................................................34 Invest....................................................................................................................................................................................36
Breakout Session 1.7 - Regional Perspectives: Europe and Central Asia...............................................................................36 Breakout Session 1.8 - Regional Perspectives: Asia and the Pacific.......................................................................................38 Breakout Session 1.9 - Regional Perspectives: the Middle East and North Africa (MENA)..................................................40 Breakout Session 1.10 - Regional Perspectives: Africa............................................................................................................42 Breakout Session 1.11 - Regional Perspectives: The Americas and the Caribbean..............................................................44 Breakout Session 1.12 - Starting Young....................................................................................................................................46 Invest: Key Outcomes................................................................................................................................................................48 Plenary Session: Advancing the Global Agenda......................................................................................................................50
Day 2: Program Schedule.................................................................................................................................. 52 Reshape..............................................................................................................................................................................54
Breakout Session 2.1 - A Brighter Future: Democracy in Transition.......................................................................................54 Breakout Session 2.2 - Not a Lost Generation: From Education to Employment..................................................................56 Breakout Session 2.3 - Business and Childrenâ€™s Rights............................................................................................................58
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Breakout Session 2.4 - Collaborative Action: Banking Associations Taking the Lead.............................................................60 Breakout Session 2.5 - Saving for Sustainability........................................................................................................................62 Breakout Session 2.6 - The Power of the Teacher.....................................................................................................................64 Reshape: Key Outcomes.............................................................................................................................................................66
Dialogue with Children and Youth....................................................................................................................68 Celebrate............................................................................................................................................................................. 70
Celebrate! Knowledge Creation..................................................................................................................................................70 Celebrate! Resource Sharing........................................................................................................................................................70 Celebrate! Action.........................................................................................................................................................................70 Celebrate! Multi-Stakeholder Organizing....................................................................................................................................71 Awards Ceremony........................................................................................................................................................................72 2013 Award Winners...................................................................................................................................................................74 Moving forward............................................................................................................................................................................78 Celebrate: Key Outcomes...........................................................................................................................................................80
The Next Milestones.................................................................................................................................................... 82 Pre-Summit........................................................................................................................................................................ 84
Pre-Summit Program Schedule..................................................................................................................................................84 Session 1.1 - Engaging Financially Empowered Stakeholders in Turkey...................................................................................86 Session 1.2 - Understanding Youth and Their Financial Needs: Innovations in Youth Financial Services............................88 Session 1.3 - Encounters with Economic Citizenship Education..............................................................................................90 Session 1.4 - Advancing Economic Security for Children and Youth in Various Contexts and Cultures...............................92 Session 1.5 - Pushing the Boundaries of Technology.................................................................................................................94 Session 2.1 - Drafting National Strategies: Obstacles and Opportunities................................................................................96 Session 2.2 - Financial & Enterprise Education: Combining Technology and Effective Classroom Practices.......................98 Session 2.3 - Economic Empowerment: Strengthening Adolescent Girlsâ€™ Programming....................................................100 Session 2.4 - Searching for the Business Case for Youth Financial Services..........................................................................102 Session 2.5 - Technology Working Group.................................................................................................................................103 Session 2.6 - What Are We Learning?.......................................................................................................................................103 Session 3.1 - Building Local Capabilities: Lessons from the Field...........................................................................................104 Session 3.2 - Practical Approaches to Acquiring Financially Capable and Confident Youth Clients....................................106 Session 3.3 - Youth Diversity Reflected in Delivery of Financial Services and Education....................................................108 Session 3.4 - Young Entrepreneursâ€™ Pathway to Success........................................................................................................110 Session 3.5 - Measure Twice, Cut Once: Pilot Testing Your Youth Financial Products.........................................................112 Session 4.1 - Getting Financial Education in the National Curriculum: A Case Study from the UK.....................................114 Session 4.2 - Delivering Integrated Services for Youth: How Much, How, and When.........................................................116 Session 4.3 - Education Working Group.................................................................................................................................117 Session 4.4 - Impact Assessment and Evaluation Methods of Financial Services and Education for Youth.......................118
Other Activities............................................................................................................................................................ 120 Annex A: Letter of Support from United Nations Secretary General..................................122
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Executive Summary About CYFI Child and Youth Finance International (CYFI) leads the world’s largest Movement dedicated to enhancing the financial capabilities of children and youth. Launched in April 2012, the Movement set goals of reaching 100 million children and youth in 100 countries by 2015. To date, the Movement has already reached 18 million children and youth in 125 countries, placing it well on its way to exceeding those initial goals. The Movement’s partners and supporters comprise the world’s most extensive child and youth finance network and include financial authorities, financial institutions, (international) NGOs, bi- and mult-ilateral agencies, foundations, leading academics, and children and youth. These partners have unified behind the Movement’s primary objective of empowering children and youth through Economic Citizenship Education and financial inclusion.
About the Summit The 2nd Annual Child and Youth Finance Summit and Awards Ceremony in Istanbul, Turkey provided the Movement’s partners with the opportunity to reconvene and celebrate their accomplishments. The Summit was held under the patronage of the Capital Markets Board of Turkey (CMB), in collaboration with Borsa İstanbul and with the contributions of the Central Bank of the Republic of Turkey (CBRT), İstanbul Takas ve Saklama Bankası, Central Registry Agency (CRA) and the Association of Capital Market Intermediary Institutions of Turkey (TSPAKB). The Summit featured 413 senior-level adult participants from 102 countries, and 101 young participants aged 8 to 25. The 2rd Annual Summit and Awards Ceremony had the following overall objectives; namely, to: • Promote awareness of the Child and Youth Finance Movement. • Create a common vision for CYFI by identifying regional challenges, goals, and opportunities. • Share innovations and thought leadership from diverse sectors worldwide. • Involve children and youth in shaping the Movement through engagement with policymakers.
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In addition, by bringing together a diverse, multi-stakeholder group, the Summit aimed to achieve the following outcomes: • Declarations of commitment to the Movement by meeting participants. • Documentation of best practices and innovations, as well as recommendations from child and youth representatives. • Creation of national and regional platforms and action plans for Child and Youth Finance activities. • Formation of synergistic alliances between stakeholders. Summit highlights included: • Mr. Babacan, Deputy Prime Minister of Turkey expressing Turkey’s support for the Child and Youth Finance Movement. He stated “ Turkey will support CYFI during its G20 presidency” Similar notes of Support from Dr. Mehmet Yörükoğlu, Executive Chairman, Central Bank of the Republic of Turkey,Dr. Vahdettin Ertaş, Chairman, Capital Markets Board of Turkey, Mr. Ibrahim Turhan, Chairman and CEO, Capital Markets Board of Turkey, and Dr. Çiğdem Koğar, Executive Director of Banking and Financial Institutions, the Central Bank of Turkey. • A letter of support from the United Nations Secretary General Ban-Ki Moon. “I join you in celebrating the milestone of the Child and Youth Finance International Movement…I encourage you to exceed your target of providing 100 million children and youth with financial services that are both responsive to their needs and protective of their rights.” • An announcement from Jeroo Billimoria, Child and Youth Finance’s Executive Director, that the Movement has exceeded its first Milestone and reached 125 countries. • Notable addresses from The MasterCard Foundation’s Ms. Reeta Roy, the UN Envoy on Youth, Mr. Ahmad Alhendawi and Executive Secretary of the UN Capital Development Fund Mr. Mark Bichler. • Sessions featuring child and youth participants sharing with policymakers on the financial issues that most matter to them. • Recommendations from stakeholders in each of the five regions on creating collaborative efforts to further the Movement at the regional level. • An award ceremony that recognized the efforts and achievements from within the Movement. Notable outcomes of the Summit include: • Commitments by stakeholders to undertake efforts to further the Movement. • Recommendations by children and youth to policymakers on increasing Economic Citizenship globally. • The formation of regional collaborations to take the Movement further at the regional level, and a request for continued regional meetings. • A highlight of the innovations which the Movement has taken and can continue to take in order to continue to remain at the forefront of Economic Citizenship. • The current state of the Movement was presented by leading academics, as well as steps ahead to continue such type of academic research. In this report, we have provided a deeper insight into the presentations, discussions and outcomes of the Second Child and Youth Finance Summit 2013.
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Introduction Facts and Figures
413 adult participants
101 youth participants
Sector Representation 5%
Europe and Central Asia
Americas and Caribbean
Middle East and North Africa
East Asia & Pacific
Bi- or Multilateral institutions
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Background The Child and Youth Finance Movement was launched in 2012, at the 1st Annual Child and Youth Finance Summit and Awards Ceremony in Amsterdam, the Netherlands. At this Summit, stakeholders from over 80 countries committed to the Movement’s mission to advance Economic Citizenship Education and financial inclusion for children and youth. Since then, and in keeping with the Movement’s inclusive and participatory approach, Movement partners have shared expertise and strategic input through working group meetings, the Child and Youth Finance International website, and a series of regional meetings held on 5 continents. During Global Money Week, Movement partners in 80 countries held national celebrations and activities that engaged over 1 million children and youth in an awarenessraising discussion of the financial issues that affect their daily lives. After a successful first year, the 2nd Annual Child and Youth Finance Summit and Awards Ceremony in Istanbul, Turkey provided the Movement’s partners with the opportunity to reconvene and celebrate their accomplishments. The Summit also served as a platform to explore emerging trends from the various regions, examine good practices, and develop collaborations that can drive the Movement forward. Crucially, the Summit provided a space for children and youth to voice their opinions on the financial issues most important to them, both in dialogue with each other and to policymakers. The Summit therefore proved to be an important milestone for the Movement, as it ensured the collaborative action and input necessary for the Movement to continue innovating to meet the needs of children and youth globally.
Structure of the Summit and Youth Summit The Youth Summit took place on May 7th. On May 8th and 9th, participants took part in the main Summit, which featured plenary, breakout, and workshop sessions. A selection of sessions provided a space for adult and youth participants to interact as peers.
• Welcome Reception
• Stock Exchange Opening Ceremony • Workshops
• PreSummit Sessions
• Youth Summit
• PreSummit Sessions
• Kick Off
• Youth Board Elections
• Inaugural diner
May 8 Youth Summit
May 9 Youth Summit
• Opening Session
• Advancing the Global Agenda • Theme 3 Reshape
• Inaugural Session • Theme 1 Innovate • Sight seeing
• Gala Dinner
• Theme 2 Invest
• Let’s shape out future: Children and Youth Dialogue • Theme 4 Celebrate • Closing Ceremony
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Summit Themes The Summit was structured to contain 4 distinct themes: Innovate, Invest, Reshape, and Celebrate Innovate • Sharing and learning from the innovations around the world
Invest Reshape Celebrate • Building the • Exploring how • Celebrating the ecosystem for the the ecosystem can achievements Movement evolve to reach all throughout the Children /Youth Movement
Youth Participation- Voicing Youth Opinions on Financial Issues
In the Innovate sessions, delegates gathered to discuss best practices and innovations in economically empowering children and youth. Some of these developments were organizational or operational, while others concerned new applications of technology. Across almost every session, participants stressed the importance of developing collaborative synergies between the diverse stakeholders operating in the child and youth finance sector. Such efforts can be facilitated by both governments and the efforts of the Child and Youth Finance Partner Network.
Delegates were excited to report on the initiatives their countries, institutions, or organizations were taking to promote and invest in the financial capability of children and youth. Around the world, stakeholders invest time and resources in developing and strengthening national and regional platforms, and it was widely reported that national authorities were taking the lead in guiding national strategies. Collaboration between the public and private sector were also increasingly successful, as were efforts to engage children and youth with a philosophy of lifelong learning.
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The Reshape session looked at the policies, structures, and systems surrounding children and youth that are being actively reshaped by these innovations and investments. Delegates expressed a strong need for labor markets to facilitate youth employment opportunities, and generally be more inclusive towards youth, in keeping with the UN Millennium Development Goals and the global agenda. Every country has a role to play, and in this necessarily multi-stakeholder undertaking, the support of parents must also be leveraged. With an inclusive “lift all children together” focus, delegates recommended that the Movement continue to tailor products to the unique needs of children and youth (such as “edutainment” offerings).
The Summit was closed with a celebration of the achievements of the Movement and its Partners. The goal was to recognize the exciting new initiatives that took place over the previous year and honor the amazing achievements of stakeholders active in the child and youth finance sector. The Awards Ceremony highlighted the year’s achievements by recognizing exceptional work in the economic empowerment of children and youth.
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Youth Summit Ringing the bell of the Turkish Stock Exchange: Borsa Istanbul! To kick off the Youth Summit, children and youth had an exciting opportunity to ring the opening bell of Borsa Istanbul (the Turkish stock exchange) in what was a fun and lively ceremony.
The Chairman and CEO of Borsa Istanbul, Mr. Ibrahim Turhan, whose support was instrumental in realizing both the Youth Summit and the main Summit, declared at the ceremony that “we will reshape the future by opening the doors of the Istanbul Stock Exchange to children and continuing our support for children and young people in the coming period.” The President and CEO of The MasterCard Foundation, Ms. Reeta Roy, joined the youngsters at the ceremony, and said that “youth have a critical role to play, not only in what they do today but what they do as tomorrow’s leaders.”
At the 2nd annual Child and Youth Finance Summit and Awards Ceremony, many young participants were brave enough to travel outside their country for the very first time. They came with a message to deliver to both policymakers and other children and returned home with a new sense of purpose: to empower their communities! At a “who’s who” icebreaker, they connected with one another to discuss their diverse backgrounds and learn about their shared interests.
Despite their different cultures and backgrounds, the Summit’s young participants quickly found common ground through a discussion on the histories of their individual countries: the respective financial systems and currencies. Participants asked each other questions such as “what role does money play in your community?” and “how do you save?”
What matters to us
These young people united to offer their formal recommendations to the Summit’s senior policymakers. These recommendations were as follows: • Financial education: Should be free for all students. • Employment: Everyone needs the chance to have a job. As a result, schools and governments should support youngsters in being more employable and in finding employment. • Banking and services: Banks should provide child-and-youth-friendly bank accounts. There are German and Filipino projects for promoting savings are a good model for others to follow. • Technology and communication: Kids are more plugged in than ever, and many have better access to mobiles than banks. Why not help them use their phones to keep their money safe? • Entrepreneurship: Entrepreneurship is an important part of providing jobs for young people. Governments should help these young entrepreneurs see their dreams realized by supporting their efforts to start their own businesses. And Who better to employ children than their peers?
“Banks should take children and youth seriously – big change begins with the people around us.” Elizan, youth participant, from Malaysia
“It was really nice because I learned the value of different currencies and what we can buy with them.” Rupin, youth participant, from India
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Pre-summit The Pre-Summit was held on May 7th, and provided the Movement’s partners with an opportunity to host thematic sessions and share best practices in the child and youth finance sector. Delegates had an opportunity to connect, interact, and acquire knowledge in workshops divided in 5 thematic streams: The 1st stream
National and Regional Strategies for Financial Inclusion and Education for Children and Youth
The 2nd stream
Innovations in Child and Youth Friendly Financial Services
The 3rd stream
Economic Citizenship Education and Pedagogy
The 4th stream
Cross-Cutting Themes in Child and Youth Finance
The 5th stream
Research and Impact Assessment
Key Outcomes from the Pre-Summit Sessions: • E ffectively reaching out to young people requires real sensitivity to their specific needs when coordinating stakeholder interventions across various sectors. • Youth summit participants requested to be given consideration, “banks should take children and youth seriously. Bankers should look us in the eye and not treat us like babies – big change begins with the people around us” said one youth delegate. • Pilot testing, impact assessment, market research and national stakeholder engagement were all listed as essential components in scaling up financial inclusion and educational programming for children and youth in a sustainable manner. • Delivering effective educational programming depends upon capacity building and cultivating a financially literate base of teachers. Establishing training the trainer programs was seen as a critical step moving forward. • The CYFI Education Working Group formulated a plan to advance work along four key taskforces: Curriculum Assessment, Teacher Training, Stakeholder Engagement, and Economic Citizenship Education in the Post 2015. Development Agenda.
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Inaugural Gala Dinner Welcome: Dr. Mehmet Yörükoğlu, Executive Chairman, Central Bank of the Republic of Turkey Keynote Speech: Dr. Ahmad Alhendawi, Secretary-General’s Envoy on Youth, UN Opening Remarks: Ms. Reeta Roy, President and CEO, The MasterCard Foundation, Canada At the Inaugural Gala Dinner, stakeholders had an opportunity to connect and build relationships over some fine dining. The event was sponsored by the Central Bank of Turkey. During the dinner, attendees wore traditional clothing from their home countries, which made the dinner a colorful, festive, and vibrant event. Delegates were inspired by powerful speeches from some of the Movement’s leading supporters: Dr. Mehmet Yörükoğlu, Executive Chairman of the Central Bank of Turkey, welcomed the Summit’s participants to Turkey and expressed support for the Movement’s mission to promote financial literacy for children and youth: “Personal financial literacy means more than just being able to balance a checkbook; it also includes skills such as planning for the future. Governments need to do more to teach children these important skills.” Mr. Ahmad Alhendawi, the UN Secretary-General’s Envoy on Youth, provided some opening remarks in which he made explicit the UN’s support for the Movement: “On behalf of the Secretary General, I encourage you all to join forces so that 100 million youth can have access to financial services that are both designed to meet their needs, but first and foremost, that are protective of their rights.” In a keynote speech, Ms. Reeta Roy, President and CEO of The MasterCard Foundation, highlighted the role of children and youth in shaping the future of the Movement: “Let me tell you why The MasterCard Foundation is part of this Movement (…). We believe that when you combine education, skills, mentoring and social networks, skills for employability and access to savings, you can transform someone’s life.” The evening’s youth representative, a young lady enrolled in BRAC’s Uganda program, inspired the audience through her story on how she became involved in the Movement and how she developed the entrepreneurial skills that have helped her and her family run the family business.
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Day 1: Program Schedule Day 1 th
Wednesday,8 May 08:00 – 09:00 09:00 – 10:30 10:30 – 11:15 11: 15 – 11:45 11:45 – 13:15 Breakout Session 1.1 Breakout Session 1.2 Breakout Session 1.3 Breakout Session 1.4 Breakout Session 1.5 Breakout Session 1.6 13:15 – 14:15 14:15 – 14:30 14:30 – 15:30 15:30 – 16:00 16:00 – 17:30 Breakout Session 1.7 Breakout Session 1.8 Breakout Session 1.9 Breakout Session 1.10 Breakout Session 1.11 Breakout Session 1.12 17:30 – 18:00 18:30 – 19:30 19:30 – 21:30
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Registration Opening Session Inauguration Ceremony Tea, Coffee Break Innovate: Sharing and Learning from the Innovations Around the World Governments Taking the Lead: Shaping the National Agenda Economic Citizenship Education: Sharing Innovations Global Money Week Technology Paves the Way: Technology, Innovation Child and Youth Finance Building a Livelihood: Facilitating Youth Entrepreneurship Innovative Finance Lunch Plenary Recap - Innovate Children, Youth and Finance: the Movement Impact Tea, Coffee Break Invest: Building the Ecosystem for the Movement Regional Perspectives - Europe & Central Asia Regional Perspectives - Asia & the Pacific Regional Perspectives - Middle East & North Africa (MENA) Regional Perspectives - Africa Regional Perspectives - Americas & the Caribbean Starting Young: How to Shape Financial Behavior of Children and Youth through Policymaking and Appropriate Services Plenary Recap - Invest Sightseeing- Bosphorous River Cruise Gala Dinner at Sait Halim Pasha Mansion
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Opening Session Chair: Ms. Nina dos Santos, Anchor and Correspondant, CNN Speakers: Mr. Wissam H. Fattouh, Secretary General, Union of Arab Banks (UAB) Mr. Herve Guider, General Manager, European Association of Cooperative Banks (EACB) Mr. Hatem Kotrane, Vice Chairperson, UN Committee on the Rights of the Child (UNCRC) Mr. André Laboul, Head of Financial Affairs Division, Directorate for Financial and Enterprise Affairs, OECD Ms. Berna Ülman, Regional General Manager, Visa Europe The Opening Session hosted pioneers from diverse sectors, who set the tone for the Summit by expressing their support for the Child and Youth Finance Movement. The opening panel was comprised of leading financial, educational and children’s rights experts and was moderated by CNN anchor and reporter Ms. Nina dos Santos. She warned that “money makes the world go round, but can also tear the world apart,” and went on to stress that “central banks play a key role in how we manage and spend our money. We are here to talk about the future of finance so that children can manage their own destinies.” She warned that “money makes the world go round, but can also tear the world apart,” and went on to stress that “central banks play a key role in how we manage and spend our money. We are here to talk about the future of finance so that children can manage Mr. Wissam H. Fattouh Mr. Wissam Fattouh spoke of the UAB’s commitment to the Movement and how it had contributed to the Movement by hosting of the Child and Youth Finance Regional Meeting for the Middle East and North Africa (MENA). He discussed his organization’s recognition of CYFI’s accomplishments with an award, and went on to highlight the key role the UAB has played in linking the CYFI Secretariat with key banks in the MENA region. The UAB believes in the importance of Child and Youth Friendly Banking Products, and will continue to work to encourage the development and certification of such products among its member banks. The UAB also committed to continuing to support CYFI during the UAB’s annual meetings. As the Movement continues to develop, the UAB will facilitate the creation of national-level linkages between CYFI and the MENA region. Mr. Hervé Guider Mr Herve Guider shared about the European Association of Cooperative Banks (EACB)’s support to the Movement by acting as a co-organizer of the Child and Youth Finance Regional Meeting for Europe and Central Asia. “CYFI represents a true Movement
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that we are gladly willing to support,” said Mr. Guider. As part of the “year of cooperatives”, the EACB profiled CYFI and has worked to create global linkages with key cooperative banks. Going forward, the EACB will ensure that cooperative banks continue to act to enhance financial education and support all initiatives against financial exclusion. The EACB has also committed to continuing its collaboration with CYFI during the EACB’s annual meetings, including through the ongoing creation of linkages with cooperative banks. Mr. Hatem Kotrane Mr. Hatem Kotrane shared the The United Nations Committee on the Rights of the Child (UNCRC) endorsement to the Movement. He explained that the UNCRC has worked to integrate children’s economic and social rights with business principles. The UNCRC has also held meetings between CYFI and its committee members to discuss recommending Economic Citizenship Education (ECE) on a national level. One particular goal for the UNCRC is to protect socially excluded children. “Children must become empowered actors in their societies, and this
empowerment requires that we protect their rights. This is especially true for children that are socially excluded,” stated Mr. Kotrane. CYFI will partner with the UNCRC to help these children by continuing to promote financial education and financial inclusion. Mr. André Laboul Mr. Laboul shared that OECD and CYFI would be signing an MOU. He discussed the Movement’s Theory of Change. The Theory of Change gives organizations such as the OECD the flexibility to support the Movement both directly and through its concepts. Regardless of how they choose to engage, however, policymakers must have the political courage and will to seek actual solutions.
