2013 ─ Economic Citizenship in Your Country

Economic citizenship in your country Developing Child and Youth Finance Initiatives at the National Level

Guidebook

Economic Citizenship in Your Country Developing Child and Youth Finance Initiatives at the National Level

Acknowledgements This manual was created based on the inputs and experiences of national authorities and international authorities contributing to the Child and Youth Finance Movement. We would like to thank the Child and Youth Finance International Regulation Experts Council and the many other contributing authorities whose efforts are helping shape the international Child and Youth Finance Movement. Continuing such global and collaborative efforts will ensure that the Child and Youth Finance Movement moves towards it goal of reaching over 100 million children in 100 countries.

National Authorities whose inputs and experiences have helped shape this manual Austrian Financial Market Authority Bank Indonesia Bank Negara Malaysia Bank of Estonia Bank of Israel Bank of Italy Bank of Namibia Bank of Spain Banque de France Central Bank of Brazil Central Bank of Egypt Central Bank of France Central Bank of India Central Bank of Malaysia Central Bank of the Philippines Central Bank of the Russian Federation Central Bank of Turkey China Banking National authority Commission Commission de Surveillance du Secteur Financier - Luxembourg Dutch Central Bank

European Banking Authority European Central Bank Federal Reserve Bank of Chicago Federal Reserve Bank San Francisco Federal Reserve Board Financial Services Agency of Japan Bank of Namibia National bank of India National bank of Mexico National Bank of Moldova National Bank of Poland National Bank of Slovakia National Bank of the Republic of Kazakhstan National Bank of the Republic of Macedonia National Credit National authority - South Africa Netherlands Authority for the Financial Markets Palestine Monetary Authority Polish Financial Supervision Authority Reserve Bank of India Reserve Bank of Malawi US Treasury

Economic Citizenship Education in Your Country: Developing Child and Youth Finance Initiatives at the National Level Child and Youth Finance International TM 2012 Jeroo Billimoria This work may be reproduced and redistributed, in whole or in part, without alteration and without prior written permission, for non-profit administrative or educational purposes providing all copies contain the following statement: Copyright 2012, Child and Youth Finance International. This work is reproduced and distributed with the permission of Child and Youth Finance International. No other use is permitted without the express prior written permission of Child and Youth Finance International. For permission, contact info@childfinance.org

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Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

Core Principles of the Child and Youth Finance Movement The Core Principles of the Child and Youth Finance movement are focused firmly on increasing the financial protection and empowerment of all children and youth across the world. The Movement works to ensure that the human rights, and in particular the economic rights, of children and youth are respected at all times. It builds upon the United Nations Convention on the Rights of the Child and The Universal Declaration of Human Rights.

To that end, the Movement encourages the creation of systems in which the interest of children and youth are pushed to the forefront, in which children and youth are recognized as important stakeholders whose financial safety must be secured, and in which their risks of financial exploitation are minimized.

Endorsers and contributors to the Child and Youth Finance Movement subscribe to the principles of the Movement as outlined below: 1. All children and youth have basic human rights and economic rights which must be respected by all institutions and individuals , and have the right to build their assets and build a livelihood 2. Institutions must conduct their business in such a way as to protect children and youth, safeguard them from all forms of exploitation, particularly financial exploitation, and always promote the best interests of children and youth 3. All children and youth- regardless of their nationality, ethnicity, religion, environment, ability, gender or economic situation- deserve to have access to safe, appropriate financial services and quality financial, social and livelihoods education designed for their benefit. Institutions and policies must ensure their best effort to ensure all children and youth are included in these efforts 4. The movement is committed to ensuring that the experience of children and youth in social and financial enterprises remain a positive, safe and ethically responsible way of generating income, developing valuable skills and creating social impact. The Movement aligns its position to that of the UNCRC’s position which states that “no child or youth must be exposed to work that is likely to be hazardous or to interfere with the child’s education, or to be harmful to 1 the child’s health or physical, mental, spiritual, moral or social development” 5. The Movement will remain open and collaborative to all stakeholders, including children and youth. Contributors within the Movement will engage in experience-sharing and collaboration with other contributors within the Movement to share innovations and strengthen activities and knowledge within the Movement The Child and Youth Finance Movement is committed to creating policies and conducting activities that are in accordance with these principles and which will respect the human rights and economic rights of children and youth at all times.

Guided by these principles, endorsers of the Movement will work jointly to achieve the Movement’s goal of facilitating financial inclusion and Child and Youth Finance Education for 100 million children and youth in 100 countries by 2015.