Ms. Berna Ülman “It is important for individuals to have knowledge of the financial environment in which they operate, and to understand their rights,” said Ms. Berna Ülman, Regional General Manager at Visa Europe. “This knowledge is important as it relates to the broader well-being of countries.” Wherever Visa Europe operates, she said, social responsibility to youth is always a primary consideration, and the Movement reflects these principles.
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Inauguration Ceremony Following the spectacular Inaugural Gala Dinner, adults, children, and youth united to kick off the 2nd Annual Child and Youth Finance Summit and Awards Ceremony. Delegates from both the Summit and the Youth Summit joined forces to celebrate the opening of an exciting week of debate, dialogue, networking, and collaboration. Introductory speaker: Ms. Jeroo Billimoria, Managing Director, Child and Youth Finance International, the Netherlands Ms. Jeroo Billimoria Ms. Billimoria is the Founder and Managing Director of Child and Youth Finance International (CYFI). She welcomed stakeholders to the Summit and introduced the distinguished speakers of the Inauguration Ceremony. She shared the progress of the Child and Youth Finance Movement since the Annual Summit of 2012, announcing that the Movement has now reached 125 countries. Keynote speakers: H.E. Mr. Ali Babacan, Deputy Prime Minister of Turkey Dr. Vahdettin Ertaş, Chairman, Capital Markets Board of Turkey Mr. Ibrahim Turhan, Chairman and CEO, Capital Markets Board of Turkey Dr. Çiğdem Koğar, Deputy Director of the Central Bank of Turkey His Excellency Mr. Ali Babacan H.E. Mr. Babacan, the Deputy Prime Minister of the Republic of Turkey, presented the delegates with a story of his childhood, in which familiarity with early entrepreneurial education (acquired by working in the shop his parents owned) resulted in a lifetime of industriousness and a sense of familiarity with the business process. This entrepreneurial literacy translated into a professional career that was fulfilling and meaningful. Mr. Babacan further elaborated on his strong belief in the value of financial education by saying: “We must determine how to bring relief to the most vulnerable members of society. It is very important for our children to be introduced to financial concepts at young ages... if a concept is well-learned at early ages, it helps throughout life... Turkey is ready to be partners with CYFI in this exciting venture.” Additionally, Mr. Babacan energized the audience with a commitment to ensuring that child and youth finance issues are included as part of the G20’s global agenda during Turkey’s presidency.
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Dr. Vahdettin Ertaş Dr. Ertaş, the Chairman of the Capital Markets Board of Turkey, noted that “in this hall, more than 100 countries are now present, and this is evidence that the interest in the subject is increasing each and every day.” This interest is certainly demonstrated by Turkey, as Dr. Ertaş outlined some of Turkey’s ongoing national efforts to support the Movement. Dr. Ertaş also shared his belief that “education efforts must be brought together,” as in the Movement. Mr. Ibrahim M. Turhan The Chairman and CEO of Borsa Istanbul, Mr. Turhan, remarked in his welcome address that “if you talk about the vocational side of the matter, and if children and youth are knowledgeable about the financial system and financial matters, and financial inclusion is increased, then their growth will be in a balanced manner.” It is important to grow sustainably, said Mr. Turhan, as “both economic and social crises can and do happen,” and a financially literate population – including children and youth
– can help a country survive such shocks. He also highlighted the responsibility institutions have to engage in socially conscious investment activity: “I’m honored to be able to contribute to this Movement.” Dr. Çiğdem Koğar “Financial equality is a primary concern of central banks worldwide, as it contributes to social stability. The global financial crisis has underlined the importance of these concepts,” said Mr. Koğar. “In light of its relationship with stability, financial education needs a national policy framework… in this regard, we attach great importance to collaboration with organizations such as CYFI.” He continued by discussing the drafting of Turkey’s new financial strategy and the importance of consumer protection – not only in Turkey, but globally. He went on to state that Turkey would be promoting the issue of consumer protection in finance in the coming years.
Letter of Support from United Nations Sectretary General The letter of support from the United Nations Secretary General Ban-Ki Moon was then shared with the audience. The letter was read by Ms. Beth Porter, Policy Advisor at the United Nations Capital Development Fund (UNCDF) and Ms. Maria Perdomo YouthStart Program Manager at UNCDF. In his letter, the Secretary General writes: “I join you in celebrating the milestone of the Child and Youth Finance International movement now operating in 100 countries. I encourage you to exceed your target of providing 100 million children and youth with financial services that are both responsive to their needs and protective of their rights.” A full copy of this letter can be seen in the Annex A.
“Turkey will support CYFI during its G20 presidency.” His Excellency Mr. Ali Babacan, Deputy Prime Minister of Turkey
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Innovate Breakout Session 1.1 In the Innovate sessions, Child and Youth Finance International brought together leaders in economically empowering children to discuss the state-of-the-field in the child and youth finance sector. Participants stressed the importance of developing collaborative synergies between multiple stakeholders, and of employing innovations in industry practices and technology. In doing so, they called for the support of both governments and the Child and Youth Finance Network, and expressed commitment to the Movement’s goal of providing financial education and financial inclusion for every child and youth.
Governments Taking the Lead: Shaping the National Agenda Chair: Ms. Beth Porter, Policy Advisor, UNCDF Speakers: Mr. Nabil Badr, Head of Financial Inclusion Office, Central Bank of Morocco Ms. Paula Bustos, Head of Consumer Education Department, National Service for Consumer Protection (SERNAC), Chile Ms. Fe Dela Cruz, Director of Corporate Affairs, Central Bank of the Philippines Mr. Paul Nduka Eluhaiwe, Director of Development Finance Department, Central Bank of Nigeria Mr. Feyzullah Yegin, Deputy Head of Institutional Communications Department, Capital Markets Board of Turkey This session provided a venue for governments to share their national strategies for increasing financial education and financial inclusion for children and youth. Action plans were considered and metrics for prospective evaluations were shared with the audience. Chair: Ms. Beth Porter The development of national strategies requires the integration of a wide array of stakeholders. Coordinating individual efforts is therefore key, said Ms. Porter, as she introduced the session. She discussed the role of diagnostic tools in evaluating demand alongside the availability of financial inclusion for the youth segment. Mr. Nabil Badr Mr. Badr discussed his experiences as the Director of Banking Supervision at Bank Al-Maghrib (BAM), the Central Bank of Morocco. In 2007, in partnership with the private sector, BAM launched a study to evaluate the state of the art in financial education, financial inclusion, microfinance, and consumer protection. BAM played the role of coordinator and created the Foundation for Financial Education to ensure good practices. In addition, over 60,000 Moroccan children and youth participated in the 2013 Global Money Week celebrations – more than twice as many as in 2012. Mr. Badr discussed how the collaboration facilitated the organization of Morocco’s celebrations of Global Money Week, as well as how Moroccan stakeholders came together to determine a structured joint action plan for promoting financial education nationally. Mrs. Paula Bustos Mrs. Bustos outlined three pillars for financial outreach: education, access, and consumer protection. In particular, SERNAC has worked to strengthen consumer safeguards for young people through the creation of
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Day 1: Breakout Sessions 1.1 – 1.6
an inter-institutional financial education roundtable, which now serves as a forum for the drafting of public policy. A technical secretariat for financial inclusion supports those policies, including through ongoing impact assessment. The goal is to provide financial education for children and youth at every school in Chile. Ms. Fe Dela Cruz In the Philippines, the Movement has dedicated partners in Ms. Dela Cruz and her colleagues at the Central Bank of the Philippines. With a personal commitment to financial inclusion from the Governor, the Central Bank of the Philippines aims to engage Filipino stakeholders in a fun and sustainable way. Ms. Dela Cruz highlighted how developing buy-in among teachers is key to these efforts. As a result, awards for financial service providers and teachers have been created to help provide a way to recognize accomplishments in their outreaching efforts dedicated to child and youth finance. Meanwhile, teaching guides and training programs have been created to make delivering financial education as easy as possible. Mr. Paul Nduka Eluhaiwe In Nigeria, the Central Bank sees a combination of financial education and inclusion as central to success. Mr. Eluhaiwe shared the Central Bank’s philosophy of setting concrete targets and developing an appropriate roadmap to meet those targets. He gave the example of a recent launch of a financial inclusion strategy. With a target of reaching 21 million children and youth, mobile banking efforts will be an important way to overcome barriers. In the future, adapting the program to local languages will present challenges, but Mr. Eluhaiwe was confident that Nigeria would reach its long-term goal of introducing financial education to the national curriculum. Mr. Feyzullah Yegin In Turkey, as in other countries, Mr. Yegin sees financial education as having an important cultural component. The Capital Markets Board of Turkey has worked to broaden its efforts to promote financial literacy through the use of culturally-aware social media and other online resources, and has found additional support through partnerships with universities. Mr. Yegin also reported that fun contests and games are being coordinated and that the CMB will continue to emphasize the importance of “training the trainers.”
Conclusions • A long-term plan can lead to sustainable strategies for financial education and inclusion. • Multi-stakeholder participation builds connections with diverse sectors. • Marginalized and out-of-school children need to be a serious strategy consideration.
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Innovate Breakout Session 1.2 Economic Citizenship Education: Sharing Innovations Chair: Ms. Flore-Anne Messy, Administrator of Directorate for Financial and Enterprise Affairs, OECD Speakers: Ms. Grace Baguma, Deputy Director, National Curriculum Development Centre, Uganda Mr. Catalin Cretu, Country Manager, Visa Europe Ms. Sue Lewis, Consultant and PFEG Board Member, UK Mr. Pierre-Antoine Ullmo, Founder and CEO, P.A.U. Education, Spain Since the 2012 Child and Youth Finance Summit and Awards Ceremony in Amsterdam, the Netherlands, education providers within the CYFI network have experienced tremendous innovation and development in the area of financial, social and livelihoods education. In this panel, chaired by the OECD’s Ms. Flore-Anne Messy, participants discussed the challenges and opportunities for expanding quality programming in this area and promoting the emerging concept of Economic Citizenship Education (ECE) for children and youth around the world. Chair: Ms. Flore-Anne Messy Ms. Messy welcomed the session’s speakers and set a tone for their presentations by discussing some of the tools which were developed by the OECD that can be used to help bring financial education to classrooms. She also highlighted the importance of developing evidence-based programs which can effectively support the financial literacy of children and youth. Ms. Grace Baguma Ms. Baguma elaborated on Uganda’s experiences in introducing financial education to the national secondary school curriculum. Previously, the teaching of financial education remained split between several subjects. Full rollout of the revised curriculum is expected in 2015. Since many private sector initiatives are already active, the project will be strengthened through public-private partnership. Ms, Baguma additionally indicated that extracurricular activities, including saving clubs, are of great importance. Mr. Catalin Cretu In Romania, 65% of the population faces difficulties in managing daily needs. This underscores the urgent need for financial education in Romania, said Mr. Cretu – particularly for young people. With Visa Europe’s MoneyIQ program, both the banking sector and the consumer protection authority have unified their efforts. The program has been implemented in partnership with the both the Romanian government and private sector, as well as the UNDP. It has already reached 50,000 children and youth with financial education and aims to reach another 100,000 in the near future. A mobile application will support these successes and prizes will provide a fun incentive. Ms. Sue Lewis Ms. Lewis expressed her organization’s support for the teaching of financial education in schools. PFEG has established a role as a provider of technical assistance to countries looking to integrate financial education as part of their national curriculums. With the Quality Mark program, which accredits third-party educational resources, PFEG has been able to contribute to an efficient testing process. Awards for excellence are offered and an advisory service and a volunteer network provide additional teacher support.
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Ms. Maida Pasic Equity is a focal point, said Ms. Pasic, as she explained how financial education is situated among UNICEF’s offerings. She emphasized that both formal and informal education have a role to play, and that it is important to develop not just basic literacy and numeracy skills, but social skills as well. With the Child Friendly Schools initiative, UNICEF has developed a financial and social education module in-line with the CYFI Education Learning Framework for Economic Citizenship Education. This module promotes basic skills in literacy and numeracy alongside the development of cognitive, personal, and interpersonal skills. Mr. Pierre-Antoine Ullmo During his presentation, Mr. Ullmo discussed the “Valores de Futuro” curriculum. He discussed the preliminary results of 5 curriculum assessments, which used the 3 core modules of the CYFI Education Learning Framework as reference. The importance of youth participation in the civic and economic process was stressed, as well as the importance of involving children and youth in shaping their own futures. This can be accomplished by helping them learn about their rights and responsibilities. In the curriculum assessment process, everyone’s input is important, said Mr. Ullmo. Such input comes not only from students and teachers, but social entrepreneurs, social workers, and volunteers. Ideally, education should incorporate an inspiring vision that helps lead to successful implementation.
Conclusions • Governments can learn from the examples and experiences of each other on how to integrate financial education with national curriculums. • It is important to include children and youth in the process of implementing financial literacy programs. • Linking entrepreneurship to schools is important to encourage an entrepreneurial spirit, as well as to create linkages between students and the broader community. • Testing and assessment processes can increase curriculum efficacy. • Collective approaches that include more stakeholders, technological innovations, peer training, and incentives, can enhance the effectiveness of educational programming and expand its reach.
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Innovate Breakout Session 1.3 Global Money Week Chair: Mr. Eric Roland, Associate Director, the Forum of Young Global Leaders and Global Leadership Fellows, World Economic Forum Speakers: Ms. Gloria Alonso, Director of Communications and Financial and Economic Education, Central Bank of Colombia Mr. Peter Akai Anum, Director, the Head of State Award Scheme, Ghana Mr. Ram Hari Dahal, Deputy Director of Microfinance Promotion and Supervision, Central Bank of Nepal Ms. Ghada Sharif, Marketing Communications Manager, Egyptian Banking Institute Ms. Kristina Nikolovska, Assistant to the Governor, National Bank of the Republic of Macedonia Global Money Week is a chance for stakeholders in the Movement to celebrate the economic rights of children and youth. It helps introduce young people to the financial sector, and the financial sector to the concept of Child and Youth Finance. During this week, over a million young people take part in fun educational activities around the world. Simultaneously, institutional peers develop closer ties through collaborative outreach while working to build international momentum for the Child and Youth Finance Movement. In 2013, Global Money Week was organized and celebrated in 80 countries, involving 403 organizations and reaching over 1 million children. Chair: Mr. Eric Roland In a warm and inviting welcome address, Mr. Roland set a tone for the session that encouraged the open sharing of ideas. He continued by introducing the session’s distinguished speakers and expressing his hopes for an engaging and productive discussion. Ms. Gloria Alonso In Colombia, over 40,000 children participated in Global Money Week celebrations. A multi-stakeholder approach with active collaboration between the public and private sectors is important to success, said Ms. Alonso. In future Global Money Week celebrations, even more media coverage is expected. For Colombia, the next step is obtaining government approval for the introduction of financial education to the national curriculum. Mr. Peter Akai Anum Almost half of all young Ghanaians are unemployed, and 80% of Ghana’s general population has little or no exposure to financial education. Mr. Anum shared how this low level of child and youth financial literacy represents an opportunity to connect young people with both government and the private sector. Some of the challenges will be continuing to engage with children – a “critical” intervention – and developing even stronger partnerships between financial service providers, government, and youth-serving organizations. Mr. Ram Hri Dahal Mr. Dahal highlighted his country’s efforts in promoting financial inclusion and financial education for Nepalese children and youth, including the strong support of Nepalese stakeholders in the celebrations of Global Money Week 2013. The Central Bank of Nepal organized a major program in Kathmandu on March 21, 2013 in collaboration with the Nepal Bankers’ Association and UNICEF. Among the participants were children and
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youth, policymakers, and a diverse range of stakeholders. The celebrations raised public awareness of both the Child and Youth Finance Movement and current national efforts to promote financial literacy, as well as the availability of safe and appropriate financial products for children and youth. Ms. Ghada Sharif In 2006, Egypt launched a financial inclusion agenda. Egyptians have been successful at turning challenges into opportunities, said Ms. Sharif, citing the Egyptian Revolution of 2011 as an example of youth empowerment. Now, the objective is to sustain financial well-being for the Egyptian people. Making 2013 “the year of financial inclusion” is a key objective and collaborations with market stakeholders driving this mission are ongoing. Ultimately, a national education curriculum holds the potential to build capacity. On a lighter note, noted Ms. Sharif, viral YouTube videos have presented a fun way for children and youth to connect with the Movement. Ms. Kristina Nikolovska Connecting and sharing with others is an important way to facilitate learning, said Ms. Nikolovska. In this spirit, educational materials have been published in a number of languages and have reached over 40,000 children and youth. The reactions from the children have been fantastic, and the content has provided continuity with broader financial education and inclusion efforts. For Macedonia, the next step is the creation of a national strategy.
Conclusions • Global Money Week was a positive and encouraging activity in the country, and encouraged multi-stakeholder collaborations. • A comprehensive strategy for Global Money Week is necessary for effective outreach. • The availability of resources needs to be taken into consideration when designing activities. • Providers should be willing to travel to where children and youth actually spend their time.
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Innovate Breakout Session 1.4 Technology Paves the Way: Technology, Innovation, and Child and Youth Finance Chair: Mr. Andrew Lake, Global Specialist in Mobile Banking and Payments, International Finance Corporation (IFC) Speakers: Mr. Jason Alderman, Senior Director of Global Corporate Relations, Visa Inc., US Mr. Stephen Mwaniki Machariai, General Manager of Market Research and Product Development, Equity Bank, Kenya Mr. Mukhmeet Singh Bhatia, Officer on Special Duty, Ministry of Finance of India Ms. Densmaa T. Togtokh, Head of Savings Department, XacBank, Mongolia Ms. Anna Zanghi, Global Lead Youth Segment Product, MasterCard, Belgium Technology plays a significant role in determining the rate at which the Movement grows and matures. In this session, chaired by Mr. Andrew Lake, participants discussed the opportunities presented by technology-based outreach, as well as the challenges that arise when attempting to coordinate these efforts across a diverse range of geographical areas. Chair: Mr. Andrew Lake Mr. Lake pointed to three factors that help to explain why people are unbanked: access, affordability, and attitude. Mr. Lake went on to introduce the session’s participants, noting that technology is not, in and of itself, a solution – instead, it should be seen as a pathway. Mr. Jason Alderman Mr. Alderman spoke about Visa’s innovative online game: Financial Football. This game, which will be developed in partnership with banks, credit unions, governments, and schools, can be adapted to various languages and the local context. And despite being a football game, results have shown that girls also love the game! One of the strengths of the game is that it will be completely customizable, explained Mr. Alderman. Mr. Mukmeet Singh Bhatia By giving the poor a form of identification, we are also providing them with a path to financial access, explained Mr. Bhatia. By 2014, the government of India hopes to provide identification to 600 million people through the AADHAAR program, which can be used when opening bank accounts. Since many students currently use bank accounts to receive government scholarship payments, the challenge going forward will be to incentivize young people to save. Ms. Densmaa T. Togtokh Ms. Togtokh was pleased to announce that there are now 100,000 adults using XacBank’s mobile banking services. Although there is a cost to providing similar services to children and youth, XacBank believes these young people will become loyal customers of the bank. Children love their mobile phones, said Ms. Togtokh, so mobile banking is a natural fit for them.
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Ms. Anna Zanghi At MasterCard, said Ms. Zanghi, clients are being empowered. This empowerment can take the form of either mobile banking technology, or pre-paid accounts, as a more affordable alternative to current accounts. One youth segment that requires a portable means to pay is the 3.6 million highly-mobile international students. Customers are mostly cash-oriented, said Ms. Zanghi, but should also understand the benefits of “virtual” cash. Fortunately, there are programs that have been shown to be effective in helping them do so; a recent MasterCard survey on the Your Money Smarter program showed overwhelmingly positive results, with 95% reporting that they are ready to move to a formal bank account.
Conclusions • Pre-paid debit cards are an innovative alternative to bank accounts that can be issued by non-banks. • Popular passions, such as sports, can be used to engage youth. • Technology can be applied widely, and is the “rail” on which real financial inclusion will be built.
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Innovate Breakout Session 1.5 Building a Livelihood: Facilitating Youth Entrepreneurship Chair: Dr. Simona Marinescu, Director, Istanbul International Center for Private Sector in Development (IICPSD), UNDP, Turkey Speakers: Mr. Nigel Chapman, CEO, Plan International Mr. Douglas Ragan, Youth and Livelihoods Unit Leader, UN-HABITAT, Kenya Mr. Awais Sufi, Executive Vice President (Programs), International Youth Foundation, US Mr. Juan Pablo Zardain, Director of Youth Well-Being and Engagement, the Mexican Institute of Youth (IMJUVE), Mexico This session served to highlight innovative programs in supporting youth livelihoods around the world, particularly through entrepreneurship. Chaired by the UNDP’s Dr. Simona Marinescu, participants emphasized the importance of building practical skills and lowering barriers to market entry for young entrepreneurs. Chair: Dr. Simona Marinescu Dr. Marinescu reported that the new entrepreneurship center in Istanbul will allow for the power of the financial sector to be effectively leveraged to support youth entrepreneurship. In order to encourage youth livelihoods, young people need the skills to manage assets, take responsible risks, and – ultimately – build social enterprises with far-reaching positive impacts. Dr. Marinescu stressed the great importance of financial education, as financial literacy helped Turkey recover quickly after the Turkish financial crisis of 1999. Mr. Nigel Chapman Mr. Chapman put forth the notion that youth have an economic right to a sustainable livelihood. To obtain such livelihoods, they need to be provided with age-appropriate education and training relevant to the local market. Mr. Chapman presented a number of exciting case studies from Plan International, including a computer training program in Egypt, a youth savings and loans program in West Africa, non-traditional occupational training in Africa, and an initiative for entrepreneurship in El Salvador. He stressed that jobs cannot come only from the government, and that the spirit of the private sector should be leveraged. Mr. Douglas Ragan Mr. Ragan discussed how UN-Habitat’s mission to serve urban slums is in support of the Child and Youth Finance Movement, as 60% of those living in urban areas are under the age of 30. He stressed that there is not necessarily a lack of work for youth, but a lack of decent work that is non-exploitative. UN-Habitat believes that youth can be partners in both their own development and the development of their communities, and thus can help us better understand the populations which we aim to serve. UN-Habitat has developed two core programs that work on this principle of “youth-led development”: the Urban Youth Fund and the One Stop Youth Resource Centres. The Youth Fund has granted almost $3 million (USD) to over 200 youth-led groups in the developing world. The vast majority of these groups have a social enterprise focus, bringing about improved livelihoods combined with more livable and sustainable communities. UN-Habitat is working with partners to develop financial models which can sustainably support these groups in the long term.
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Mr. Awais Sufi Mr. Sufi declared that youth should be seen as problem solvers and not merely as problems to be solved. The International Youth Foundation believes that, through programming that combines learning, work and citizenship youth can be catalysts for change in the world. Mr. Sufi discussed IYF’s learning models in both the Passport to Success and the Build your Business programs, which integrates both practical and theoretical lessons to support youth entrepreneurship. Mr. Juan Pablo Zardain Mr. Zardian argued that the labor market in Mexico is dependent on youth entrepreneurship, as 72% of formal employment in Mexico is generated by small and medium enterprises. In addition, an IMJUVE survey identified a lack of access to financial services as the number one barrier to youth entrepreneurship. That is not to say that entrepreneurship is not flourishing in Mexico, however, as Mr. Zardain presented network of business incubators connected with private business schools and Mexican universities that has resulted in the creation of over 7000 new jobs.
Conclusions • Life skılls and cıtızenshıp education need to be part of youth lıvelıhoods programmıng. • Fınancıal lıteracy and entrepreneurshıp educatıon should be mainstreamed through formal and non-formal education. • Governments should certıfy busıness ıncubators and vocatıonal traınıng centers that are respondıng to market opportunıtıes, and education should be matched to market opportunıtıes. • Greater platforms are needed for partnershıps between governments, the prıvate sector, and cıvıl socıety. • Youth creatıvıty and productıvıty should be harnessed to create economıc opportunıtıes for youth.
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Innovate Breakout Session 1.6 Innovative Finance Chair: Mr. Koen Vermeltfoort, Partner, McKinsey & Company, the Netherlands Speakers: Ms. Anne Karanja, Director of Banking and Marketing, Postbank Kenya Mr. Robert Friedman, General Counsel, Corporation for Enterprise Development (CFED), US Ms. Flavia Nakamatte, Project Manager, Uganda Finance Trust Ms. Pisit Serewiwattana, Senior Executive Vice President (Marketing Group), Government Savings Bank (GSB), Thailand In this session, chaired by Mr. Koen Vermeltfoort, participants sought to uncover innovative solutions for providing financial access to children and youth. As children and youth are a highly diverse and frequently mobile population, there is no “one size fits all” solution for financial inclusion. Financial service providers and youth-serving organizations must, therefore, be skilled at adapting to and overcoming challenges. Chair: Mr. Koen Vermeltfoort In his welcome address for the session, Mr. Vermeltfoort stressed the importance of leveraging innovations to reach the Movement’s goals. Educating consumers is part of the process, said Mr. Vermeltfoort. He continued by introducing the session’s distinguished speakers and challenging them to identify new ways to overcome challenges. Ms. Anne Karanja Ms. Karanja shared a summary of innovative finance initiatives that have been undertaken by Postbank Kenya. These new accounts (created in collaboration with The MasterCard Foundation and YouthSave) allow youth to have sole control over the accounts, and are coupled with a financial education component as part of the product offering. In addition, less stringent identification requirements allow out-of-school youth to be financially included. Technology has allowed Postbank Kenya to lower the cost of transactions e.g. through mobile banking, and as a result, more youth are able to access financial services. Mr. Robert Friedman The Corporation for Enterprise Development (CFED) strives to help people escape from poverty, explained Mr. Robert Friedman. Mr. Friedman has found that children with a college savings account are three times more likely to attend college as it provides a source of self-confidence (it says “you can do it!”). Early intervention, such as automatic savings account creation for primary school students can make all the difference in establishing life-long learning. However, these efforts must fit into the broader regulatory environment. Ms. Flavia Nakamatte In a pair of complementary programs (targeting, respectively, children and youth under the age of majority, and youth over the age of majority), the Ugandan Finance Trust (UFT) has implemented a number of innovations. Ms. Nakamatte explained that UFT has begun recruiting staff based on their social background so as to facilitate outreach. By extending banking hours on Saturdays, UFT has been able to support those already in the workplace, while mobile banking notifications for deposits help create trust in formal banking.
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Mr. Pisit Serewiwattana The Government Savings Bank (GSB) of Thailand launched a program to help children and youth start practicing savings in their schools, reported Mr. Serewiwattana. With a total of approximately 1.4 million accounts in use, students are learning the personal discipline needed for responsible lifelong money management. In addition, the GSB has also begun providing scholarships for its regular savers, further incentivizing economic empowerment.
Conclusions • Financial inclusion sends a strong supportive message to the previously unbanked. • Innovations and flexibility are key to effectively serving young people. • School banks can help children to supplement lessons with personal experience.
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Innovate: Key Outcomes The Innovate sessions provided a space for stakeholders from a diverse range of sectors to connect and share best practices and innovations in the promotion of children’s financial rights. They called on the Child and Youth Finance Network to continue to support the creation of linkages, and to enable communication between regional and international peers. In addition, a need for the support of the Movement in facilitating continued innovation was identified. This include the accreditation of curriculum materials, the development of entrepreneurship skills programs, the establishment of impact evaluation procedures, the provision of teacher advisory services, and the creation of standards for technologies such as mobile banking. Participants called on Child and Youth Finance International to: • Disseminate bewst practices in mobile banking and support stakeholders in navigating the regulatory environment. • Encourage the development of fun curriculum materials (“edutainment”) to engage children and youth in the learning process. • Establish standards for reliable impact evaluation research and support academics in study design. • Continue to serve as a focal point for innovations in delivering Economic Citizenship Education.
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Innovate: Plenary Session Plenary Session: Children, Youth, and Finance: the Movement’s Impact Chair: Dr. Lewis Mandell, Prof. Emer. of Finance and Managerial Economics, University of Buffalo, US Speakers: Dr. Sheldon Garon, Prof. of History and East Asian Studies, Princeton University, US Dr. Dean Karlan, Prof. of Economics, Yale University / President and Founder of Innovations for Poverty Action, US Dr. Leora Klapper, Lead Economist, World Bank Research has a significant role to play in building support for the Child and Youth Finance Movement. Not only can it provide evidence of the need for economic empowerment children and youth have, but it can also help to determine which interventions are most effective. In this session, leading academics discussed the steps needed to promote the Movement’s global agenda. Chair: Prof. Emer. Dr. Lewis Mandell In a warm and inviting welcome address, Dr. Mandell set a tone for the session that encouraged the open sharing of ideas. He continued by introducing the session’s distinguished speakers and expressing his hopes for an engaging and productive discussion. Prof. Sheldon Garon Prof. Garon emphasized the importance of helping children begin banking when they are young, thereby helping them to save. He also described the rise, decline, and renaissance of school banking programs. The result of these kinds of programs is that when people have financial access from a young age and are provided with education about responsible personal finance, they end up “having skin in the game.” Prof. Dean Karlan Prof. Karlan presented the results of 3 randomized controlled trials – the “gold standard” of research. These trials, which took place in Africa, evaluated the relative efficacy of several different interventions. Financial education was useful and financial inclusion was useful, but putting the two together did not appear to result in a synergistic impact. The results of the research indicated that financial education does not increase financial knowledge but rather it does do something perhaps more important: as a result of the development of personal values, participants save more. Financial literacy is therefore not the “bottom line”, as long as financial behavior is impacted. Dr. Leora Klapper Dr. Klapper discussed a World Bank study of banking demographics, which included some remarkable findings: 2.5 billion adults and 740 million young adults (ages 16-25) are unbanked. In addition, women are less likely than men to have access to financial services, and young people who are unbanked are also less likely to be banked as adults.
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Conclusions • Early exposure to financial education can lead to better outcomes. • There are a huge number of unbanked people worldwide, making financial access a worldwide issue. • What is most important is promoting responsible money management.
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Invest Breakout Session 1.7 In the Invest sessions, delegates were excited to report on the efforts their countries and/or institutions were making to promote the financial capability of children and youth. Across the world, national platforms are being both developed and strengthened, and participants were called for the support of the Child and Youth Finance Network in coordinating these efforts on both the national and international levels.
Regional Perspectives: Europe and Central Asia Chair: Mr. Maurizo Trifilidis, Senior Manager, Central Bank of Italy Speakers: Ms. Angela Cara, Chief of the Social Department, Institute of Educational Sciences, Moldova Mr. Michael Royce, Proposition Manager, Money Advice Service, UK Ms. Natalia Mas-Guix, Financial Stability Expert, European Central Bank (ECB) Ms. Ieve Upleja, Chief Public Relations Specialist, Finance and Capital Markets Commission of Latvia Mr. Luis Nunes Vaz, Head of Financial Literacy Unit, Central Bank of Portugal Economic citizenship education is important at both regional and national levels. In these regional sessions, geographic peers convened to report on their efforts to ensure that children and youth have access to economic citizenship education and safe and appropriate financial products, as well as the resources they need to find sustainable income and personal stability. Chair: Mr. Maurizo Trifilidis In a warm and inviting welcome address, Mr. Trifilidis set a tone for the session that encouraged the open sharing of ideas. He explained that OECD’s International Network on Financial Education has provided guidelines and standards for financial education, as well as research support. Mr. Trifilidis outlined some of these efforts and went on to introduce the session’s distinguished speakers. In addition, the World Bank has strongly supported the OECD’s work, including through specific programs for low-income countries. Going forward, the Child and Youth Finance Network will be needed to continue to bring together stakeholders in support of children’s financial rights. Ms. Angela Cara Moldova has taken a multi-dimensional approach to financial education, explained Ms. Cara. Curriculum efforts have been made in coordination with Aflatoun and the result is that financial education is being introduced as an optional supplement for the 5th through 8th grades. “The next step is to integrate civic education with financial education.” She also highlighted Moldova’s special financial education program for socially excluded children and youth. Ms. Natalia Mas-Guix The efforts of the Movement to promote financial education are highly consistent with those of the European Central Bank, said Ms. Mas-Guix. In an economic environment that features increasingly complex financial products, financial education is necessary to ensure a financially literate population. The ECB has created three games to support financial education, and also supports teachers with informational materials and awards.
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Mr. Michael Royce The Money Advice Service (MAS) was established in 2010. It plays a strategic role in coordinating educational stakeholders, since financial education is now a mandatory subject in the UK’s national curriculum. By engaging children and youth in schools, we can help them be ready for when they leave the school system, said Mr. Royce. The nature of the UK’s national financial education scheme means that there is an opportunity for the MAS to measure the outcomes of programs in a consistent way and thereby standardize performance. Ms. Ieve Upleja 44% of Latvian students are now learning financial education at school, said Ms. Upleja. In Latvia, access to financial services is not a problem but quality of education remains important. The Finance and Capital Markets Commission is putting its support behind summer schools for teachers, and plans to engage in ongoing assessments through a nation-wide survey. Mr. Luis Nunes Vaz Mr. Vaz presented the Portuguese plan for financial education. This plan identified children and youth as a key focus group and is a joint effort of a diverse group of stakeholders, including the Portuguese Ministry of Education. One feature is a website with financial education content and useful personal finance management tools. Global Money Week was celebrated in 2013, and there was a national contest for financial education with 17,000 student applicants in which the prizes were delivered by the Governor of the Central Bank of Portugal.
Conclusions • Both regional and international cooperation can result in new partnerships. • By sharing best practices, we can learn from the experiences of others and avoiding wasting resources. • The private sector has a social responsibility to children and youth.
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Invest Breakout Session 1.8 Regional Perspectives: Asia and the Pacific Chair: Dr. Jae Hoon Yoo, Commissioner, Financial Services Commission, South Korea Speakers: Dr. Saeed Ahmed, Head of Agricultural Credit and Microfinance, State Bank of Pakistan Dr. Deepali Pant Joshi, Executive Director, Reserve Bank of India Mr. Rolan E. Samosir, Assistant Director, Bank Indonesia Mr. Kejin Wang, Deputy Director-General of the Rules and Regulation Department, China Banking Regulatory Commission Stakeholders from the Asia and Pacific region convened to report on their efforts to ensure that children have access to Economic Citizenship Education and safe and appropriate financial products, as well as the resources they need to find sustainable income and personal stability. They explored regional level strategies to further the Economic Citizenship of children and youth. Chair: Dr. Jae Hoon Yoo Asia is a rapidly growing region, and the importance of financial education and inclusion for children and youth is growing alongside it, said Dr. Yoo as he introduced the session. In Korea, 14 financial education institutions are involved in online outreach. Technology can be valuable, as it allows financial situations to be simulated and promotes learning through experience. Going forward, Dr. Yoo sees a role for greater government engagement. Dr. Saeed Ahmed Low financial literacy can be a barrier to financial inclusion, said Mr. Saed, as low financial literacy can lead to a sense of mistrust towards financial service providers, and thereby lower usage. A multi-stakeholder partnership recently implemented a financial literacy pilot that reached 50,000 Pakistanis, including the marginalized. Ownership of such projects should be shared, although there is a leadership role for central banks. Dr. Deepali Pant Joshi In India, we hope to encourage financial inclusion through financial literacy, thereby making demand more responsive to supply, stated Mr. Joshi. There is an Indian proposal to making financial literacy a focus of national strategy, but proper positioning will be necessary â€“ some of which will be accomplished through a new coordinating committee. Ultimately, a combination of financial literacy, financial inclusion, and consumer protection equals financial stability. Mr. Rolan E. Samosir In Indonesia, there is a new national strategy for financial inclusion. Education is an important aspect in boosting access to finance, said Mr. Samosir. Financial education has been implemented in primary and secondary schools. Moving forward, program monitoring will be a consideration and success will be defined as developing awareness of responsible financial behavior.
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Mr. Kejin Wang The risky actions of banks have also placed consumers at risk, and as a result, there is a social responsibility to financially educate both the adults and young people of China, said Mr. Wang. For those not reached by normal channels, the CBRC has developed an extensive traveling bank program. Today, all Chinese towns are covered by the combination of conventional and travelling banking, reported Mr. Wang. In addition, the state student loan program has been wildly successful, counting a total of 7.7 million students as beneficiaries.
Conclusions • Initiatives should be designed to engage the children and youth – they should be fun! • Technology has the power to provide access to the previously underserved. • Financial authorities should be involved in direct leadership and work to involve relevant stakeholders, including through the creation of committees.
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Invest Breakout Session 1.9 Regional Perspectives: the Middle East and North Africa (MENA) Chair: Mr. Khaled Bassiouny, Business Development Director, Egyptian Banking Institute Speakers: Mr. Abdullah Saeed A. Al-Kahtani, Head of Media and Investor Awareness, Capital Market Authority, Saudi Arabia Dr. El Hadi Chaibainou, Director General, Banking Association of Morocco Mr. Abdellatif Amama, Member of the National Assembly of Sudan Dr. Kamaleldin Ebrahim, Minister of Education (River Nile State), Sudan Mrs. Afrah Hammad, Head of the Media and Awareness Department, Higher Council for Childhood, Yemen Stakeholders from the MENA region convened to report on their efforts to ensure that children have access to Economic Citizenship Education and safe and appropriate financial products, as well as the resources they need to find sustainable income and personal stability. They explored regional level strategies to further the Economic Citizenship of children and youth. Chair: Mr. Khaled Bassiouny In this session’s opening remarks, Mr. Bassiouny welcomed the speakers and discussed the process for being nominated as a regional representative. He also provided an overview of the 2012 Child and Youth Finance Regional Meeting for the MENA Region, which took place in Beirut, Lebanon. Mr. Abdullah Saeed A. Al-Kahtani Mr. Al-Khatani, provided an introduction for his organization, the Capital Market Authority (CMA) of Saudi Arabia. He discussed the nature of the CMA’s communication strategy in light of statistics on the state of the Movement in Saudi Arabia. He also profiled the CMA’s financial inclusion outreach efforts and its product offerings and shared a touching success story from a young Saudi in the 6th grade. Dr. Ali Awdeh Dr. Awdeh presented the Union of Arab Banks’ (UAB) work in support of the Movement. He summarized the current state of financial inclusion in the MENA region, and gave examples of both regional priorities and recommendations. Dr. Awdeh also spoke on the role of the UAB as a regional leader. Dr. El Hadi Chaibainou Dr. Chaibanou stressed the high importance of organizations’ commitment to improving the lives of children and youth. He was inspired by the stories of young people that were presented at the Summit’s Inauguration Ceremony and spoke on his deep belief in the importance of facilitating economic empowerment. Morocco currently reaches 55% of its bankable population with financial education, which is available to not just children and youth but all Moroccans.
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Dr. Abdellatif Amama and Dr. Kamaleldin Ebrahim Mr. Amama and Dr. Ebrahim presented an overview of economic empowerment activities undertaken in the Sudan by Plan and the Sudanese Network for Education for All. They shared specifics on the development of partnerships and summarized outcomes with informative statistics. Finally, they provided details on the strategy behind Sudan’s financial inclusion mission. Mrs. Afrah Hammad Mrs. Hammad discussed the formation of a national platform in Yemen. She emphasized the importance of engaging children with activities and of being aware of potential challenges.
Conclusions • The Child and Youth Finance Network can facilitate intra-regional dialogue and connect stakeholders. • National platforms should be a priority, as they serve to create a supportive environment for individual stakeholders. • Success stories are important, as they have the power to inspire.
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Invest Breakout Session 1.10 Regional Perspectives: Africa Chair: Mr. Stefan Nalletamby, Partnership Coordinator, Making Finance Work for Africa, Tunisia Speakers: Mr. Andries Bester, Manager, Financial Services Board, South Africa Mr. Cheikh A. Bamba Fall, Advisor, Ministry of Economy and Finance, Senegal Ms. Anna Kyohairwe, Public Education Manager, Capital Markets Authority, Uganda Ms. Marie-José Ndaya Ilunga, Deputy Director, Central Bank of the Congo, Democratic Republic of the Congo Ms. Gladys Chongo Mposha, Chairperson, Financial Sector Development Plan Secretariat, Bank of Zambia Stakeholders from the Africa region convened to report on their efforts to ensure that children have access to Economic Citizenship Education and safe and appropriate financial products, as well as the resources they need to find sustainable income and personal stability. They explored regional level strategies to further the Economic Citizenship of children and youth. Chair: Mr. Stefan Nalletamby Mr. Nalletamby introduced the speakers and said a few words to set the tone for the session’s presentations and discussions. He summarized the outcomes of the 2012 Child and Youth Finance Region Meeting for Africa in Abuja, Nigeria. He also announced the Central Bank of Nigeria’s nomination for the Child and Youth Finance International board. Mr. Andries Bester Mr. Bester shared details on the South African Financial Services Board’s (FSB) work in financial education. By splitting its financial literacy goals into four components – namely, financial control, financial knowledge, financial planning, and financial products – the FSB has been able to direct its efforts. It has developed learning materials and train teachers, and now holds community events such as a speech contest, career fair and promotional campaigns for responsible money management. Meanwhile, the South African government is considering developing a national financial literacy strategy. Mr. Cheikh A. Bamba Fall In Senegal, there is now a national strategy for economic and social development, with the primary objectives of supporting microfinance, financial inclusion, and global financial integration. This policy, said Mr. Fall, will lower barriers to access and promote a savings culture. Senegalese microfinance currently has a 40% penetration rate, representing an important pillar of the Movement in Senegal. The government sees a need to link access to financial products and services to financial education, and will be pursuing public-private partnerships to that end. Ms. Ann Kyohairwe Ms. Kyohairwe presented highlights of financial literacy initiatives in East Africa, and revealed that Uganda will be launching its own national financial literacy strategy in June 2013 alongside a new framework for consumer protection. Uganda aims to provide education and inclusion to 80% of its population, and will establishing a center to coordinate individual initiatives. Major Ugandan partners of the CMA include the Bank of Uganda, the National Curriculum Development Center, the Ministry of Finance, and the Private Education Development Network. Ms. Kyohairwe said that regional strategies may be a potential way forward for the Movement in Africa.
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Ms. Marie-José Ndaya Ilunga The government of the Democratic Republic of Congo (DRC) considers financial education and inclusion for all people, and particularly children and youth, essential for national development, said Ms. Illunga. As such, the Central Bank of Congo is determined to develop a national strategy for financial literacy. In June, a study on consumer protection in the DRC will be released, which was developed in coordinator with other natal stakeholders. Financial education will also be adopted as part of the national curriculum of the DRC. Mrs. Gladys Chongo Mposha Ms. Mposha presented an overview of the initiatives being undertaken to provide financial education and financial inclusion in her country. Zambia has a new national strategy for financial education, developed in conjunction with its national financial development plan. These multi-stakeholder efforts aim to enhance financial capability and provide social development among Zambians of all ages. Curriculum development has received support from PFEG, while edutainment and social networking have facilitated outreach.
Conclusions • Consumer protection should be a foremost priority, and public awareness can be developed through events like Global Money Week. • Multi-stakeholder efforts and partnerships can accelerate the development of strategies, as in the East African Community (EAC) and the West African Economic and Monetary Union (WAEMU), but buy-in is key. • Public-private collaborations can serve to address resource gaps, and reaching out to the informal sectors and microfinance institutions is important.
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Invest Breakout Session 1.11 Regional Perspectives: The Americas and the Caribbean Chair: Ms. Lidya Antonieta Gutiérrez Escobar, Managing Director, Central Bank of Guatemala Speakers: Ms. Natalie Foxworthy, Program Officer for Youth Development and Education, Children International, US Dr. María José Roa García, Research Manager, Center for Latin-American Monetary Studies (CEMLA), Mexico Mr. David Tramon, National Manager of Financial Education Program (FOSIS), Ministry for Social Development, Chile Ms. Yael Sandberg, Gestión de Programas y Proyectos, AEF, Brasil Stakeholders from the Americas and the Caribbean region convened to report on their efforts to ensure that children have access to Economic Citizenship Education and safe and appropriate financial products, as well as the resources they need to find sustainable income and personal stability. They explored regional level strategies to further the Economic Citizenship of children and youth. Chair: Ms. Lidya Antonieta Gutiérrez Escobar Our children need to have a better understanding of the financial system, said Ms. Gutierrez. She went on share her hopes for the Summit and the Movement, as there is a need for coordination between central banks, government institutions, and the private sector in order to secure financial stability. Ms. Natalie Foxworthy In Latin American and the Caribbean, Children International offer programs to more than 217000 participants. These efforts are challenging in the face of sometimes limited access to financial services, and this is where community banking should play a major role. One example is the Banco de Guayaquil, which has links with the Aflatoun program and provides financial education to around 7000 children. Going forward, Ms. Foxworthy would like to see integration with the formal education system so as to provide sustainable outreach. Dr. María José Roa García In Latin America, central banks have a leading role to play in the development of national strategies for financial education, said Ms. García. These central banks should work in a coordinated way with other national institutions, such as ministries of education and regulatory bodies. A Center for Latin American Monetary Studies study of regional stakeholders showed half of respondents to be engaged in the process of designing, implementing, and evaluating programs to integrate financial education with national curriculums. Some economies have advanced considerably and others are still taking the first steps in financial education programs. By addressing the lack of financial knowledge, confidence can be built in financial institutions, thereby spreading financial inclusion. Mr. David Tramon In his opening considerations, Mr. Tramon pointed out the importance of a combined approach for financial education and inclusion. He also emphasized the need for multi-sector collaboration among national stakeholders. A single institution cannot carry the responsibility of a country’s financial education and inclusion alone, said Mr. Tramon, as there must be national and international support. The Child and Youth Finance Network has been of great help to the development of these subjects in Chile. Without the Child and Youth
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Finance Regional Meeting in Mexico last year, many of Chile’s accomplishments might not have been possible, said Mr. Tramon. As the 2014 host of the 3rd Annual Child and Youth Finance Summit and Awards Ceremony, Chile is a clear leader in the Movement, and recently hosted an international seminar on financial education. Ms. Yael Sandberg The project in Brazil was built in an environment of complementarity of skills and institutional capabilities by leaders of the government, financial market and different actors of the Brazilian Education sector, said Ms. Sandberg. She highlighted the importance of cross-sector collaboration in the design, development and implementation of a National Strategy for Financial Education, and also pointed out the need for appropriate assessment and evaluation of programs.