1

UNCRC (1990)

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Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

Executive Summary The Child and Youth Finance Movement was launched in April 2012 at the First CYFI Annual Summit with the involvement of 346 senior level participants from 83 countries, including both adults and youth. The Movement was created with one central objective: increase the economic citizenship of children and youth. This means giving all children and youth aged 8- 18 the opportunity to make wise financial decisions, accumulate their savings, build a livelihood, find employment and ultimately break the cycle of poverty. Having succeeded in spreading to over 100 countries and reaching over 18 million children within a year of its launch, the Movement is well on its way to reaching its 2015 goal of 100 million children and youth and beyond.

Economic Citizenship in Your Country seeks to inspire how YOU as a national authority, governmental body, Ministry of Finance, Ministry of Education, Central Bank, NGO, private-sector or concerned citizen can engage and collaborate with other stakeholders in the effort to ensure that every child and youth becomes an empowered economic citizen of tomorrow.

In the document you will find inspiring stories and examples from CYFI Partners and Network Participants from around the world. These Partners explain how they got together to create national and regional platforms that raise awareness and change policy and regulations that ensure no child is left behind. These stories demonstrate how schools, financial service providers, governmental authorities, NGOs and other sector stakeholders all are taking the lead and participating in diverse education and inclusion initiatives to teach children the skills and competences needed to become active economic citizens.

This Document also outlines the resources available for you as a partner of the Movement, from the CYFI Secretariat.

There is a large pool of resources, publications, best practice frameworks, a pool of consultants, contacts and links to NGOs and other partners which can help you evolve the activities you take in your country and communities.

The structure of this document is as follows: Chapter 1: Introduction to Child and Youth Finance International: this chapter introduces you to the Child Youth Finance Movement, including what it has achieved so far and its vision and mission for the future.

Chapter 2: Taking the Lead –this chapter is based on the power of partnerships and here, you will find case studies of how stakeholders from various sectors around the world and how they are taking the lead in furthering Child and Youth Finance initiatives. Learning from their experiences will hopefully help you shape your own ideas to start or evolve your partnerships and programs.

Chapter 3: Child and Youth Finance Core Initiatives: this chapter outlines the core Child and Youth Finance initiatives countries are currently undertaking and the best practice processes to take forward: A) Celebrating Global Money Week; B) Creating a National Platform; C) Developing a National Child and Youth Finance Strategy; D) Integrating Economic Citizen Education into the national curriculum; E) Financial Inclusion and access to financial products; F) Ensuring Appropriate Regulatory Reform; G) Ensuring Technology Support; H) Establishing Academia Support.

Chapter 4: Moving Forward: this chapter provides a proposed framework for the implementation of Child and Youth Finance Initiatives and an outline of the support provided by the CYFI Secretariat.

This document is the first in a series of publications which aim to facilitate all of you to reach the dream of every child growing up to be an active economic citizen, it will be updated yearly to reflect accomplishments, highlight new initiatives, and share success stories of the CYFI Movement.

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Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

Contents Chapter 1 Introduction to Child and Youth Finance International 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8

About Child and Youth Finance International The Movement’s Roadmap Activities within the Movement Regional Platforms Country Platforms Innovation Education and Inclusion Publications

Chapter 2 Taking the Lead 2.1 2.2

10 11 12 18 20 20 22 22

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The Power of Partnership How You can be the change

26 28

Chapter 3 Core National Initiatives 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8

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Initiative A: Celebrating Global Money Week (GMW) Initiative B: Creating a National Platform Initiative C: Developing a National Child and Youth Finance Strategy Initiative D: Integrating Economic Citizenship Education Into the National Curriculum Initiative E: Financial Inclusion and Access to Financial Products Initiative F: Ensuring Appropriate Regulatory Reform Initiative G: Ensuring Technology Support Initiative H: Establishing Academia Support

Chapter 4 Moving Forward

34 34 37 39 40 41 42 43 44

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STEP 1: Mapping the Current State of the Art STEP 2: Identify Intervention and Action Points STEP 3: Creating the National Platform & Strategy STEP 4: Implementation STEP 5: Assessment & Review STEP 6: Scale-up

48 49 50 50 51 51

Chapter 5 Conclusion

54

Glossary

55

Annexes

62

Annex A: Implementation Action Plan Framework Annex B: Stakeholders Mapping and Evaluation Framework

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Chapter 1

INTRODUCTION TO CHILD AND YOUTH FINANCE INTERNATIONAL

Chapter 1

Introduction to Child and Youth Finance International 1.1 About Child and Youth Finance International 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 has already spread to over 100 countries and has reached more than 18 million children.