Conclusions • Central banks have a key role to play in the development of national strategies. • The Presence of Child and Youth Finance International in the region is important for coordination. • Initiatives should be implemented at the national level when possible.
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Invest Breakout Session 1.12 Starting Young: How to Shape the Financial Behavior of Children and Youth Through Policymaking and Appropriate Services Chair: Ms. Sharon D’Onofrio, Executive Director, SEEP Network, US Speakers: Dr. Deborah Adams, Associate Professor (School of Social Welfare), University of Kansas, US Ms. Tanaya Kilara, Financial Sector Analyst, CGAP, US Ms. Madi Sharma, Member of the European Economic and Social Committee and President of the “Financial Education and Responsible Consumption” Study Group Dr. Jacques Zeelen, Professor of Behavioral and Social Sciences, University of Groningen, the Netherlands Mr. Jamie Ramos, Researcher, Institute of Peruvian Studies As any parent knows, it is not always easy to incentivize responsible behavior. This session looked at the policies and services that offer the potential to help shape financial behavior. Chair: Ms. Sharon D’Onofrio In introducing the session, Ms. D’Onofrio warned that attempting to push behavior in a certain direction may create unintended policy consequences. Policy must, therefore, be evidence-based. She encouraged innovation, and emphasized that financial education should be included in national agendas. She indicated that there is an “appetite” for some experimentation in policy and that the Movement should take advantage of that and be willing to take risks to help children and youth. Dr. Deborah Adams Dr. Adams shared finding from SEED research on low income communities. She argues that youth savings accounts, when offered along with financial education, can be an effective way to increase financial literacy as long as they remain simple and safe. Ease of account opening, minimal pre-conditions, low initial deposits, ease of making additional electronic and direct deposits are among the preferred key features. Importantly, to achieve financial capability, financial access combined with financial knowledge is necessary. Automatic enrollment in youth saving accounts can increase the likelihood of greater fiscal prudence, improved self-image and sense of security amongst young people. Ms. Tanaya Kilara Ms. Kilara addressed how youth could be both an opportunity and a challenge, and then delved into the role that finance can play in youth development. She stressed that finance is important, but thinking about finance in isolation of non-financial services misses the larger issue of youth development. For the provision of financial services, engaging the private sector is crucial, but industry needs to think differently about sustainability and the role of subsidy. Lastly, enabling and protective regulation and better impact evidence were both required as foundations for encouraging youth financial inclusion. Ms. Madi Sharma In her work with the European Economic and Social Committee, Ms. Sharma has seen the importance of financial education for all and believes strongly that there must be multi-stakeholder involvement in working towards a
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common vision on the issue. She demonstrated the obstacles one might encounter as they work towards improving their livelihood, concluding that the solution is to work together and think outside the box. Ms. Sharma pointed out to the importance of lifelong learning and mentioned that what is needed is financial inclusion and education for all and transparency in the money system Dr. Jacques Zeelen Dr. Zeelen stressed that substantial participation of the youth and their parents is of high importance in the design of financial education strategies, particularly for those that have left the formal school system. He argued that education is more than just “putting information into people” and should involve contextualization, inclusion in formal and non-formal learning settings, connection to sustainable livelihoods (skills, moral competencies, entrepreneurial skills, social networks) and finally good protection services and knowledge of one’s human rights. Mr. Jaime Ramos Mr. Ramos, a researcher at the Institute of Peruvian Studies, provided an update on the latest developments in financial education and inclusion in Peru. The Proyecto Capital program, sponsored by the Ford Foundation, has been supporting financial inclusion. Meanwhile, the Peruvian Ministry of Social Development and Inclusion recently issued formal financial inclusion guidelines. In education, there has been increasing buzz surrounding the use of an “edutainment” communication strategy to engage young people in the learning process.
Conclusions • Youth are viewed as both an opportunity and a challenge by both policymakers and industry. Recognizing this will help to better tailor messages to these groups It is important to be aware of the moral aspects of preparing young people for success. • Financial inclusion improves the lives of young people both economically and emotionally. • It is important to tailor education to each student’s unique skills, aptitudes and preferences. • Multi-stakeholder involvement allows for the development of synergies and avoids duplication of efforts.
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Invest: Key Outcomes As a truly global effort, the Movements seeks to integrate unique perspectives from every region in its efforts to maintain a central understanding of the worldwide state of Child and Youth Finance. In the Invest sessions, stakeholders were proud to report on the advances being made in their countries in promoting the economic empowerment of children and youth. Cooperation was seen as vital to the success of the Movement, and many delegates called on the Child and Youth Finance Network to continue to expand its role as the key regional actor in identifying potential synergies and facilitating partnerships. Participants called on Child and Youth Finance International to: • •
Expand its role as the key regional actor in coordinating the Movement. Continue to organize annual regional meetings, which provide a space for regional leaders in the economic empowerment of children and youth to connect, and thereby allow for the coordination of the Movement according to the regional context. • Engage governments in the effort to scale economic empowerment projects that benefit society. • Continue to promote Global Money Week as a key means to reach out to children and youth directly and form cross-sector relationships.
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Invest: Plenary Session Plenary Session: Advancing the Global Agenda Chair: Mr. Jason Alderman, Senior Director of Global Corporate Relations, Visa Inc., US Speakers: Ms. Annemiek Hoogenboom, Director, Novamedia BV, the Netherlands Ms. Aysen Kulakoglu, Head of Department and Undersecretary of Treasury, Turkey / Co-Chair for G20-GPFI SME Finance Sub-Group Mr. Andre Laboul, Head of Financial Affairs Division, Directorate for Financial and Enterprise Affairs, OECD Ms. Fiorina Mugione, Chief of Entrepreneurship Section, UN Conference on Trade and Development (UNCTAD) The Movement is a truly international effort that supports the Millennium Development Goals. As such, stakeholders have worked to integrate it with the global agenda of bodies such as the G20. In this session, chaired by Mr. Jason Alderman, participants had a chance to reflect on that process. Chair: Mr. Jason Alderman Mr. Alderman welcomed the session’s participants, who included a selection of the most prominent worldwide leaders in financial capability today. He then introduced the speakers for the session. Ms. Annemiek Hoogenboom Ms. Hoogenboom gave a colorful multimedia presentation of the Postcode Lottery and its charitable efforts. Lotteries are triple-win, as they raise awareness, funds, and award prizes, she explained. She identified such programs as a potential source of funding for youth-serving organizations, as youth finance does not necessarily receive the recognition it deserves, and as such, should be supported by microfinance. Ms. Aysen Kulakoglu Ms. Kulakoglu stated that financial inclusion is vital to protecting the interests of the poor. In order to raise the poor out of poverty, there must be economic growth. A financially educated population is important to sustainable long-term growth, as empowering young people with better lives will have a transformative effect, said Ms. Kulakoglu. She also emphasized Turkey’s support for the Movement. Mr. André Laboul Mr. Laboul shared that financial protection is a core principle for the Movement. In this, the Movement is a unique gathering of representatives for a diverse range of sectors, and it can really inspire and increase awareness. He put forth his belief in integrating financial education with national curricula, and called on ministries of education worldwide to support such efforts. Ms. Fiorina Mugione At the UN Conference on Trade and Development (UNCTAD), a new entrepreneurship policy framework will help support developing countries in addressing the problem of youth unemployment. “It is very important that we support start-ups, because it is there that the youth will be able to become job creators,” said Ms. Mugione. She further discussed the role of financial literacy in enabling entrepreneurship.
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Conclusions • Children and youth will determine the future of their countries. • Entrepreneurship will be a key factor in job creation, and needs to be supported. • Financial education should be a part of national curricula.
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Day 2: Program Schedule Day 2 th
Thursday, 9 May 09:00 – 10:00 10:00 – 10:15 10:15 – 11:45 Breakout Session 2.1 Breakout Session 2.2 Breakout Session 2.3 Breakout Session 2.4 Breakout Session 2.5 Breakout Session 2.6 11:45 – 12:00 12:00 – 13:00 Breakout Session 2.7 Breakout Session 2.8 Breakout Session 2.9 Breakout Session 2.10 Breakout Session 2.11 13:00 – 14:00 14:00 – 14:35 14:35 – 15:00 15:00 – 15:15 15:15 – 15:45 15:45 – 16:15 16:15 – 17:00 17:05 – 19:15 19:15 – 21:30
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Advancing the Global Agenda Getting Ready for Child and Youth Dialogue Reshape: Exploring How the Ecosystem around the Movement Can Evolve to Ensure that All Children and Youth are Reached A Brighter Future: Conflict Regions and Democracy in Transition Not a Lost Generation - From Education to Employment Business and Children's Rights Collaborative Actions: Banking Associations Take the Lead Saving for Sustainability The Power of the Teacher Tea, Coffee Break Children and Youth Dialogue Theme 1 Theme 2 Theme 3 Theme 4 Theme 5 Lunch with Children and Youth Feedback from Children and Youth Dialogue Plenary Recap - Reshape Tea, Coffee break Celebrate! Celebrating the Achievements Throughout the Movement and Building on Them to Reshape the Future of Finance Closing Ceremony Awards Ceremony Sightseeing- Hagia Sophia Closing Dinner Address: Tarihi Binbirdirek Sarnici, İmran Öktem Cd No:4, Fatih, Istanbul
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Reshape Breakout Session 2.1 In order to ensure that children and youth have financial access, financial service providers are committing to launching safe and appropriate financial products for young people. In the Summit’s Reshape sessions, participants called for CYFI’s in designing such products.The Movement provides a unique space for leading stakeholders to share best practices in financial inclusion and case studies of successful product launches, thereby enabling the partners of the Child and Youth Finance Network to avoid common mistakes and the duplication of effort. Participants also requested that CYFI work to engage insurance providers and other business sectors by making the business case for Child and Youth Friendly Banking Products, and identified a need for support in curriculum assessment and “training the trainers” programs.
A Brighter Future: Democracy in Transition Chair: Dr. Muhammad Basiri, 3rd Vice-Governor, Central Bank of Lebanon Speakers: Mr. Rajkumar Bidla, Program Officer of Youth Affairs Division, Commonwealth Secretariat, UK Dr. Ali Faroun, Director of Consumer Relations and Market Conduct Department, Palestine Monetary Authority (PMA) Mr. Alexander Kovalevsky, General Director, NGO Budget Solutions, Russia Mr. Leon Willems, Director of Policy and Programs, Free Press Unlimited, the Netherlands In this session, participants gathered to discuss how the Movement can support peacekeeping efforts and strengthen democracy. It was chaired by Dr. Muhammad Baasiri. Chair: Dr. Muhammad Basiri If people want to see change, they need to be prepared to make that change happen, said Dr. Baasiri in his introductory remarks. Financial inclusion is part of that process and helps to address unemployment, which is a leading cause of instability. He went on to stress the important role central banks and national strategies can play in coordinating the Movement, and gave specific examples of programs the Central Bank of Lebanon is using to help young people achieve sustainable livelihoods. In doing so, it becomes possible to break the cycle of conflict. Mr. Rajkumar Bidla Youth employment is a key component in youth development, stated Mr. Bidla. He presented case studies from Jamaica, Nigeria, Papua New Guinea, and Sri Lanka, and noted that although banks may be reluctant to offer financial products to youth, this reluctance is not supported by the research. There are broad societal benefits to economically empowering youth, as sustainable livelihoods can lead to a stable and peaceful society – and with it, increased GDP. As a result, the Movement’s efforts to promote the financial rights of children can help decrease conflict and promote community development. Dr. Ali Faroun Dr. Faroun gave details on his organization’s work to build the banking sector in rural areas. The PMA is currently working with banks to develop safe and appropriate savings products for children and youth, and is also involved
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in the drafting of a national strategy. Their goal, stressed Dr. Faroun, is a banking system that is helpful for all consumers. By providing young people with access to financial tools, the local economy can be strengthened, thereby promoting stable democracy and better futures. Mr. Alexander Kovalevskiy New financial products often bring with them new risks, said to Mr. Kovalevskiy. With the growth of consumer lending, it is important to be vigilant against fraud, and to protect the most vulnerable. Exploitative financial practices can cause significant harm to communities by threatening livelihoods, potentially leading to social instability. Financial education should be part of the national curriculum, explained Mr. Kovalevskiy, as the state of economic development and the many conflicts worldwide have made financial literacy more important than ever. Mr. Leon Williams When children and youth are able to understand the relationship they have with world events, they become more empowered. As a result, Mr. Willems, of Free Press Unlimited, stressed the importance of supporting news for children, both to inform and as a way to provide a voice in support of sustainable development. Documentaries, as well as internet and radio, can serve as a voice for children in conflict regions. If these children feel like their voices aren’t heard, they are more likely to reject development efforts and instead engage in behaviors that can exacerbate conflict. According to Mr. Willems, all transitional processes have opportunities, but it is up to us to make the most of them.
Conclusions • Existing programs may need to be fine-tuned to the unique needs of youth. • The Child and Youth Finance Network has a role to play in helping synthesize the individual demands of children and youth into general principles for financial inclusion. • It is necessary to be mindful of the risk factors of political instability (i.e. unemployment).
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Reshape Breakout Session 2.2 Not a Lost Generation: From Education to Employment Chair: Mr. Olivier van Riet Paap, Associate Director, 3i Europe Plc., the Netherlands Speakers: Mr. Rinzin Dorji, Senior Planning Officer, Ministry of Finance of Bhutan Ms. Bertha Romero Aguilar, Public Policies Specialist, Ministry of Coordination of Economic Policy of Ecuador Dr. Roj Nath Pande, Policy Analysis and Program Section, Ministry of Education of Nepal Ms. Özlem Saylir, Faculty Member, Faculty of Business Administration, Anadolu University, Turkey Today’s youth have been referred to as in danger of becoming a “lost generation” that is unable to find adequate employment. Participants discussed the role of financial education and financial inclusion in facilitating youth employment. Chair: Mr. Olivier van Riet Paap Mr. van Riet Papp set the tone for the session by acknowledging that the problems causing youth unemployment are different in every country. While youth make up around 40% of the world’s unemployed, over300 million young people are both out of school and out of work. . To address this staggering number, the barriers to job creation need to be lowered (in part by promoting youth entrepreneurship) and ensure that youth have an opportunity to develop marketable skills. Mr. Rinzin Dorji Mr. Dorji described how Bhutan’s financial inclusion policy was promoting social and economic development for poor, unemployed youth in the rural areas of the country. Both formal and informal financial service providers have been identified as stakeholders, with a strong emphasis on client protection. There are also plans to integrate fun forms of communication – such as comic books, music videos, and television programs – so as to make financial education more accessible to the youth population. Ms. Bertha Romero Aguilar Ms. Aguilar stated that it is the goal of the Ecuadorian Ministry for the Coordination of Economic Policy to have 6% of Ecuador’s GDP invested in education for young people. In 2008, the rights of youth were enshrined in Ecuador’s Constitution, and numerous laws have been enacted to protect youth in the workplace. Ecuador’s National Plan for Good Living 2009-2013 saw the employment of youth as a central pillar of the National Strategy. Work placement programs help support the transition from school to work, and the Ministry of Youth is continuing to coordinate with youth-employing enterprises. Dr. Roj Nath Pande Dr. Pande began his presentation by showing that, in Nepal, young people often migrate to neighboring countries to seek employment in the construction sector. Nepal’s challenge, therefore, is to encourage these young people to continue with school. A number of flexible resources have been developed to allow Nepal’s young people to build employability skills, including vocational education. Online education is also available, but only 2.8% of Nepal’s population owns computers. Dr. Pande urged Nepal to see its location between China and India as an opportunity and as a potential bridge between these two economic giants.
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Ms. Özlem Saylir In cooperation with the Central Bank of Turkey and financial institutions, Anadolu University is developing new business management courses to equip students with competitive employability skills. Ms. Sayilir emphasized the need to promote access to affordable higher education. One way to do so is through distance education, which is currently offered to 1 million Turkish students – 40% of the national student body!
Conclusions • The Child and Youth Finance Network is needed to facilitate inter-regional communication and create linkages between parties involved in promoting youth employment. • Engage and involve private sector to harness economic opportunities and stream young people into these employment positions. • Ensure and protect the rights of young people in the workplace. • Make employability skills training more accessible through online education. • More “learning through work” experiences for youth (apprenticeships and internships). • Encourage youth to capitalize on local opportunities for entrepreneurship.
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Reshape Breakout Session 2.3 Business and Children’s Rights Chair: Ms. Eija Hietavuo, Corporate Alliances Manager, UNICEF, Switzerland Speakers: Prof. Em. Jaap E. Doek, Family and Juvenile Law, Vrije Universiteit, the Netherlands Ms. Deniz Ozturk, Advisor to Executive Director, UN Global Compact Ms. Jennifer Riddell Rademaker, Head of Core Products Europe, MasterCard, Belgium Mr. Hidde van der Veer, Executive Director, Aflatoun, the Netherlands What is the appropriate role for the business sector in promoting children’s rights? In this session, chaired by Ms. Eija Hietavuo, participants offered general comments on corporate social responsibility. They also discussed how best to translate policy documents into action. Chair: Ms. Eija Hietavuo UNICEF sees great opportunities in working with the private sector to promote economic and social development, said Ms. Hietavuo as she introduced the session. In a collaborative effort, UNICEF, Save the Children, and UN Global Compact have released a document titled Children’s Rights and Business Principles. These business principles are now implemented at a national level in 40 countries, and have received support through the development of tools such as an impact assessment checklist. Ms. Hietavuo also presented a discussion paper by UNICEF and CYFI that was launched at the Summit, titled Beyond the Promotional Piggybank: Towards Children as Stakeholders. It explores how financial institutions can respect and support children’s rights. Prof. Emer. Jaap E. Doek In his presentation, Prof. Emer. Doek discussed the key role of the UN Convention on the Rights of Children (UNCRC). The UNCRC empowers children by providing them with rights – including, said Prof. Doek, the right to participation. The UNCRC establishes obligations for states and is supported by an international consensus that non-state actors also have obligations to respect and support the rights of children. Prof. Doek suggested that it will be important to support the private sector in fulfilling these responsibilities, such as with a system for accountability. Ms. Deniz Ozturk UN Global Compact (UNGC) is an initiative to involve businesses in human rights. Children’s rights are an integral part of this, and should be seen as an essential investment in society’s future. Businesses benefit too, both by improving their reputations and through better risk management, stressed Ms. Ozturk. UNGC was involved in the creation of Children’s Rights and Business Principles, which has already seen successful implementation in a short timeframe. In this manner, Ms. Ozturk presented a case study of Norges Bank Investment Management, and commended Borsa Istanbul on their efforts to raise awareness surrounding children’s rights. Ms. Jennifer Riddell Rademaker Financial service organizations should work more closely with youth-serving organizations, said Ms. Jennifer Riddell. She identified the continued growth of electronic payments as a trend worth watching, and emphasized that providing children and youth with a way to make such payments should be considered when drafting financial inclusion strategies. In addition, she highlighted the discussion paper Beyond the Promotional Piggybank: Towards Children as Shareholders, as well as her involvement as co-author in the Bankers Without Borders program. 58 Summit Report 2013
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Mr. Hidde van der Veer Aflatoun offers Economic Citizenship Education in over 90 countries. Mr. van der Veer explained that Aflatoun’s educational efforts should not only help children fulfill their basic economic rights, but should also help them become more entrepreneurial. By doing so, education can ultimately reshape business. In partnership with The MasterCard Foundation, the new Aflateen program aims to provide age appropriate support for the needs of youth. The program has been piloted in 13 countries and has already enjoyed measurable success: Mr. van der Veer presented a case study from Tajikistan, where young people have established a small enterprise selling mobile phone credit.
Conclusions • Key tools, papers and initiatives are being rolled out to address the role of children’s rights. • Support for children’s rights can translate into brand strengthening, better risk management, and the motivation and retention of employees. • The diversity of backgrounds that children and youth come from can make outreach challenging. • It is important to balance child participation and child protection without compromising either.
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Reshape Breakout Session 2.4 Collaborative Action: Banking Associations Taking the Lead Chair: Mr. Sébastien de Brouwer, Executive Director, European Banking Federation (EBF) Speakers: Ms. Fikile Kuhlase, Senior General Manager, the Banking Association South Africa Mr. Arthur Reitsma, Senior Strategy Policy Advisor, Dutch Banking Association, the Netherlands Ms. Monica Rivelli, Financial Education Department, PattiChiari Consortium, Italy This session explored the role of banking associations in advancing the efforts of the Movement through collaborative action and policy support. It was chaired by Mr. Sébastien de Brouwer. Chair: Mr. Sébastien de Brouwer Mr. de Brouwer discussed the importance of starting financial education at an early age. The European Banking Federation has been working to support the spread of the Child and Youth Finance Movement in Europe through advocacy and research. The EBF is now engaged in dialogue with the European Commission to promote financial education. Ms. Fikile Kuhlase Financial education is the cornerstone of effective financial inclusion, said Ms. Kuhlase. Almost 75% of South Africans have financial access, but providing them with the skills to make the most of that access is an ongoing priority, particularly in light of social inequality. To accomplish their financial literacy goals they have established a new program in which volunteers from the financial sector visit schools to teach responsible money management. There have also been recent advances in government policy. Going forward, Ms. Kuhlase stressed the importance of collaborative efforts. Mr. Arthur Reitsma In 2006, the Dutch Banking Association and the Netherlands Ministry of Finance launched a new platform for financial education. An app and fun games were developed for primary school students and school lesson plans are continuing to be improved in secondary schools. Mr. Reitsma shared that the NVB has found success by using a formal platform to coordinate and by searching out innovations. In addition, sustainability is a top priority. Ms. Monica Rivelli In Italy, the results of financial education impact assessments are forthcoming. The PattiChiari Consortium has developed a strategy for improving transparency by allowing children and youth to compare financial product characteristics online, said Ms. Rivelli. Her organization has been working to implement financial education with the banking sector. So far, they have reached 160,000 students through public-private partnerships. Ms. Rivelli also expressed her hopes for an Italian national financial education strategy.
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Conclusions • Bankers can facilitate financial education, as they are perceived as “neutral” by the general public. • Financial education should be included in school curricula. • Impact assessment is an important component of successful outreach.
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Reshape Breakout Session 2.5 Saving for Sustainability Chair: Ms. Fiona M. Macaulay, Founder and CEO, Making Cents International, US Speakers: Ms. Rita Karam, Secretary General of the Higher Council for Childhood, Ministry of Social Affairs (The Higher Council for Childhood) of Lebanon Mrs. Catherine Kutsaira, Senior Examiner, Consumer Education and Complaint Handling Division, Reserve Bank of Malawi Ms. Mary Clare Odong, Policy Advisor (Financial Sector Reform), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Germany Dr. Trina Shanks, Associate Professor of Social Work, University of Michigan, US Becoming economically empowered is a process. As such, sustainability is necessary to properly support children and youth in their development. In this session, chaired by Ms. Fiona M. Macaulay, participants shared their efforts to implement financial, social and livelihoods education programs in the midst of broad based financial inclusion initiatives. Chair: Ms. Fiona M. Macaulay In her presentation, Ms. Macaulay highlighted the themes of connecting youth with financial inclusion and taking ownership of initiatives. According to Ms. Macaulay, market research can provide a look into supply and demand influences, thereby providing for the creation of commercially viable savings products. Pilot testing and a second round of market research are useful, as doing so establishes a firm foundation for reaching scale. Ms. Rita Karam Financial awareness should be spread to all children and youth, including the marginalized, according to Ms. Karam. The Higher Council for Childhood was created in 1994 with a mission to promote children’s rights, and integrates support from a diverse range of stakeholders. In 2012, new public-private partnerships and “training the trainers” programs helped to further empower children and youth. Ms. Karam hopes to see Lebanon build off these successes in 2013 and 2014, with the inclusion of a new action plan to reach vulnerable young people. Mrs. Catherine Kutsaira Reaching young people in rural areas and schools can be difficult, reported Mrs. Kutsaira. To address this challenge, the Reserve Bank of Malawi would like to leverage opportunities from the existing village savings and loan (VSLP) and agent banking programs to reach youth in rural areas and schools. Through the Consumer Protection and Financial Literacy Division, the Reserve Bank of Malawi has been working to customer-tailor financial products to the needs of children and youth. The Reserve Bank plans to roll out financial education and entrepreneurship skills programs in both communities and schools by creating avenues for practical experiences. Ms. Mary Clare Odong Ms. Odong shared details on GIZ’s contributions to the Movement. The Central Bank of Nigeria has recently started a department for consumer protection, with which GIZ has worked to develop a financial literacy program. Other GIZ led initiatives in Nigeria are focused on supporting small and medium enterprises and microfinance. GIZ also aims to work with both local and state governments to train the trainers.
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Dr. Trina Shanks Economic inequality and limited access to appropriate financial products affects cognitive, emotional, and physical health, explained Dr. Shanks. In the long term, this also affects employability. As not all children can be reached by conventional means, we must continually seek out effective innovations. Dr. Shanks also emphasized the importance of equality in access and of ensuring initiatives resonate with the sensibilities of young people.
Conclusions • Agent banking and mobile banking help to provide access to previously underserved populations. • Policies must take into consideration the needs of marginalized children and youth. • The Child and Youth Finance Network has an important role to play in identifying synergies and connecting complementary stakeholders with each other.
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Reshape Breakout Session 2.6 The Power of the Teacher Chair: Mr. Kurt Schindler, Vice President and Manager (Marketing Division), Banco Popular de Puerto Rico Speakers: Mr. Christian V. Keller, Managing Director, My Finance Coach Stiftung GmbH, Germany Mr. Paul Moclair, AflaAcademy Project Leader, Aflatoun, the Netherlands Ms. Tilda Noemi Gil, Directora de Planes y Proyectos Regionales, Ministry of Education of Paraguay Mr. Mario Molaabatho, Curriculum Development Officer, Ministry of Education and Skills Development of Botswana Dr. Olida Ortega, Deputy Ministry of Education for Educational Management, Ministry of Education of Paraguay It is clear that teachers, as the direct providers of financial education to children and youth, have a key role to play in the Movement. As a result, we should identify how to best support them. In this session, chaired by Mr. Kurt Schindler, participants gathered to share their ideas and priorities respecting this issue. Chair: Mr. Kurt Schindler Mr. Schindler started by stressing the importance of the student-teacher relationship. The dedication that the teacher brings to the student is important in creating a positive view towards learning. Students are also influenced in many ways – not only by teachers, but by school systems and governments as well. Mr. Schindler continued by stating that as the world is continually changing, teachers need to be able to adapt to those changes. Their challenge is to impart massive amounts of information in an effective way. Mr. Christian V. Keller Mr. Keller presented My Finance Coach’s approach in enhancing teaching effectiveness. He spoke about efforts to provide teachers with quality teaching materials. In addition, said Mr. Keller, seminars can help to motivate teachers and give them a sense of confidence. Transferring knowledge in an up-to-date way is a vital part of My Finance Coach’s approach with governmental teacher training institutes, which also involves the use of “edutainment” and fun activities. Mr. Keller concluded by stressing the importance of creating synergies that allow stakeholders to work together and achieve better results than otherwise possible. Mr. Paul Moclair As the Project Leader for Aflatoun’s AflaAcademy, Mr. Moclair sees the interaction between teachers and their students as integral to the success of educational programming. With 1.5 million teachers and young people involved, the AflaAcademy is partnering with teacher training institutes in a collaborative manner to enhance the quality of such training. Mr. Moclair stated that that while it is important to nurture creativity among children and youth, most school systems do not provide sufficient support. He said that building students’ entrepreneurial competencies should be a key educational goal, and emphasized that teachers should give children at least some freedom to learn from their mistakes when developing social and financial enterprises. Ms. Tilda Noemí Gil and Dr. Oilda Ortega Ms. Gil started her presentation by referring to the 2010 agreement between the Central Bank of Paraguay and the Paraguayan Ministry of Education and Culture. The purpose of this agreement was to provide economic and financial knowledge to all of Paraguay’s youth. By offering high-quality classroom resources, Paraguayan
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educators are now more confident in the effectiveness of the program. Over 60 institutions have already been involved in the implementation of these new financial education programs, which will soon be rolled out across the country. These successes, reported Dr. Ortega, will be catalogued in the first program evaluation, which is expected by the end of 2013. Mr. Mario Molaabatho Mr. Molaabatho stressed the importance of instilling financial literacy skills in students at an early age and ensuring that they have appropriate disposable income. Teachers are key, he said, in shaping children’s values and attitudes, imparting knowledge, and acting as role models. Even though teachers may be formally unfamiliar with financial concepts, they should still have the confidence to be direct and facilitate learning activities. He ended his presentation by stating that the student experiences should be taken into consideration and that developing child friendly services was better than trying to change the child.
Conclusions • Teachers should be involved in the planning process and supported with engaging learning materials. • Public-private partnerships are valuable, but bankers – despite their financial knowledge – should not replace teachers. • It is important to encourage curiosity, which is a key component of entrepreneurship. • Edutainment is important as it allows financial literacy to be imparted in an enjoyable way.
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Reshape: Key Outcomes To ensure that children and youth have financial access, financial service providers are committing to rolling out safe and appropriate products for young people. In the Summit’s Reshape sessions, participants called for the support of Child and Youth Finance International (CYFI) in designing such products. The Movement provides a unique space for leading stakeholders to share both best practices in financial inclusion and case studies of successful product launches, thereby enabling the partners of the Child and Youth Finance Network to avoid common mistakes and the duplication of work. Participants also requested that CYFI work to engage insurance providers and other business sectors by making the business case for Child and Youth Friendly Financial Products and identified a need for support in curriculum assessment and “training the trainers” programs. Participants called on Child and Youth Finance International to: • Continue to bring together leaders in the field of financial inclusion for children and youth to share best practices and case studies of successful product launches. • Support financial service providers in developing Child and Youth Friendly Banking Products. • Empower educators with curriculum assessment services and certifications for “training the trainers” programs and for Economic Citizenship Education.
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Dialogue with Children and Youth The Dialogue with Children and Youth sessions were graciously facilitated by Ms. Ann Cotton, Founder and President, Camfed International, US Mr. Jeff DeCelles, Director of Curriculum and Innovation Development, US Ms. Ruth Dueck-Mbeba, Program Manager of Microfinance, The MasterCard Foundation Ms. Lata Menon, Chief of Education and Child Development, UNICEF, China Ms. Olya Ranguelova, Financial Services Policy Division, European Central Bank (ECB) Mr. Rembrandt Sutorius, Consultant, McKinsey & Company, the Netherlands The Movement strongly believes in finding strategic guidance by listening to the input of young leaders. The Youth Summit provided an opportunity for children and youth from around the world to connect with each other in expert-led discussions, develop recommendations for the direction of the Movement, and present those recommendations to influential policymakers. Sessions were held on issues including employment opportunities, entrepreneurship, financial education, and technology. Some conclusions were consistent across every session. Children emphasized the influence parents have in shaping financial behavior, including both saving and spending habits. They also noted the importance of peer support. In education, for example, peer education means that young people who receive financial education are likely to share that knowledge with their friends. Similarly, in entrepreneurship, young business owners can create jobs for other children and youth. In the education session, children and youth expressed their belief that governments should provide financial education for all. They also identified the private sector as an important partner in that process. Banks must provide appropriate savings products for young people, but can support those offerings with savings clubs and other educational activities. However, “financial education should be a right, and not a business,” warned one youngster. Children and youth also offered recommendations for the use of technology. “Edutainment” offerings such as interactive games can help make the learning process fun, and both online and traditional media can be leveraged to spread awareness and knowledge. They also suggested that recycling programs be developed to put used smartphones in the hands of those who need them, rather than in the trash. Entrepreneurs come from all sorts of different backgrounds, but the young participants of the Youth Summit agreed on some key qualities for personal success in entrepreneurship. Entrepreneurs need to be good communicators, confident, self-disciplined, and willing to take risks. To support these efforts, the relevant regulatory environments need to become more supportive of the rights of young people. One Ugandan youth noted that, in her country, those under 18 cannot receive government recognition for their businesses. The Youth Summit also resulted in recommendations for the creation of employment opportunities. In particular, children and youth voiced their desire for vocational support in the form of job advisors, training programs, and internship / work experience programs. Government grants and scholarships should help make advanced education possible for motivated students, and tax benefits can work to further encourage youth entrepreneurship.
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Celebrate After two days of learning and sharing, it was time to celebrate! BRAC USA’s Susan Davis led a celebration of the Movement’s accomplishments while spotlighting its future goals. Participants celebrated advances in knowledge creation from within the Child and Youth Finance Network, resource sharing among Network Partners, action in the form of innovative initiatives for furthering Economic Citizenship Education and financial inclusion, and the continued importance of multi-stakeholder organizing. Stakeholders were united in celebrating the continued growth of the Child and Youth Finance Movement, which has been made possible as a result of the combined power of their commitments.
Celebrate! Knowledge Creation The Movement provides a space for experts from different sectors to combine their knowledge and issue recommendations for Economic Citizenship Education and financial inclusion. By doing so, the Movement encourages innovation, resulting in continually updated best practices and standards for Child and Youth Finance worldwide. • The World Bank is set to publish a series of Findex Notes on a wide range of issues, such as gender and housing. They have launched a new Note on “Youth and Financial Education”, which was released in parallel with the 2nd Annual Child and Youth Finance Summit and Awards Ceremony. The complete Findex Notes can be found on the World Bank website. • Deborah Adams, Associate Professor at the School of Social Research at the University of Kansas, announced an initiative by the CYFI academic working group to answer pressing research questions regarding the relationship between financial access, financial education, and financial capability. The intent is to conduct three small-scale randomized controlled trials, for which additional funding is sought. 70 Summit Report 2013
• Award-winning author Beverly Schwartz presented her book “Rippling”, which discussed the power of social ventures. In “Rippling”, she highlights the growing recognition for the importance of the Child and Youth Finance Movement.
Celebrate! Resource Sharing As the largest network dedicated to the promotion of Economic Citizenship Education and financial inclusion, it’s important for the Child and Youth Finance Network to help stakeholders avoid duplicating their efforts by promoting effective resource sharing. • In order to help the Movement’s Partners implement Child and Youth Finance activities, the newest versions of a number of guides and manuals have been released, including those concerning banking products, Economic Citizenship Education standards, national implementation plans, and more. iShares and Blackrock have created a ringtone that supports the Movement. For every download, a donation will be made to CYFI.
Celebrate! Action In order to help children become financially empowered, theory must be translated into actionable initiatives. In this spirit, the Celebrate session allowed the Movement’s stakeholders to come together and recognize both individual and shared accomplishments. • Mr. Robert Friedman, General Counsel, Founder & Chair of CFED shared a video that highlights the project “From Kindergarten to College”. This initiative of the Corporation for Enterprise Development (CFED) and the City of San Francisco aims to provide all of San Francisco’s schoolchildren with savings accounts. • Youthtech has launched! This was announced by Ms. Monique Cohen, founder and past president,
Microfinance Opportunities who is serving on Youthtech’s Review Committee. Youthtech is a blog which provides a place for Movement partners to share news concerning the rollout of technological innovations for financial education and financial inclusion. The announcement was made to develop fun tools to help children and youth learn about finance through technology.
• Representatives of the Central Bank of Zambia declared their support for the Movement and announced their plans to host Child and Youth Finance Regional Meeting for Africa in the last quarter of 2013.
Celebrate! Multi-Stakeholder Organizing “Many hands make light work.” The same holds true in the Child and Youth Finance Movement, where stakeholders with complementary abilities can connect. Such linkages can result in accomplishments that would not previously have been possible.
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Celebrate Awards Ceremony By coming together to recognize the many accomplishments of the Movement, delegates created media buzz and built additional global momentum. The Child and Youth Finance Awards were presented to those who made exceptional efforts in support of the Movement. These award recipients included pioneering financial service providers in the field of financial empowerment for children and youth, remarkable national efforts to promote the Movement, and outstanding young role models and entrepreneurs. The Awards acknowledge the work of an individual, institution, or nation that went “above and beyond” in championing the economic rights of children and youth. The awards were divided into the following categories:
1) The Global Money Week Award: a worldwide celebration to raise awareness of children’s financial rights Global Money Week is an exciting opportunity for the Movement’s stakeholders to hold events that simultaneously celebrate and advance the worldwide state of child and youth finance! Some examples of possible activities include art shows, essay contests, and school parties. Bank visits can provide an opportunity for children to learn about financial institutions, and bank representatives can give lectures to explain how banks work. Children can work towards a shared charitable goal with a savings drive, or issue statements about their financial needs. Most importantly, Global Money Week helps create conversation about child and youth finance issues, and the Global Money Week Award is intended to recognize those who do an incredible job of accomplishing this goal!
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2) The School Award: how schools can become leaders in the Movement Schools are on the front lines of the Movement. Their efforts play a significant role in determining whether or not local communities receive the Movement’s message. As a result, schools that do an outstanding job of promoting financial education are recognized by the Child and Youth Finance School Award. But what does “outstanding” really mean? Schools can launch initiatives to promote financial education, encourage students to examine levels of financial inclusion, and facilitate student-led projects to determine whether local banks provide child-friendly services. Feedback on the local causes of unemployment is invaluable to the Movement, and schools can offer specific recommendations as to how the Movement’s efforts can be leveraged to stimulate job creation. For example, students can be provided with opportunities to acquire both the basic concepts of entrepreneurship and the capacity to successfully evaluate the financial opportunities and risks involved in launching enterprises. Schools can also encourage students with outstanding IT skills to develop fun tools to help children and youth learn about finance through technology.
3) The Youth Awards: recognizing young leaders in the Movement Children and youth themselves have a key role to play in the ensuring the success of the Movement. By taking on leadership roles early in life, they can simultaneously contribute to their own personal growth and improve the lives of their peers. These leadership roles can involve the promotion of financial education or projects to investigate the offerings of local banks.
They can offer suggestions to institutions for increasing youth employment opportunities, or propose exciting business ideas. And those who know how to create computer games, apps, or viral videos can help their friends and classmates learn about finance or improve their access to financial products!
4) The Country Award: empowering children and youth through collaboration The Movement is a collaborative effort, and will only succeed if diverse stakeholders come together to support a shared vision. The Child and Youth Finance Country Award recognizes the outstanding achievements of national authorities in promoting financial inclusion and Economic Citizenship Education for children and youth throughout their country. It is awarded to countries where multistakeholder platforms have been established to develop a financial inclusion strategy, design and rollout curriculum content, build the capacity of local teachers, and engage the public in a dialogue on the importance of financial capability and sustainable livelihoods for young people.
5) The Pioneer Award: innovation to support the unique needs of children and youth Young people have unique needs, including when it comes to financial products. Such products. need to be appropriate, safe, and easy to use. The Pioneer Award recognizes financial service providers that have designed innovative child and youth friendly banking products. The Movement’s success depends on providers committing to deliver these products in a sustainable manner, reaching considerable scale while demonstrating positive impact on young clients.
The nominees are evaluated according to the following criteria: • Excellency - outstanding character and reputation • Accountability - good governance and transparent financial management • Creativity - the creative use of resources to deliver innovative and flexible programs • Partnerships - effective collaboration and partnership • Sustainability - contributions to the impact of children in the long term • Track record - the establishment of community initiatives • Outreach - impressive current and future initiatives • Cost-effectiveness - the innovative implementation of low-cost, high-return initiatives
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Celebrate 2013 Award Winners Just as delegates were excited to celebrate the shared accomplishments of the Movement, they were also eager to see the individual accomplishments of exceptional stakeholders recognized. A fun and musical ceremony was hosted by Ms. Ozlem Denizem, a WEF Young Global Leader and Mr. Marc Birchler, Executive Secretary of the UN Capital Development Fund (UNCDF). An electrifying sense of energy filled the room as the following award winners were cheered for their successes!
1) The Global Money Week Award:
Regional finalists: Macedonia, Nepal, Palestine, Zambia Leading organizations: Central Bank of Colombia, ASOBANCARIA, SENA, Save the Children, Fundación Dividendo por Colombia, Ministry of Education. Participating organizations: Bancolombia, Citibank, BBVA, Banco de Bogotá, Helm Bank, Bancamía, Finamérica, Bancoomeva, Davivienda, Banco Agrario, Colpatria, Corficolombiana, Fondo Nacional del Ahorro, Fogafín Twenty Colombian organizations worked together to raise financial awareness. During the week’s celebrations, events were organized in all over 23 departments around the country. Among the activities was a fun and interactive savings presentation at schools and children and youth had the opportunity to open bank accounts in different hotspots around Bogotá. In addition, discussions with parents were organized to familiarize the community with the products offered by banks. Bank employees passed out balloons, chocolate coins, and marimbas in order to expand awareness of saving. Major activities were undertaken in Bogotá, Cali, Medellín, Cartagena, Bucaramanga and Barranquilla. In Bogotá, workshops were held on the importance of savings
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for primary and high schools students. Workshops included educational activities such as games, presentations, theater performances, videos about the use of money, raffle books and a briefing on www.pesospensados.com
> The Global Money Week Youth
Award (two winners) (Tie) – Transylvania College & the Cambridge International School in Cluj, Romania and Centro de Divulgación del Conocimiento Económico, Colombia
Finalists: Atlantic International School, Russia; Institución Educativa San Felipe Neri, Colombia; International School Rheintal, Switzerland; Nyeri High School, Kenya Transylvania College – 13 inter-curricular activities were arranged, which were directed to kindergarteners all the way to business students. There was collaboration with other banks, city hall, NGOs, the Ministry of Education of Romania, and the private sector. The activities in Romania reached 90 teachers, 600 students, 1300 parents, and 32 children from 10 initial partner schools with more than 30 teachers. Centro de Divulgación del Conocimiento Económico – Worked to realize a project in collaboration with the Universidad Central de Venezuela, la Universidad de Carabobo, and the Universidad Bicentenaria de Aragua. 37 university students from the ages of 17 to 21 designed activities to increase the awareness of the importance of financial education among local secondary school students and the surrounding community. They also organized a radio program in cooperation with 15 schools from two different states. Many aspects of bank operations were displayed through several performances. For example, they explained how “reserves” in a bank work by performing a tale from One Thousand and One Nights, and used the Merchant of Venice to explain interest rates.
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Celebrate 2) The School Award:
King Fahad Academy, UK
4) The Country Award:
Finalists: Colegio Aurelio Gomez Regional finalists: Mexico, Saudi Escolar (Financial Education), Spain; Arabia, Uganda, the United Kingdom Junior Secondary School Airport Abuja (Technology), Nigeria; Luis Irisar Salazar The Philippines were awarded the CYFI Country (Entrepreneurship), Colombia; Merite Award based on the outstanding leadership of the International de la Jeunesse (Banking Services), Togo; Sultanâ€™s School Central Bank of the Philippines in creating a policy (Entrepreneurship), Oman environment that allows for financial education to The school started a catering business, which is run by students and donates its profit towards school charities. The school also organized a financial education unit in a local primary school.
3) The Youth Awards:
Mahir Jethanandani, US
Finalists: Aafia Shamin (Young Entrepreneur), India; Ellinor Maurstad (Youth Employment Investigator), Norway; Houda Mansouri (Financial Education Promoted), Morocco; Ivonne Viviana Yugcha Achig (Young Entrepreneur), Ecuador); Tebo Gobuiwang (Young Entrepreneur), Botswana; Thapelo Lesole (Young Entrepreneur), Botswana 15-year-old Mahir visited banks in his community to conduct an investigative survey. He wrote an extensive conclusion in which he evaluated and ranked banks by their services for children and youth. In addition to these considerations, he also evaluated the promotional material of the banks. This led to the creation of an online petition to make American banks more child and youth friendly.
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be integrated into the national curriculum, and for helping financial service providers in the country offer Child and Youth Friendly banking products.
5) The Pioneer Award:
Kenya Post Office Savings Bank
Finalists: Cantilan, the Phillipines; PEACE MFI, Ethiopia The Postbank has developed products for children and youth. For example, the SMATA account is free of charge, provides tax-free interest, and can be opened with the equivalent of only $0.50 (USD). In 2 years, 11,000 accounts have been opened in 99 branches. Moreover, parents cannot access the savings of children, which works to protect young savers. The bank also works with Junior Achievement Kenya and Child Savings Kenya, takes part in financial education program in schools, and celebrates Global Money Week.
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Celebrate Judges Chair: Baroness Valerie Howarth is the Chair of Children and Family Court Advisory and Support Service, and the former Chief Executive of ChildLine UK. She has also served in leadership roles in a number of other social initiatives. Prof. Tahira Hira is Senior Policy Advisor to the President at Iowa State University and a noted academic. She has conducted research in a wide range of finance-related subjects. Ozlem Denizmen Kocatepe is a financial literacy advocate, the President of Strategy at Dogus Holding, and a Young Global Leader of the World Economic Forum. Prof. Yanghee Lee is a former Chairperson of the UN Committee on the Rights of the Child and a prominent academic at Sungkyunkwan University. She participates in policy work and also received theKorean Woman of the Year award in 2007.
Dr. Henrik Naujoks is a Director at Bain & Company and a Young Global Leader of the World Economic Forum. He currently serves on the Board of Trustees of the Global Exchange for Social Investment. Shaun Mundy is a consultant who specializes in issues of financial capability and regulation. He has worked with CGAP, the OECD, the World Bank, and many other leading international organizations. Andrea Vogel is the Leader of Strategic Growth Markets (Europe, Middle East, India, and Africa) and a Partner at Ernst & Young, the Hague. Lauren Young is the Personal Finance Editor at Thomson Reuters and works closely with both Reuters.com and other Thomson Reuters platforms.
Moving Forward With the events of the Summit drawing to a close, it was important for the Movement to come together on a note that it would continue its exciting growth over the course of the next year. With both adult and young stakeholders present, Mr. Marc Bichler, the Executive Secretary of the UN Capital Development Fund, reminded participants that overcoming barriers requires a multistakeholders approach and that the voices of young people need to be at the center of this approach. With this in mind, the Chairman of the Capital Markets Board of Turkey, Dr. Vahdettin Ertaş, reminded participants that we have much to do for the financial education and inclusion of our children. He asked the Summit’s participants to spread the Movement’s key messages in their home countries. With new friends, new ideas, and a new perspective on the importance of the Movement (along with many declarations of support), delegates were ready to do just that.
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Celebrate: Key Outcomes The Celebrate sessions served to build additional momentum for the Movement’s goal of providing financial education and financial inclusion for all children and to 100 million children in 100 countries by 2015. Both the shared accomplishments of the Movement and outstanding individual efforts were recognized. Winners in a number of categories were honored with Child and Youth Finance Awards, and a global media buzz was created. The tone for the Movement for the next year was also set in a pair of inspiring closing speeches. Participants called on Child and Youth Finance International to: • Continue to build momentum for the Movement’s goal of providing financial education and financial inclusion. • Create a global media buzz about the economic empowerment of children. • Promote recognition of leaders in the Movement and celebrate milestones and shared accomplishments.
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The Next Milestones 1. Continued commitment to excellence:
Partners in the Movement are thrilled to already have exceeded the Movement’s target of having activities in 100 countries. Now the Movement’s Partners will focus on reaching 100 million children by 2015 to create a tipping point. The goal is to provide every child with the tools to believe in themselves, learn about money, develop the habit of saving, and be confident that they can aspire to a better quality of life.
2. Ensure inclusion:
The Movement, through its network, will focus on developing and supporting new products for young people.
3. Quality Economic Citizenship Education:
As more countries make Economic Citizenship Education a part of their national curricula, the CYFI Secretariat will leverage the network to ensure that expertise and good practices from within the network are used to define education and assessment standards.
4. Recreate the ecosystem:
By listening to children and youth, understanding their needs, communicating these needs to policy makers, and ensuring that meaningful dialogue occurs, CYFI will advocate for new child and youth based employment and entrepreneurship policies, thereby matching skills and with employment needs and reducing youth unemployment.
It is important to stay informed about new trends in the child and youth finance sector. Areas of keen interest include – to name a few – conflict prevention, mobile and electronic learning environments, and the economics of sustainability. CYFI will act as an incubator and disseminator of the best practices of the Movement, and will continue to provide a showcase for industry innovations.
“The children in this room are the future leaders, the future entrepreneurs, the future policy makers – the future of this world. Give us the tools to be financially empowered and we will change it.” Delegate to the Youth Summit, the 2nd Annual Child and Youth Finance Summit and Awards Ceremony 2013
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Pre-Summit Pre-Summit Program Schedule th
09:00 – 10:30 Pre-Summit Session 1
10:30 – 11:00
11:00 – 12:30 Pre-Summit Session 2
12:30 – 14:00
14:00 – 15:30 Pre-Summit Session 3
15:30 – 16:00 16:00 – 17:30 Pre-Summit Session 4
1. EFES - Engaging Financially Empowered Stakeholders in Turkey 2. Understanding Youth and their Financial Needs: Innovations in Youth Financial Services 3. Encounters with Economic Citizenship Education in Both Formal and Non-formal Learning Environments 4. Advancing Economic Security for Children and Youth in Various Contexts / Cultures 5. Pushing the Boundaries of Technology Tea & Coffee Break 1. Drafting National Strategies: Obstacles and Opportunities 2. Financial & Enterprise Education: Combining Technology and Effective Classroom Practices 3. Economic Empowerment: Strengthening Adolescent Girls’ Programming 4. Searching for the Business Case for Youth Financial Services 5. Technology Working Group Closed Door Meeting 6. What are We Learning? Partnerships and Linkages to Increase Access to Finance for Young People (by The MasterCard Foundation) Lunch 1. Building Local Capabilities - Lessons from the Field 2. Practical Approaches to Acquiring Financially Capable and Confident Youth Clients 3. Youth Diversity Reflected in Delivery of Financial Services and Education 4. Young Entrepreneurs’ Pathway to Success: A Comprehensive Approach to Supporting Youth and Their Enterprises 5. Measure Twice, Cut Once: Pilot Testing Your Youth Financial Products Tea & Coffee Break 1. Getting Financial Education in the National Curriculum: A Case Study of the UK 2. Delivering Integrated Services for Youth: How Much, How and When 3. Education Working Group Closed Door Meeting 4. Impact Assessment and Evaluation Methods of Financial Services and Education for Youth
The Pre-Summit was held on May 7th and provided CYFI Partners with an opportunity to host thematic sessions. It gave participants a chance to connect, interact, and share in workshops divided in five thematic streams:
The 1st stream National and Regional Strategies for Financial Inclusion and Education for Children and Youth Considered best practices and scalable, sustainable models for involving representatives from government, civil society and the private sector in the development or the expansion of national Child and Youth Finance platforms.
The 2nd stream Innovations in Child and Youth Friendly Financial Services Focused on how policy makers and practitioners address the diverse learning areas which constitute Economic Citizenship Education (financial, social and livelihood education) through both national curricula and non-formal educational services, to achieve maximum scale and impact.
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The 3rd stream
Economic Citizenship Education and Pedagogy Addressed converging themes (e.g. health, gender, environment, children’s rights, etc.) in the design and delivery of Economic Citizenship Education.
The 4th stream
Cross-Cutting Themes in Child and Youth Finance: Innovations in Child and Youth Friendly Financial Services Offered an outline of how financial service providers are capitalizing on new technologies and are developing products that combine financial and non-financial services to meet the needs of young clients. The Delegates probed the issues, challenges, costs and requirements for tapping into the latest trends and ideas regarding mobile technology and low-cost banking (savings) operations.
The 5th stream
Research and Impact Assessment Concentrated on Programming Research and Impact Assessment and aimed to identify the tools and research utilized for effective impact assessment in the Child and Youth Finance Sector. In the compelling first workshops of the Pre-Summit, many delegates emphasized the unique status of children and youth within the finance sector. Effectively reaching out to these youngsters requires real sensitivity to their specific needs when coordinating stakeholder interventions. This means that children and youth should be taken seriously as financial actors: “studies find that youth repay loans, and repay in time”, reported one stakeholder. In fact, our youth Summit participants demanded to be given consideration, when they stated that “banks should take children and youth seriously – big change begins with the people around us.” Big change also involves learning from the best practices of successful programs, which should continue to be scaledup to help extend the reach of the Movement – particularly in rural areas! Other strategies for reaching scale include the use of mobiles phones. Text to Change is an organization that has sent over 80 million health education text messages, which delegates saw as reflecting the promise of similar kinds of technology applications that could – and should! – be applied to financial education and Global Money Week initiatives as well. Children and youth have unique needs, and it is critical that champions of their rights be able to accurately assess the state of those needs. The World Bank is engaging in groundbreaking research to measure levels of financial literacy so as to ensure that children are not forgotten, while organizations like CYFI are working to protect children’s interests. The delegates of the Pre-Summit stressed that, in the wake of the financial crisis, banks should not view the economic empowerment of children as an interruption of regular business. Instead, as future economic actors of the world, banks should view these youngsters as key future clients. In doing so, banks would be working to strengthen their local and national economies by creating trust and enduring relationships with future clients and even entrepreneurs. In addition, 50% of young people worry about money every day, making it clear that personal finance should be an educational priority. Delivering such education well, however, depends upon “training our trainers” and cultivating a financially literate base of teachers.
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Pre-Summit Session 1.1 Engaging Financially Empowered Stakeholders in Turkey Chair: Mr. Mahmut Aydogmus, Director International Relations Department, Borsa Istanbul Speakers: Ms. Leyla Gurnal Gurbuz, Project Specialist, Dogus Group, Turkey Ms. Pelin Kabalak, Founder Board Member, Treasurer FODER (Financial Literacy Association), Turkey Mr. Mustafa Ozer, Project Coordinator of I Can Manage My Money, Habitat Center for Development and Governance (Youth for Habitat), Turkey Ms. Arzu Uraz, Assistant Vice President of Corporate Social Responsibility Division (Corporate Communications Group), ING Bank, Turkey As the 2013 host of the 2nd annual Child and Youth Finance International Summit and Awards Ceremony, it should be no surprise that Turkey is a leader in the Movement’s efforts to advance financial literacy for children and youth. In this session, prominent Turkish stakeholders shared a selection of their successes with domestic and international colleagues. It was chaired by Mr. Feyzulluh Yegin, who graciously represented one of the host organizations of the Summit: the Capital Markets Board of Turkey. Chair: Mr. Mahmut Aydogmus The Movement is dedicated to promoting the economic rights of children and youth. However, it is important not to forget that doing so has much broader societal benefits. In his presentation, Mr. Yegin stressed that financial education is of interest to everyone. In keeping with this belief, Borsa Istanbul has been working to provide access to financial literacy education through the creation of a television program and a website. Ms. Leyla Gurnal Gurbuz Founded in 2012, the Para Durumu Kids (PDK) program of the Dogus Group has delivered financial literacy education to children through a dynamic combination of digital, media-based, and printed educational materials, such as an exciting monthly magazine. Ms. Gorbuz presented a case study of a successful PDK initiative, Kirmizi Kumbara (English: “Piggy Bank”). From its initial pilot in Istanbul schools, the project has grown wildly and is now implemented in 81 Turkish cities. Ms. Pelin Kabalak Ms. Kabalak provided an overview of the current disposition of financial literacy in Turkey, and discussed her organization’s strategy to improve personal money management skills among the Turkish population. Since 50% of Turkey’s population is under 30, such skills are of great importance, and FODER has responded by focusing a greater share of its resources on reaching children and women. FODER’s leadership also believes in the necessity of a Turkish national strategy for financial literacy. Mr. Mustafa Ozer Mr. Ozer detailed the importance of peer volunteerism in promoting savings behavior among children and youth. When children are engaged in teaching other children, financial education can spread virally. This is especially true since pilot programs have shown changes in behavior when children learn from those their own age. In addition, Youth for Habitat’s “I Can Manage My Future” program supports young entrepreneurs, thereby working to create a generation of economically empowered business owners capable of employing their peers. Ultimately, Mr. Ozer stressed that both national coordination between stakeholders and engagement with youth voices are critical for the continued success of the Movement.
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Ms. Arzu Uraz Ms. Uraz emphasized the need for a supportive relationship between the private and public sectors. Recent data from an ING flagship survey on savings behaviors shows an alarming trend of decreasing savings rates, in large part due to insufficient income and a lack of personal finance knowledge. To address this savings rate decrease, ING has developed Turuncu Damla (English: “Orange Drops”), a new savings-based financial literacy program for children. Going forward, Ms. Uraz believes that the continuous assessment of behavioral changes in children and youth is vital and that teachers are the key strategic actors in driving that change.
Conclusions • Turkey will benefit from a national, multi-stakeholder council for financial education with representative from public sector, private sector and civil society organizations. • Empowering teachers is of strategic importance. • A standardized framework for impact assessment should be developed.
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Pre-Summit Session 1.2 Understanding Youth and Their Financial Needs: Innovations in Youth Financial Services Chair: Mr. Benjamin Mackay, Project Officer, Appui au Developpement Autonome (ADA), Luxemburg Speakers: Ms. Laura Munoz, YouthStart Technical Advisor, UNCDF, US Ms. Nicki Post, Senior Consultant, Mennonite Economic Development Associates (MEDA), US Ms. Rossana Ramirez, Director of Youth Microfinance, Freedom from Hunger, US In a highly productive session, made possible by the SEEP network, members of the European Microfinance Platform (e-MFP) Youth and Financial Services working group (YaFS) and the SEEP Network’s Youth Financial Inclusion Action Group showcased two recent publications of the working groups and their planned next steps to advance this field. In 2013, in partnership with The MasterCard Foundation, SEEP’s YaFS published a document on youth and financial services titled “Understanding Youth and their Financial Needs.” A new e-MFP publication provides 12 case studies of youth economic opportunities projects in primarily developing and emerging economies. For 2013-2014, the e-MFP Youth Financial Inclusion Action Group aims to deliver a case study comparison that follows these themes and a self-assessment tool for financial services providers’ (FSPs) programs and products. Chair: Mr. Benjamin Mackay In presenting the e-MFP publication, Mr. Mackay highlighted the context-specific nature of the results. While non-financial services (NFS) are a natural component of all youth financial inclusion (or youth microfinance) programs, the most appropriate delivery model for NFS depends on a wide variety of factors. Findings show that loan officers in rural areas are hugely overworked. He suggested that in addition to recruiting dedicated staff, deeper integration with civil society actors, including local universities, would strengthen the relationship between key public and private actors and enable programs to reach scale. Ms. Laura Munoz Ms. Munoz shared how 10 FSPs in the YouthStart program ensure the social dimensions of their program by incorporating the SMART principles for client protection and the Child and Youth Friendly Banking Principles in their products, as explained in the technical note the UNCDF released during the Summit. She stressed the importance of low cost, high impact interventions such as peer coaching programs. Such programs empower both young peer trainers and trainees, lend neutrality to the non-financial services, and help optimize the costs involved. Reaching a “critical minimum” of resources deployed without hampering quality can contribute to sustainability in such non-financial services, and the impact of national strategies can be significant. Ms. Rosanna Ramirez In highlighting the SEEP report, Ms. Ramirez explained unique nature of young people’s financial needs must be reflected in the various delivery models of financial and non-financial services. Financial and non-financial services may be offered by the same staff, different staff within the same organization, or through partnership with another organization. The context is critical in determining the starting point of the services to be offered. She also noted that it is important that the myth is debunked that children and youth do not save. They have all sorts of incomes, and all sorts of responsibilities which come with expenses. As part of this, the role of parents in youth financial services needs to be carefully considered to support and encourage youth to meet their various financial needs. 88 Summit Report 2013
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Ms. Nicki Post According to MEDA’s research, youth repay loans, and repay on time –they are indeed a serious segment! Ms. Post presented a case study from Morocco, where partnerships between FSPs and youth extension networks have improved sustainability of products and services for youth. For many FSPs, children and youth are already a part of the portfolio. They just need to be recognized as a population that requires special attention. It is also important to engage parents to ensure support for these youth programs.
Conclusions • Children and youth are a “serious segment” and can take financial responsibility. • Client protection should be part of leadership and staff vision and training and is absolutely key. • Delivery models (unified, non-unified, linked) for non-financial services are context dependent.
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Pre-Summit Session 1.3 Encounters with Economic Citizenship Education in both Formal and Non-Formal Learning Environments Chair: Ms. Sue Lewis, Consultant and PFEG Board Member, UK Speakers: Mr. Bat-Orshikh Erdenebat, President, Development Solutions, Mongolia Ms. Philippa Frankl, Executive Director, Street Kids International, UK Mr. Lloyd McCormick, Youth Programs Director, ChildFund International, US Dr. Micael Olsson, Director of Education and Life Skills, World Vision, US To reach as many children and youth as possible, programs both in and out of the formal school system should be established. With each format, however, come unique challenges and opportunities. This breakout session was chaired by Ms. Sue Lewis. Participants discussed best practices and case studies related to providing outreach in developing countries, rural areas and to vulnerable populations. Chair: Ms. Sue Lewis In a warm and inviting welcome address, Ms. Sue Lewis set a tone for the session that encouraged speakers to engage with the issues of formal and non-formal education. She continued by introducing the session’s distinguished speakers and expressing her hopes for an engaging and productive discussion. Mr. Bat-Orshikh Erdenebat Mr. Erdenebat presented the work of his organization, Mongolia’s Development Solutions. With approximately half of Mongolia’s population under the age of 25, child and youth issues are key to the country’s future. Many still struggle with poverty but programs to provide business skills and entrepreneurship education are underway. For example, during the 2013 Global Money Week, over 2,000 children took part in activities organized by Mongolia’s national bank and stock exchange. By focusing its current work on financial education in the school environment, Development Solutions aims to have the greatest possible impact in improving the lives of Mongolia’s children and youth. Mr. Philippa Frankl Everybody deserves an opportunity, stated Ms. Frankl, Executive Director of the UK’s Street Kids International. This philosophy underlies her organization’s work with society’s most marginalized children and youth. To improve the quality of life of children and youth, it is crucial that financial education is accompanied by life skills education. With the self-confidence that comes from life skills education, a highly significant number of out-of-school children and youth can be convinced to return to formal education, thereby greatly improving their chances for a successful future. Mr. Lloyd McCormick As part of its worldwide mission, ChildFund International has learned how to deal with the challenges of working in rural areas. From differences in local languages to limitations in staff capacity, rural areas require unique solutions for effective outreach. Mr. McCormick, ChildFund International’s Youth Program Director, shared some of the strategies he and his organization have applied in addressing challenges. An integrated approach to economic education is necessary, but equally important is authentic participation and a community and family focused outlook. In addition, hard skills alone are not always enough to help the vulnerable and should be supplemented by life skills and psycho-social support so as to encourage personal empowerment. 90 Summit Report 2013
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Dr. Micael Olsson To have a productive life, education is vital. Mr. Olsson (the Director of Education and Life Skills at World Vision) discussed this connection, highlighting the strong relationship between illiteracy and poverty. It is often useful, he said, to define the most vulnerable in terms of literacy. With 500 million functionally illiterate children worldwide, it is more important than ever to support children with access to education that equips them for success.
Conclusions • There is a need for a flexible school program that integrates both non-formal and formal education. • The ability to scale is critical, and often requires government support. • In order to address resource shortfalls, the financial sector needs to be a partner in delivering financial education.
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Pre-Summit Session 1.4 Advancing Economic Security for Children and Youth in Various Contexts and Cultures Chair: Ms. Delores McLaughlin, Senior Policy Advisor, Plan International Speakers: Mr. Stanley Dawa, Program Unit Manager, Plan Zimbabwe Mr. Rukema Ezekiel, Youth Empowerment Project Coordinator, Plan Rwanda Dr. Jacinthe Ibrahim Rihan, Deputy Program Manager, Plan Egypt (video presentation) Ms. Bella Lam, Senior Program Manager, Plan Canada Ms. Belinda Portillo, Country Director, Plan Paraguay Mr. Sawai Seesai, Education Advisor, Plan Thailand This session was chaired by Ms. Delores McLaughlin. She led a discussion of Plan’s efforts to fight child and youth poverty by informing them of their economic rights and working with them to build their capacities. With developmentally appropriate interventions, children and youth can be supported in their transition to adulthood and economic independence. A panel of Plan International representatives highlighted their organization’s successes with exciting case studies from a diverse range of countries. Chair: Ms. Delores McLaughlin In a gracious welcome address, Ms. McLaughlin set a tone for the session that encouraged the open sharing of ideas. She outlined Plan’s belief that every child has a right to develop her/his potential; to be heard and engaged; to be prepared to become economically active adults; and to contribute to civil society and solving some of the world’s most challenging problems. She introduced the session’s distinguished speakers and expressed hopes for an engaging and productive discussion. Ms. Belinda Portillo Ms. Portillo presented Plan Paraguay’s program with Aflatoun. It focuses on providing social and financial education to children 8 to 11 years old. Plan Paraguay has partnered with a commercial bank, the Ministry of Education, and the Central Bank. By using a Child Centered Community Development approach, teachers convey concepts of financial literacy, citizenship and entrepreneurship to children. The program has trained 8.000 children from 99 schools, 500 teachers, 45 technicians from the Ministry of Education and Culture, and gained national media exposure for the publication “Learning with Aflatoun”. The commercial bank partner designed and offers a savings product for children called “My Little Box and I“. Going forward, Plan Paraguay will scale up the program and continue to advocate for the incorporation of financial education as part of the Paraguay’s national curriculum. Mr. Stanley Dawa Mr. Dawa presented Plan’s Makwasa Club for Deaf Children in Zimbabwe, which targets children 8 to 14 years old. The program uses the Aflatoun methodology. Key activities include teacher training, raising awareness of children’s rights, and the promotion of saving and enterprise concepts. The project also supports income generating activites such as poultry production. The program is still small at 3 clubs of 36 members each, but what started as one club for 20 hearing impaired children has come to significantly reduced stigma in the community. It has also helped to influence the Ministry of Education to introduce sign language lessons for all schoolchildren and teachers. Going forward, Plan Zimbabwe plans to scale up the program and work with the Ministry of Education to increase the integration of financial education in school curricula. 92 Summit Report 2013
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Mr. Rukema Ezekiel Mr. Ezekiel presented the Plan’s Youth Economic Empowerment project in Rwanda, which targets youth and adults 15 to 35 years old. The project established youth Village Savings and Loan Associations (VSLAs) to facilitate access to financial services, develop linkages with formal MFIs, and build employability skills. Business plan competitions were organized and young entrepreneurs formed commercialized cooperatives in which their members were trained in product development, market research, and outlets for goods and services. As a result, 231 VSLA groups were formed and 120 groups linked with MFIs, 120 youth were supported in TVET, and 100 youth were trained on business development. In addition, 69 cooperatives with a total of 3,054 members were organized, and at least 50% of cooperative members are earning more than $2 (USD) per day. Going forward, Plan Rwanda aims to increase efforts to reach children with disabilities, strengthen the structures of cooperatives, and continue to scale up its successful programs. Mr. Sawai Seesai Since 2005, Plan Thailand has been working to develop their Student Bank program. Mr. Seesai discussed how the program, in partnership with CitiBank and the Thai Ministry of Education, has been able to provide banking services to youngsters in 7 provinces. Key activities include the development of curricula for training children and youth in financial, entrepreneruship, and social education, the creation of an informal, studentrun banking system in schools, and the development of banking software to serve young clients. As a result, there are actual banking operations (with ATM cards and books, and that deposit with commercial banks) in schools that are run by students for students. Teachers were trained to deliver financial education, student banks made use of their new software resources, and approximately $182,838 was saved by the 12,568 student members throughout the country. Ms. Bella Lam Ms. Lam presented Plan’s Youth Microfinance Project for Senegal, Niger, and Sierra Leone, which targeted youth ages 15 to 25 years old. Youth VSLAs were formed and life skills training was designed based on young people’s self-identified needs, and financial literacy topics were selected according to their relevance to the youth life cycle. Youth Advisory Boards were created to provide an overall governance structure for the VSLA groups and selected youth in Senegal were linked with MFIs. As a result, 3,278 groups were formed, 69,211 youth were reached, and $369,819 USD in savings have been accumulated (based on the latest data available at the time of the presentation). Going forward, Plan wants to scale up the program while promoting opportunities to access employment.
Conclusions • • • • •
Strong commitment to engage all children and youth as economic citizens. Advocate for financial education integrated into schools as a right for any child. Increase engagement and partnerships with Government and Private Sector. Encourage Child Friendly Banking to give children the ability to save. Increased support for enterprise development and access to employment for youth is necessary.
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Pre-Summit Session 1.5 Pushing the Boundaries of Technology Chair: Dr. Monique Cohen, Founder and Former President, Microfinance Opportunities, US Speakers: Mr. Koen Vermeltfoort, Partner, McKinsey & Company, the Netherlands Ms. Rani Deshpande, Director of YouthSave, Save the Children, US Mr. Bas Hoefman, Founder and Director, Text to Change, the Netherlands Ms. Fiona MacCaulay, Founder and CEO, Making Cents International, US In this breakout session, chaired by Dr. Monique Cohen, participants highlighted the opportunities offered by technology to provide financial access and education for children and youth. They explored innovative case studies and discussed their projections for the future of technology in the Movement. As always, with new opportunities come new challenges, and these challenges were also carefully considered in this session. Chair: Dr. Monique Cohen In welcoming her guests, Dr. Cohen set a tone for the session that challenged conventional thinking, engaged her audience, and initiated immediate discussion. She continued by introducing the session’s distinguished speakers and presented some issues which served to provoke debate and dialogue. Mr. Koen Vermeltfoort Mr. Vermeltfoort presented CYFI’s journey in understanding the role of technology in the child and youth finance sector. First, CYFI worked to tap into the latest thinking on mobile technology and low-cost banking operations, as reflected by the SchoolBank program. These initiatives were strengthened through alliances with global partners, including GSMA, IFC, ITU, The MasterCard Foundation, and McKinsey & Company. CYFI has also been active in advocacy through presentations to the GSMA MMU Workshop, Sibos 2012, and the European Commission. Mr. Vermeltfoort detailed how technology-based services can be used as tools to overcome regulatory barriers and highlighted the means by which a mobile money platform can both enable children to save and simultaneously promote education. One way is through access to mobile apps and games. Ms. Rani Deshpande Ms. Deshpande presented the preliminary results of New America Foundation’s pulse-taking survey on how organizations assess the role of technology in youth financial inclusion, which was conducted in conjunction with Making Cents International. 90 organizations responded to the survey and results showed there was no consensus on how technology could or should be used. However, respondents agreed that the way children and youth use technology is different than how adults use it, and therefore outreach for youngsters requires a special strategy. In addition, difficulties in the implementation of technology often have to do with broader policies. As a result, in many cases it may not be viable to unleash the potential of technology without first addressing these obstacles. Mr. Bas Hoefman Mr. Hoefman highlighted the potential for text messages to spread financial literacy. Text to Change has sent more than 8 million health education text messages, and Mr. Hoefman sees financial education to be a natural extension of these efforts. Text messaging is an innovative way to achieve scale. However, there are also obstacles, as not everyone has a mobile phone. Additionally, working with mobile operators can be problematic due to the high demand they see for pro-bono services. As a result, entering the mobile market can be difficult – but not impossible. 94 Summit Report 2013
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Ms. Fiona MacCaulay Ms. Macaulay presented her organization’s newly launched Technology for Youth Economic Opportunities program. This program aims to bring together innovators in technology with practitioners and policymaker working in the field of youth economic opportunities. By doing so, it will be possible to answer questions regarding the state of technology, how technology is supporting both employment and self-employment (entrepreneurship) for young people, and its relationship with financial capability. In addition, future steps and potential challenges will be collaboratively identified. All this leads up to one of the major events of Making Cents’ Collaborative Learning and Action program: the 2013 Global Youth Economic Opportunities Conference in Washington D.C, which will convene approximately 500 stakeholders to discuss the role of technology in both economic and social issues.
Conclusions • Banks have a responsibility to innovate to properly serve children and youth. • Governments need to facilitate the use of technology by creating a supportive regulatory environment. • The relationship between the Movement and the telecom sector is critical.
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Pre-Summit Session 2.1 Drafting National Strategies: Obstacles and Opportunities Chair: Dr. Hala El Said, Dean of Faculty of Economics and Political Science, Cairo University, Egypt Speakers: Dr. Ligia Georgescu Golosoiu, Counselor, National Bank of Romania Mr. Shaun Mundry, Independent Consultant, UK Mr. Faizan Mustafa, Head of Management and Technology Consulting, Mazars, Pakistan As reflected by feedback from stakeholders, it is clear that formal national strategies have a vital role to play in supporting the Movement’s efforts to provide financial education and inclusion for every child. This session was chaired by Cairo University’s Dean of Economics and Political Science, Dr. Hala El Said. Participants had an opportunity to discuss issues related to the process of national strategy development. Chair: Dr. Hala El Said By establishing a national strategy, Dr. El Said explained, it becomes possible for different stakeholders to work in a coordinated way towards shared objectives, such as ensuring that all consumers have access to financial education. As a result of the financial crisis, societies have a greater than ever need for financial literacy, yet there is no “one size fits all” strategy. Therefore, each nation should formulate a framework that effectively addresses specific national challenges. Dr. Ligia Golosoiu There is a lack of financial education for children and youth, stated Dr. Golosoiu. She sees the establishment of a financial education framework with the Romanian Ministry of Education as a necessary step in addressing that shortfall, with the end goal of implementing financial education for all primary school students. Going forward, it is important to be aware of the risks involved in financing these efforts, but many Romanian credit institutions (especially banks) as well as the Central Bank of Romania are already involved as stakeholders. The Central Bank of Romania is currently involved in implementing financial education as an optional subject at the national level, as part of the alternative national curricula for primary education approved by the Romanian Ministry of Education. It will be implemented in the academic year 2013 – 2014, and gradually rolled out to all counties in Romania. As part of the project, our students will visit the library, museum, and printing house of the National Bank of Romania, the State Mint, and a number of banks in order to internalize various means of producing currency. Mr. Shaun Mundy Many people do not have the competencies necessary to manage their finances responsibly. As credit becomes more widely available than ever, said Mr. Mundy, inadequate levels of financial literacy can be societally dangerous. By developing a national strategy for financial education and inclusion, previously disparate efforts can be coordinated towards a strategic focus. Doing so, however, requires strong and effective leadership capable of inspiring stakeholders. The best strategy is often to start slowly and build towards more ambitious efforts (i.e., the integration of financial education with the national curriculum) once evidence of a program’s success has been established.
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Mr. Faizan Mustafa 2.5 billion people do not have access to financial services, reported Mr. Mustafa. According to a survey by the World Bank, one of the main reasons for this financial exclusion is a lack of access to financial education. Although banks are often reluctant to work with illiterate customers, increasing access is necessary to shift the population from unsafe informal services (i.e., money lenders) to the safety of formal banking. And while it takes a long time for people to change their behaviors, the costs of doing nothing are unacceptable. In Pakistan, a national strategy was launched in 2011 link the efforts of principle stakeholders. In the future, effective communication and an awareness of the unique needs of rural and urban populations will be integral to the success of the Movement in Pakistan.
Conclusions • Impact evaluation is necessary to determine the effectiveness of programs. • Stakeholders must be aware of demographics – including the marginalized – when targeting outreach. • Whenever possible, financial education should be pursued at the national level.
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Pre-Summit Session 2.2 Financial & Enterprise Education: Combining Technology and Effective Classroom Practices Chair: Mr. Steve Korris, Quality and Training Manager, MyBnk, UK Speakers: Ms. Min Lee, Co-Founder and Princess of Possibility, Play Moolah, Singapore Prof. Dries Palmaers, Katholieke Hogeschool Limburg, Belgium Prof. Andy Veltjen, Lecturer and Researcher, Katholieke Hogeschool Limburg, Belgium In today’s world, technology plays an ever increasing role in education. From online educational resources to PowerPoint and smart boards, schools are filled with technology. Similarly, the Movement believes that technology has an important role to play in teaching children and youth responsible money management habits. This session, chaired by Mr. Steve Korris, offered an opportunity for inspiring leaders in the field of financial education technology to share their accomplishments with colleagues worldwide. Chair: Mr. Steve Korris Mr. Korris introduced MyBnk’s unique financial and enterprise education programs, showcasing how they are used in the UK and by partners worldwide. He explained that MyBnk’s approach and methodology was created through a needs-based analysis of the UK landscape and young people’s learning styles. By using physical activities and games, he highlighted that technology must embrace the same principles that are evident in effective classroom practice. Technology can be successfully used to enhance, rather than replace, the role of the teacher. Examples of technology in MyBnk’s delivery of its face-to-face programs include a banking portal (as part of its in-school banking scheme) and an iPad game that helps students visualize university budgeting. Ms. Min Lee In Singapore, Ms. Lee showed how children are playing exciting new online games – and learning the value of money at the same time! She shared how PlayMoolah has been working directly with banks to connect with young savers in the country. New Play Moolah youth account have access to a basic level of educational content, and must reach savings goals to unlock new levels in the online games. In this way, lessons move from curriculum to action, enabling effective classroom learning. Prof. Dries Palmaers and Prof. Andy Veltjen Prof Palmaers and Prof Veltjen argued that giving youth the opportunity to learn by doing can sometimes be more valuable than learning through traditional educational channels. Their work with gaming in schools helps young people spot ways to improve their money management skills through a process of tracking incomes and expenses. These budgeting tools allow them to pinpoint “where things went wrong,” and apply these findings to their daily lives. As always, the teacher has an important role in contextualizing the program so as to promote positive financial behavior.
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Conclusions • Learning materials and “edutainment” should be designed to be exciting and engaging for youth. • Despite developments in the field of technology enhanced learning tools, teachers have a critical role to play in facilitating financial education programs. • “Gamification” can provide a successful route to education leaning.
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Pre-Summit Session 2.3 Economic Empowerment: Strengthening Adolescent Girls’ Programming Chair: Ms. Valerie Meza, Program Manager Americas, Aflatoun, the Netherlands Speakers: Ms. Jaya Burathoki, Youth and Adolescent Development Officer, UNICEF, Nepal Mr. Brian King, Country Director, Mercy Corps, Tajikistan Ms. Rashida Parveen, Senior Program Manager, BRAC, Bangladesh Too often, the unique needs of girls are overlooked by traditional outreach efforts. In many places, a supportive climate does not exist to help girls become economically empowered young women. In this session, chaired by Ms. Valerie Meza, stakeholders in the Movement discussed their efforts to promote and protect the economic rights of girls. Chair: Ms. Valerie Meza Ms. Meza encouraged a discussion of open dialogue and debate. She emphasized how adolescence is an important transitional phase for every individual as they enter into roles and responsibilities that will define the rest of their lives. Adolescence is a critical window in shaping positive norms and behavior that affect future health, social and economic outcomes. She welcomed the guests and asked for an open-minded approach to the session’s dialogue before introducing the session’s speakers. Ms. Jaya Burathoki Ms. Burathoki presented the work of UNICEF Nepal in implementing the Aflateen curriculum in 5 districts of Nepal. These efforts occurred throughout 2012 in partnership with Child Workers of Nepal (CWIN). The result was that 200 children and adolescents from the most socially disadvantaged groups were reached. Some of these children have since started group-based saving with financial institutions, and there are now stronger linkages with livelihood programs and entrepreneurship opportunities. A comprehensive package for adolescents is now being developed (incorporating content on life skills, financial literacy, and livelihood awareness) along with linkages to start a micro-enterprise which will be implemented by existing government structures and civil society organizations. Through various kinds of interventions, the plan is to reach 300,000 adolescents in the next 5 years, thereby creating a generation of economically empowered youngsters in the country. Mr. Brian King Mr. King showed how, in many areas of Tajikistan, a large percent of the population finds work in Russia, resulting in some villages where there are no men at all. As a result, women – and girls – have had to take on many new responsibilities, including economic ones. He presented the “Aflateen+” program in Tajikistan, which integrates the “Aflateen” Curriculum of Aflatoun with the Reproductive Health and Family Planning for Adolescent Girls Curriculum of the World Health Organization (WHO). With funding provided by the Nike Foundation, a Randomized Control Trial of the “Aflateen+” program was conducted in 2 pilot districts in Tajikistan (30 intervention schools). Important results included an increased knowledge of the importance of savings and the recognition of the link between good health and financial literacy and behavior.
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Ms. Rashida Parveen Ms. Parveen continued by presenting BRAC’s initiatives in Bangladesh, including the Adolescent Development Program (ADP) the Social and Financial Empowerment of Adolescents Program (SoFEA) and the Aflatoun program. ADP’s goal is to improve the quality of life of vulnerable adolescents, and especially girls. This is achieved through an Adolescent Club, a Life-Skills Based Education (LSBE) Course, a Financial Education Course, Livelihood Training, and a Sports for Development and a Communication, and an Awareness and Advocacy component. SoFEA included the same first 4 components of the ADP in conjunction with savings and credit facilities and a community sensitization component. The Aflatoun program aimed to teach children about social values, rights, and responsibilities, and to empower them to become change makers. Meanwhile, clubs for adolescents provide financial literacy training and stress the importance of responsible money management. By December 2013, BRAC aims to provide education (including the Aflateen curriculum for secondary school students) to more than 450,000 children and youth.
Conclusions • Intra-government cooperation is key to successful national strategies, which should take into account the unique developmental needs of girls. • Development of comprehensive packages, combining life skills, financial literacy and livelihoods education is important. • Programs need to be flexible enough to accommodate young people (and especially girls) from different ethnic or cultural backgrounds. • Relevant stakeholders have an important role to generate resources and create impact. • Boys should also be included in rights and financial education to be able to keep up with the girls. • It’s important to measure the results of these interventions to see the behavioral changes of the young girls, some outcomes have an impact on the decisions of girls to postpone marriage, engage in entrepreneurship, continue studies, etc.
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Pre-Summit Session 2.4 Searching for the Business Case for Youth Financial Services Chair: Dr. Lewis Mandell, Prof. Emer. of Finance and Managerial Economics, University of Buffalo, US Speakers: Ms. Ebru Draman, Vice President, Bank of America, Turkey Dr. Bettina Fuhrmann, Univ. Prof of Management, University of Vienna, Austria Ms. Antoniya Gineva, Board Member, Financial Supervision Commission, Bulgaria Dr. Angela Lyons, Assoc. Prof. of Agricultural and Consumer Economics, University of Illinois), US What is the business case for providing safe and appropriate financial services for children and youth? Prof. Emer. Dr. Lewis Mandell chaired a discussion on this subject, in which participants discussed the return on lifelong relationships and the unique challenges of providing financial education in countries with weak formal financial sectors. In addition, recommendations on future research will be determined. Chair: Prof. Emer. Lewis Mandell Dr. Mandell asked his sessionâ€™s delegates to get out of their comfort zones and consider novel options for educating children and youth about the financial services sector. He continued by introducing the speakers. Ms. Ebru Draman Young people make better decisions when they are prepared, said Ms. Draman. As a result, financial service providers have a responsibility to promote financial literacy and support the transition from childhood to adulthood. Ultimately, this contributes to national well-being, and is of benefit to all. Univ. Prof Dr. Bettina Fuhrmann Financial literacy deserves to be taught as its own subject, stated. Dr. Fuhrman, as integrating it into other subjects will only lead to the quality of education suffering. One of the challenges with teaching dedicated financial literacy classes, however, is that they have an established foundation in the educational system. Teachers require training to teach this subject effectively, and this training requires a â€œramping-upâ€? process. Ms. Antoniya Gineva Ms. Gineva suggested that young people themselves are the key to determining an appropriate role for the financial sector. If financial literacy is high enough, youngsters can encourage financial service providers (FSPs) to fulfill their social responsibilities. At the same time, through education, FSPs can create additional demand for their products and support local economies. Doing so is critical to ensuring long-term sustainability. Collaboration with educators will be critical, said Ms. Gineva, as teachers will be in the best position to transfer knowledge. Dr. Angela Lyons Before we build the business arguments for financial education, it is important to determine the issues we are trying to solve, stated Dr. Lyons in her discussion of curriculum development and public policy. A key question was how skills should be bridged with employability. A case study from Taiwan was presented, where a microfinance initiative managed to completely reshape the local economic situation. In light of these accomplishments, said Dr. Lyons, perhaps there should be a global university for financial education.
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Conclusions • The financial sector should look at the financial education of children and youth as a long-term investment in a shared future. • Learning through experience is necessary for understanding – lessons alone are not enough. • Students often have financial access but inadequate financial literacy.
Pre-Summit Session 2.5 Technology Working Group (Closed-Door Meeting)
Pre-Summit Session 2.6 What Are We Learning? Partnerships and Linkages to Increase Access to Finance for Young People (in partnership with The MasterCard Foundation) (Closed-Door Meeting)
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Pre-Summit Session 3.1 Building Local Capabilities: Lessons from the Field Chair: Ms. Gloria Almeyda, Senior Coordinator Professional Programs CIED, Georgetown University, US. Senior Program Coordinator Speakers: Dr. Emmanuel Kojo Oseifuah, Professor of Accounting and Auditing, University of Venda, South Africa Dr. Mohamed Fazli Sabri, Professor of Resource Management and Consumer Studies, University Putra Malaysia Dr. Jacques Zeelen, Professor of Lifelong Learning at the Behavioral and Social Sciences Department, University of Groningen, the Netherlands To maintain a bottom-up approach and empower children and youth at a grassroots level, it is important for the Movement to remain in touch with the experiences of children and youth. In additional, promoting the collaboration between local researchers and external research institutions so as to successfully link their results with policy and develop local capacity in research and policy on financial education for children and youth. In this session, chaired by Ms. Gloria Almeyda, participants discussed potential influences for children and youth in the local context. With case studies from Malaysia, South Africa, and Uganda, participatory local research was highlighted. Chair: Ms. Gloria Almeyda Ms. Almeyda discussed two important considerations in determining methodology for prospective qualitative research projects. First, an interpretative approach means trying to understand peopleâ€™s life experiences from their internal perspectives. As a result, it is important to make an effort to gain insight into the actual experiences of children and youth. Second, the use of a participatory approach is essential in the local context. This cooperative process allows social scientists and research subjects to connect as peers, and therefore provides for collective learning experiences. Prof. Emmanuel Kojo Oseifuah Prof. Oseifuah presented details of South Africaâ€™s experiences in the Movement. Research has indicated that levels of financial literacy are alarmingly low, even among undergraduate students; overall, students tended not to be knowledgeable about simple financial facts. If this is the situation among university students, then the picture for the general public is likely even bleaker. This calls urgently for a sustained and systemic program for the financial education of South Africaâ€™s children and youth, said Prof. Oseifuah. Prof. Mohamad Fazli Sabri Motivated by concerns about how young Malaysians obtain knowledge about handling credit and other aspects of personal finance, Prof. Sabri shared the results of a study that examined the relationship between consumer experiences in childhood (access to savings accounts, conversations about finance with parents) and the role that ethnic and social background plays in determining financial literacy. Results showed that those who talked about money with their parents were more financially literate than those who did not; regardless, however, the study concluded that levels of financial literacy in Malaysia deserve concern. Going forward, Prof. Sabri sees great potential in the establishment of a working committee for financial education and parents should play important role in educating their children about personal finance.
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Dr. Jacques Zeelen A boda boda is a form of bicycle taxi common in Uganda. Dr. Zeelen highlighted the important role of partnerships through a discussion of his research experiences with Ugandan boda boda drivers. He told the story of John, who, at 25 years old, is married and has two children. John also has family responsibilities to his parents and siblings. Despite having a bank account, John mistrusts banks and prefers going to a local savings organization. His example shows that there is no “one size fits all” solution to financial inclusion – and similarly, there is no single ideal model for research.
Conclusions • There is no formula for effective research, and therefore careful planning is necessary during study design. • National level coordination (such as working groups) can do a great deal to build consensus. • We should not look for a “one size fits all” solution to financial inclusion, as individuals have different attitudes and needs.
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Pre-Summit Session 3.2 Practical Approaches to Acquiring Financially Capable and Confident Youth Clients Chair: Ms. Ryan Newton, Senior Associate of the Youth Savings Program, Women’s World Banking (WWB) Speakers: Mr. Olumide Akindele, Head, Propositions and Liabilities, Diamond Bank, Nigeria Mr. Tezera Kebede Bekele, CEO, PEACE MFI, Ethiopia Mr. Ejigu Erena, Youth Operations Desk Officer, PEACE MFI, Ethiopia Ms. Densmaa T. Togtokh, Head of Consumer Bank Department, XacBank, Mongolia Women’s World Banking (WWB) hosted this pre-Summit session, featuring its own work and that of its partner financial service providers (FSPs). The session highlighted the practical product development strategies undertaken by WWB and its partners, aiming to acquire financial capable and confident youth clients, while maintaining a sustainable business model. Chair: Ms. Ryan Newton Ms. Newton provided insight in the research and capacity building based approach taken by WWB towards its youth savings product development. In 2012 WWB published a comprehensive guide – “Banking on Youth” – for deposit-taking financial institutions to support their youth savings product development. Central to the approach is supporting FSPs to develop research-based marketing and financial education strategies that follow a customer’s journey with the objectives of account take-up and usage by financially capable customers. Mr. Olumide Akindele Mr. Akindele shared the pioneering work of Diamond Bank in offering children and youth appropriate savings accounts. Diamond Bank currently offers a parent-supported youth, and is in the process of developing an account to be managed by youth. The bank seeks to serve children and youth by clustering financial and non-financial services such as financial education in a school setting, combined with edutainment and activities that bring together parents and school staff. Mr. Tereza Kebede Bekele, Mr. Ejigu Erena, Mr. Kebede and Mr. Erena presented Lenege (English: “For Tomorrow”), PEACE MFI S.CO’s voluntary savings account for youth 12 to 24 year olds. With very low minimum opening and ongoing balance requirements and no fees, youth 14 and over who are lightly employed can open an account without a guardian. The program works with schools to reach in-school youth in semi-rural areas, and works with the Population Council and other nonprofit partners to reach out of school youth (including married girls in rural areas). The financial education component is delivered by PEACE MFI S.CO staff both in and out of school, and also involves families to ensure wider account uptake and awareness. PEACE MFI S.CO offers practical solutions to safely and regularly save money. Ms. Densmaa T. Togtokh Ms. Togtokh explained how in multi-stakeholder partnerships, XacBank has reached out to children and youth through its Aspire and Future Millionaire programs. Starting at 14 years old, youth in the Aspire program own and manage their own low interest account, and the product is connected to in-school financial education (facilitated by an NGO partner), media awareness programs, and interactive branch visits. Retention and active usage is also stimulated through text message reminders, monthly account statement messages, and incentive programs. Results have been very positive both in terms of empowerment and usage.
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Conclusions • Collaboration through partnership boosts the strength of both financial and non-financial services. • Promote account take-up and retention through a rich diversity of practical tools and services around the product, including internet, media, mobile, and schools in order to engage youth and build their financial capability. • Thorough market research is key for effective segmentation and sound life-event based financial education.
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Pre-Summit Session 3.3 Youth Diversity Reflected in Delivery of Financial Services and Education Chair: Ms. Rosanna M. Ramirez, Director of Youth Microfinance, Freedom from Hunger, US Speakers: Ms. Amelia Kuklewicz, Program Manager, Freedom from Hunger, US Mr. Adil Sadoq, Field Project Manager, Mennonite Economic Development Associates (MEDA), US In this session, participants examined the advantages and disadvantages of different approaches for designing market-led youth financial services and for integrating non-financial services into financial service platforms. Children and youth are an incredibly diverse demographic group and should be considered as such. Chair: Ms. Rossana M. Ramirez Ms. Ramirez started by introducing the speakers and then continued by describing the profile of the youth population in Mali. Ms. Ramirez presented two saving strategies: the Youth Saving Groups (YSG) and the Youth Saving Accounts (YSA). She went on to discuss their advantages and disadvantages. YSGs help address the financial gap in rural areas, promote solidarity, and are a stepping stone towards financial inclusion. On the other hand, the loans that are provided are limited to the amounts saved by the group, and group savings are still at risk. YSAs tackle some major barriers, including ID and minimum opening balance requirements, and can be leveraged to access credit. On the other hand, they are less attractive to youth with limited and irregular incomes, and might not be accessible in the event of migration. Ms. Amelia Kuklewicz Ms. Kuklewicz further discussed the dynamics of youth financial education and individual youth savings accounts in Ecuador. Schools are a platform for financial education, and Freedom from Hunger uses a unified approach that can support stronger community ties through the implementation of the program. However, this approach depends on school schedules, and school staff, are not always the greatest facilitators of financial education. Youth Savings Accounts allow for individual ownership of the account and provide multiple moments of interaction with cooperative staff. On the other hand, there is limited access due to age restrictions and there might be a delay in account opening, due to time, requirements, and support. Ms. Kuklewicz showed that in Ecuador, there is a strong foundation for financial access, particularly in the cooperative sector. Children and youth have high rates of access to cell phones, making mobile banking promising. New programs are set to be facilitated by university students, who will train participants. These students also have the opportunity to be involved in internships that can lead to employment. Mr. Adil Sadoq Mr. Sadoq presented lessons from MEDAâ€™s YouthInvest project for 15 to 30 year olds in Egypt and Morocco. The program takes 100 hours to complete and is designed to help youth obtain financial security through either entrepreneurship or employment in the local economy. He stressed that while youth should be considered a very heterogeneous group, young people share some common needs, including access to secure savings accounts, youth-appropriate loans, financial education, and business skills training. MEDA has been able to demonstrate that youth are economically active and that they actually save, despite the fact that only 12.3% of MENA youth
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have a formal financial account. Youth Invest shows that youth want to borrow, yet only 5% of youth in MENA have taken credit from a formal financial institution. In fact, despite the belief that youth are a riskier client segment than others, Youth Invest has been able to demonstrate that, among the financial service providers in the project, there is no difference between the loan repayment rates of youth and adults. Mr. Sadoq emphasized that youth are innovative, create businesses that capitalize on market opportunities, are in tune with technology, and have competitive ideas.
Conclusions • Children and youth are an incredibly diverse group that require diverse outreach approaches. • Financial service providers must design appropriate financial products for children and youth. • The private sector needs realize that children and youth do not represent a danger to profits, but are instead a socially responsible long-term investment. Stakeholders need to start listening to youth, partner with other YSOs, monitor and evaluate their programs and disseminate the lessons learned to the public.
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Pre-Summit Session 3.4 Young Entrepreneurs’ Pathway to Success: A Comprehensive Approach to Supporting Youth and Their Enterprises Chair: Mr. Jacob Risner, Program Manager, International Youth Foundation (IYF), US Speakers: Ms. Nyika Brain, Manager of Global Community, Barclays, UK Dr. Rahul Mirchandani, Founder President, Commonwealth-Asia Alliance of Young Entrepreneurs (CAAYE) & Executive Director, Aries Agro Limited., India Ms. Payal Pathak, Program Manager Asia, IYF, US It is not always easy being a young entrepreneur. It is crucial that a supportive environment for their efforts is provided so that more young people can take advantage of entrepreneurial opportunities. This session provided a forum for participants to emphasize the importance of youth entrepreneurship in the movement and how entrepreneurial efforts can be best supported. Chair: Mr. Jacob Risner, Ms. Payal Pathak Mr. Risner opened the session with a discussion of the IYF program model, which includes livelihoods development. By thoroughly understanding the local context, youth can be equipped for economic success. Through both formal and non-formal educational settings, IYF provides support to youth with business plan development business, financial, and life skills training, and establishing linkages with appropriate financial services providers. Ms. Pathak further elaborated on IYF’s work in creating opportunities for youth around the world through the Build your Business (material available online) and the Passport to Success programs. Ms. Nyika Brain Ms. Brain argued that the promotion of economic citizenship amongst children and youth is crucial to the creation of future clients and colleagues. She highlighted the Barclays’ Banking on Change program, which, in partnership with Plan International, helped to create effective linkages for youth between financial education and financial service provides. In order to help youth achieve their ambitions in the right way, Barclays has also partnered with UNICEF UK to offer the Building Young Futures program. This is a mentoring and job placement program currently being rolled out in Brazil, Egypt, India, Pakistan, Uganda, and Zambia. Dr. Rahul Mirchandani Dr. Mirchandani described how the Commonwealth-Asia Alliance of Young Entrepreneurs (CAAYE) was operating as a “network of networks” connecting a diverse range of stakeholders to address the demographic challenge of a “youth bulge” in the Commonwealth Asian countries. Doing so requires a combination of interventions, including improvements to the regulatory and tax environment for youth, providing more inclusive access to finance, mentorship programs and effective provision of education and skills training allow youth to develop entrepreneurial ideas. He emphasized the importance of having young people learn from other successful examples of young entrepreneurs in the region and that university and industry chambers should take greater strides in contributing to the development of entrepreneurial and employability skills for youth.
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Conclusions • Do not get stuck focusing on populations that are easy to serve, as those that are most difficult to reach are often those most in need of the Movement’s support. • Linkages between education providers and the private sector can support youth entrepreneurship • Young entrepreneurs need to be equipped not only with technical, hard skills, but also with soft skills such as confidence, goal setting, and intra and interpersonal skills. • Positioning young people as ‘bankable’ individuals is critical to ensure flow of capital to fund the most promising ideas.
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Pre-Summit Session 3.5 Measure Twice, Cut Once: Pilot Testing Your Youth Financial Products Chair: Ms. Rani Deshpande, Director of YouthSave, Save the Children, US Speakers: Ms. Josée Mukandinda, YouthStart Operations and Program Manager, UCU, Rwanda Ms. Laura Munoz, YouthStart Technical Advisor, UNCDF, US Ms. Corrinne Wairimu Ngurukie, YouthSave Regional Technical Advisor for Africa, Save the Children, Kenya Mr. Kodjovi M. Fleur Sogan, Youth Project Coordinator, FUCEC, Togo In this session, participants came together to share best practices in market research, pilot testing, and reaching scale. Chair: Ms. Rani Deshpande Ms. Deshpande noted that although piloting– by definition – must be done to determine their potential viability of programs, many financial services providers are asking whether piloting is really worth it. As such, it is important to consider potential alternatives and weigh them against the cost of conducting a pilot. Ms. Anne Karanja Ms. Karanja shared the results of a pilot from Kenya Postbank, where they were able to tailor products to the unique needs of Kenyan youth. For example, children without birth certificates were accommodated through the use of school-based documentation as an alternative. In her eyes, piloting is both a risk-mitigation tool and a way to engage directly with children and youth, which results in the development of an even well-tuned product. Ms. Josée Mukandinda Ms. Mukandinda stressed the importance of pilot testing a single product at time so as to prevent being overwhelmed. By using youth as peer trainers, financial education can effectively be delivered alongside access to financial products. Youth engagement is so important, as is gender balance, stated Ms. Mukandinda. Every youth should be able to recognize themselves in the message being delivered. Reaching young girls can often be the greatest challenge of all, but peer education is a promising way to spread knowledge here as well. Ms. Laura Muñoz Ms. Muñoz outlined the essential steps for pilot testing in the YouthStart program, from team formation and the formalization of objectives, to operational guidelines and practices for ongoing evaluation. She emphasized the importance of staff engagement, as they should be involved as active champions of youth economic rights. Marketing is also key to success, as outreach should “go to where youth are” through integration with parents, peers, and schools. Ms. Corrinne Wairimu Ngurukie Ms. Ngurukie discussed her program’s goal of promoting financial asset building for low-income youth. After a three month market research phase, pilot programs were launched that found youth to be both able and willing to save, successfully increasing their account balance over time. Critically, pilots have the ability to give institutions confidence in addressing the youth segment.
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Mr. Kodjovi M. Fleur Sogan Mr. Sogan commented on the importance of staff engagement. Staff need to be properly informed, as by raising awareness of broader efforts, we can facilitate project implementation, said Mr. Sogan. He sees pilot testing as of great significant, since it allows for risk to be minimized.
Conclusions • Cost-benefit analysis is strongly recommended. • Pilot testing of financial products is risk-mitigating tool, and one product at a time should be piloted. • It is important to prepare field staff to actively engage with children and youth.
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Pre-Summit Session 4.1 Getting Financial Education in the National Curriculum: A Case Study from the UK Chair: Mr. Eric Leenders, Executive Director, British Bankers’ Association (BBA), UK Speakers: Ms. Tracey Bleakley, Chief Executive, Personal Finance Education Group (PFEG), UK Mr. Michael Royce, Proposition Manager, Money Advice Service, UK While every country has a unique path to providing financial education for all, integration with the national curriculum is often the most direct. In this session, chaired by the British Bankers’ Association’s (BBA) Mr. Eric Leenders, stakeholders considered the evidence supporting the UK’s national financial education curriculum, such as financial education’s synergy with math education. Chair: Mr. Eric Leenders Mr. Leenders introduced the session’s speakers and gave an engaging history of financial education in the UK. Ms. Tracey Bleakley Ms. Bleakley described how the independent charity pfeg (Personal Finance Education Group) was formed in 2000 to help young people gain the competencies required to manage money well. At the time, financial education in schools was inconsistently implemented, and most teachers were against teaching the subject as they believed it required detailed knowledge of financial. There was an attitude, said Ms. Bleakley, that financial education was probably best left to parents. Over 12 years, PFEG trained 20,000 teachers and developed support resources now used by 38,000 teachers. By working directly with teachers, PFEG found ways to integrate financial education with existing subjects, such as Citizenship and Maths. By 2011, 94% of teachers said they believed financial education should be taught in schools. PFEG led the campaign to embed financial education in the national curriculum by becoming a secretariat and helping to form an “All-Party Parliamentary Group” of 253 MPs and peers. This resulted in largescale media coverage and popular support. In 2013, the campaign successfully embedded financial education into Citizenship and Maths in secondary schools. In the future, continuous support (teacher training, etc.) will be vital, as will maintaining momentum through events such as PFEG’s My Money Week, which ran for the 5th year in June and involved over 1 million children from across the UK. Mr. Michael Royce Mr. Royce, Propositions Manager at the UK-based Money Advice Services (MAS), came to share some of his organization’s experiences in developing a financial capability strategy for the UK. Following a baseline survey (so as to allow for ongoing impact measurement), MAS worked to take a multi-stakeholder approach. A partnership with PFEG served to support teachers and volunteers from the financial services industry lent their expertise to lessons. Building confidence in teachers was seen as key to ensuring good outcomes and passionate school leadership teams were able to produce exceptional results.
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Conclusions • Financial education must be a political priority. • Supporters should unify around a strong single message. • Be prepared for the unintended consequences of wide-ranging policy reforms.
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Pre-Summit Session 4.2 Delivering Integrated Services for Youth: How Much, How, and When Chair: Ms. Mario Perdomo, YouthStart Program Manager, UNCDF Speakers: Mr. Tewabe Aysheshim, Head of FI Project, ACSI, Ethiopia Ms. Alice Lubwama, Business Development Office, FINCA, Uganda Ms. Jessica Massie, Senior Technical Assistant, Reach Global, US In this session, chaired by YouthStart’s Ms. Mario Perdomo, participants examined challenges in increasing the participation of youth in financial, livelihoods, and reproductive health education. Participants celebrated the successes of YouthStart partners, and answered questions about how to deliver content without compromising impact or sustainability. In addition, the potential of the youth ambassadors (“kids teaching kids”) model was highlighted. Chair: Ms. Mario Perdomo Ms. Perdomo introduced the session’s speakers and expressed her hopes for an engaging and productive discussion. Mr. Tewabe Aysheshim Mr. Aysheshim spoke about his experiences at Ethiopia’s ACSI. At first, his organization had little experience in providing non-financial services to youth. While their efforts were large-scale, they were not systematic. By standardizing the curriculum and providing additional support to field staff, the program was able to provide high-quality education to a more focused group of children and youth. With this success, the program is now being considered for expansion. Ms. Alice Lubwama In Uganda, FINCA is working to provide youth with a sound foundation of financial literacy. To make sure that their education efforts were accompanied by inclusion, Ms. Lubwama explained, FINCA has adopted a unified approach by providing both simultaneously. In addition, the curriculum was made more concise so as to highlight “key technical information” and better engage children and youth. She also emphasized the importance of ensuring sure both financial service providers and youth-serving organizations “stay on the same page”. Ms. Jessica Massie Field staff are key to effectively delivering non-financial services, advised Ms. Massie, Senior Technical Assistant at Reach Global. One cannot expect field staff to serve as dedicated trainers, and should therefore support them with clear and effective tools to engage with children and youth. It is better to figure out the most basic capabilities and build a shorter, interactive session than try to do everything and end up doing nothing, she said. Ms. Massie also stressed the importance of building sustainable projects and having a plan for follow-up.
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Conclusions • Be aware of the possibility of overreaching – it is better to provide high-quality outreach first and then scale, rather than vice versa. • Field staff need to be supported, and cannot be expected to do all the work of dedicated trainers. • The unified method to financial education and financial inclusion is a clear winner.
Pre-Summit Session 4.3 Education Working Group (Closed-Door Meeting)
Members of the CYFI Education Working Group met to review the proposed taskforces that will guide their efforts over the coming year, especially in preparation for the 3rd annual Summit and Awards Ceremony in Santiago, Chile. The Working Group co-chairs, the OECD’s Ms. Flore-Anne Messy, and UNICEF’s Ms. Maida Pasic thanked the members present for their dedication to the goals and objectives of the CYFI Movement, particularly in the area of Economic Citizenship Education. Members worked in small groups to establish preliminary action plans for the various task forces which will be further elaborated over the coming months. The taskforces that will be prioritized in 2013 are as follows: 1. Curriculum Assessment: refining the CYFI Curriculum mapping tool and enhancing its accessibility and utility for partners in the CYFI Network. 2. Teacher Training: mapping current best practices in teaching training models, with a focus on active learning methodologies and applying the results to the components of ECE. 3. Stakeholder Engagement: particularly education authorities in government. 4. Economic Citizenship Education in the Post 2015 Development Agenda. Members were also invited to provide their input on CYFI’s education-related advocacy and communications documents, which assist in making the case for ECE to education practitioners and policymakers.
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Pre-Summit Session 4.4 Impact Assessment and Evaluation Methods of Financial Services and Education for Youth Chair: Mr. Beniamino Savonitto, Project Director, Innovations for Poverty Action (IPA), US Speakers: Dr. Şule Alan, Assistant Professor of Economics, Koç University, Turkey Mr. Mat Despard, Clinical Associate Professor at the School of Social Work, University of North Carolina at Chapel Hill, US Dr. Seda Ertac, Assistant Professor of Economics, Koç University, Turkey The goal of this session was to provide a brief introduction to impact evaluation methods and the evidence to date on youth financial services and education. After an introduction to randomized evaluations, and a summary of results from relevant studies, the session provided insights and examples from two evaluations of a financial education program in Turkey and a program promoting savings among children in Ghana. Chair: Mr. Benjamino Savonitto Evaluation is part of every step of program design and implementation. Monitoring and process evaluations are essential to ensure that a program functions as planned. Impact evaluation is about understanding how the lives of its beneficiaries have changed compared to a counterfactual – what they would have been had the program not take place. The methods that we use to determine the counterfactual are very important to avoid drawing the wrong conclusions. In addition, said Mr. Savonitto, randomized evaluations are the best method for impact evaluation. Dr. Sule Alan A randomized evaluation requires careful design, but strong impact assessments can greatly contribute to improving the way we try to promote responsible financial decision making to the disadvantaged. The evidence on youth financial inclusion is limited. While evaluations of school-based financial education show improvements in knowledge, the jury is still out on whether this can translate in improved financial behaviors. The financial education program in Turkish public schools that Dr. Alan and Dr. Ertac are evaluating is designed specifically to improve the attitudes and behaviors of children. Dr. Seda Ertaç Dr. Ertac provided details on the design of the financial education program in Turkish primary schools, and illustrated some of the methods used by the researchers to measure changes in attitudes and behaviors, and to determine whether the program is particularly effective if offered by professors or to students with particular characteristics. Results from this evaluation, supported by ING Turkey, are expected by June 2014. Mr. Mat Despard Mr. Despard presented the design of a program offering youth-tailored savings accounts to students in Ghana. This project is part of the YouthSave consortium and in partnership with The MasterCard Foundation. The study seeks to determine the impact of this savings account campaign on financial behavior of students that were offered the account. The research team is determine whether a simple marketing campaign in schools is sufficient or if the offering of in-school financial services is necessary in order to get enough take-up and determine an impact of the program.
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Conclusions â€˘ Randomize evaluations provide the highest quality and most reliable answers to what works and what does not, and can provide great insights into designing programs to improve financial decision-making among youth. â€˘ While evaluations on financial education for youth show improvements in knowledge, few have found an impact for financial education programs on behavioral outcomes. Both of the studies presented evaluate programs that seek to improve behavior specifically through a financial education program and the offering of youth-tailored financial products.
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Other Activities The Summitâ€™s exhibition area provided an opportunity for participants to interact by means of art and technology in support of the Movement. CYFI was proud to be able to provide an exhibition area for both the creative works of young people and the initiatives of education providers, governments, and youth-serving organizations.
During the Youth Summit, child and youth participants produced inspiring artwork that reflected their growing understanding of responsible money management and their place in the financial world.
Simultaneously, at the Summit, efforts were being made to engage the Movementâ€™s supporters through the use of social networking technologies. CYFI reached more than a million Twitter accounts and received increasing support through its Facebook page. The Summit was covered live by Turkish television, and CNNâ€™s Nina dos Santos was present to host the Opening Session. The Summit was featured in a 40-minute special specifically devoted to financial literacy, with adult and youth participants from the Summit itself present.
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THE SECRETARY-GENERAL -MESSAGE TO THE SECOND ANNUAL CHILD AND YOUTH FINANCE INTERNATIONAL SUMMIT AND AWARDS CEREMONY Istanbul, 8 May 2013 I am pleased to send greetings to all participants at the Second Annual Child and Youth Finance International Summit. You are gathering at a vital moment. Today we have the largest generation of youth that the world has ever known. Yet we also face enormous challenges as much of the globe confronts ongoing economic turmoil and tensions. The worldâ€™s children and youth have an important role to play in speaking out on the financial issues that most matter to them. From employment and entrepreneurship to skills development and investment, new approaches are needed for young people to realise their full economic and civic potential. This summit provides a vital forum to discuss these issues. Access to financial and social assets is essential to helping youth make their own economic decisions and escape poverty. I join you in celebrating the milestone of the Child and Youth Finance International movement now operating in 100 countries. I encourage you to exceed your target of providing 100 million children and youth with financial services that are both responsive to their needs and protective of their rights. The United Nations is also playing its part. The UN Capital Development Fund and the United Nations Childrenâ€™s Fund are working with non-governmental organizations and other partners to promote child- and youth-friendly banking principles as well as school curricula that encourage financial competency and social responsibility. I commend these efforts and encourage you to keep working together to shape our common future. I wish you a successful conference.
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Child and Youth Finance International PO Box 16524 1001 RA Amsterdam Netherlands + 31(0)20 5203900
Child and Youth Finance International (CYFI) lead the world’s most extensive child and youth finance Network, that together makes up the Child and Youth Finance Movement. We connect Ministries and Governments, CEOs, heads of NGOs, financial institutions and children. By aligning and coordinating efforts of organizations all over the world the Movement is able to share resources, model best practices and empower each other to reach the target of the Movement: Reaching 100 million children in 100 countries by 2015 with financial inclusion and financial education to make sure that every child and youth have access to a basic savings account and the financial knowledge and skills needed to operate this account. By doing this we aim to give the adults of tomorrow the tools to lead lives free from poverty and financial instability. Stay connected with us Website: www.childfinanceinternational.org Facebook: ChildFinance Twitter: ChildFinance LinkedIn: Child and Youth Finance International To read our publications, please visit: www.childfinanceinternational.org/movement/publications
Global Money Week
Global Money Week is a global celebration that is taking place in the second week of March each year. The Week engages children and youth worldwide in learning how money works, including saving, creating livelihoods, gaining employment, and entrepreneurship. Countries and organizations all over the world participate by engaging children and youth in activities such as global web chats, visits to banks, ringing the bells at the stock exchange, radio shows and cartoons and much more. Stay connected with us Website: www.globalmoneyweek.org Facebook: Global Money Week Twitter: GlobalMoneyWeek
Finance & Me
Finance & Me is a platform initiated by Child and Youth Finance for children and youth to take action in reshaping the future of finance. It allows for youngsters to stay informed about the latest Child and Youth Finance Movement activities going on around the globe so they can remain active and involved in the Movement. Finance & Me also serves as a bridge between young people and adults as children and youth are encouraged to utilize this platform to share their experiences and voice their opinions. Stay connected with us Website: www.financeandme.org Facebook: Finance & Me Twitter: FinanceandMe
YouthTech is a blog where Child and Youth Finance International (CYFI) shares technological innovations around the topic of financial inclusion and education for children and youth. It provides a platform where experts within the CYFI network and beyond engage in discussions about the potentials of technology in enhancing financial capability of children and youth. Moreover, YouthTech also serves to share best practices and to document how technology is shaping the Child and Youth Finance Movement. We hope this will contribute to the understanding of what is needed for technology to make a difference in the current financial inclusion and education landscape and the ways of turning it into a reality. Stay connected on the blog: www.youthtech.info
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Child and Youth Finance International PO Box 16524 1001 RA Amsterdam Netherlands +â€‰31(0)20â€‰5203900 www.childfinanceinternational.org
The report provides an overview of the sessions and outcomes from CYFI's International Summit, Youth Summit and Awards Ceremony held in Ista...
Published on Jan 25, 2017
The report provides an overview of the sessions and outcomes from CYFI's International Summit, Youth Summit and Awards Ceremony held in Ista...