The Movement leverages expertise and innovation from within its network of global organizations. Its partners and supporters include financial authorities and some of the world’s leading financial institutions, international NGOs, multilateral and bilateral organizations, foundations, renowned academics, and without a doubt, children and youth.

The Movement has one central objective: increase the economic citizenship of children and youth. This means giving all children and youth aged 8- 18 the knowledge to make wise financial decisions , the opportunity to accumulate savings, and the skills to find employment, earn a livelihood and ultimately break the cycle of poverty.

1.1.1 Rationale

Children and youth are the future economic actors whose financial decisions will dictate the future of world economies. Providing young people with the economic and social environment to prosper and the competences (financial, social and livelihoods) to thrive has a meaningful impact on the lives of individuals and the communities in which they live.

Communities will benefit, as a new generation of financially capable children and youth grow up to be responsible investors and entrepreneurs. Such important skills and experiences of managing financial resources at an early age can allow for lessened financial vulnerability thereby reducing the risk of poverty caused by debt.

The recent financial crisis has highlighted the need for savings and prudent financial management for all persons. This is especially true for children and youth, who are a particularly vulnerable age group. Promoting a positive financial culture in children and youth is essential to ensuring a financially literate population, capable of making well-informed decisions and of lowering financial vulnerability and risk.

The Mission of Child and Youth Finance International is to empower all children and youth around the world, particularly those who are vulnerable and marginalized, by increasing their financial capability, enhancing their awareness of social and economic rights and improving their access to appropriate financial services so as to build their assets and invest in their own futures.

“Access to financial and social assets is essential to helping youth make their own economic decisions and escape poverty.” UN Secretary General Ban Ki-Moon in his letter to the First Annual Child and Youth Finance International Summit

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Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

1.2 The Movement’s Roadmap Through a consultative process with the world’s experts in their respective fields, Child and Youth Finance International created a strategic roadmap to guide it towards fulfilling its goals and achieving its mission.

At the core of this roadmap are the different focus areas of the Movement. These reflect the Movement’s combined macro and micro levels focuses: building the necessary financial knowledge, skills on an individual level, and on reshaping systems on the macro level – systems including the financial, regulatory, educational, technological or otherwise.

The focus areas and the goals of each focus area are as follows:

Global Platforms

Regional Platforms

Country Platforms

Innovations

Goal Place children and youth’s economic rights and economic citizenship on global agendas.

Goal Hold bi-annual regional meetings in order to increase collaboration among regional stakeholders.

Goal 100 countries have an action plan for Child and Youth Finance activities in their countries, and celebrate Global Money Week.

Goal Ensure the voices of children and youth are heard, and when possible, that their voices are spread through new and existing technologies.

Economic citizenship Education and Financial Inclusion Goal 100 million children and youth have access to Economic Citizenship Education and appropriate financial products by 2015.

To ensure that these goals are achieved, partners of the Child and Youth Finance Movement have committed to create the necessary programs, provide necessary services and/or reexamine policies.

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1.3 Activities within the Movement 1.3.1 Global Platforms

CYFI Summit 2012 Representation by Region

Global platforms refer to the activities of the Movement to coordinate global efforts and disseminate knowledge and expertise throughout the network, and leverage partnerships to reach maximum impact.

13%

4%

14%

47%

1.3.1.1 The 2013 Global Summit

Every year, Child & Youth Finance holds an annual Summit to bring together partners and stakeholders of the Movement. At these Summits, partners share experiences, create joint strategies and help shape the future direction of the Movement. The 2013 Child and Youth Finance Global Summit & Awards Ceremony was held in Istanbul and provided the Movement’s partners with the opportunity to reconvene and celebrate their accomplishments. 413 participants from 102 countries attended the Summit, including 101 children and youth.

The Summit 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.

Key highlights of the 2nd annual Child and Youth Finance Summit and Awards Ceremony in Istanbul, Turkey included a letter of support from UN Secretary General Ban-Ki Moon, and speeches from distinguished leaders including the Deputy PM of the Republic of Turkey, H.E. Mr. Ali Babacan, the MasterCard Foundation’s Ms. Reeta Roy, and the Executive Secretary of the UN Capital Development Fund Mr. Mark Bichler, and UN Envoy on Youth, Mr. Ahmad Alhendawi.

In addition, young representatives of the Movement presented their recommendations to policymakers, and six categories of awards were presented to youth, organizations, and countries doing outstanding work in child and youth finance.

Notable outcomes of the Summit included many commitments by participants in support of the Movement and its principles, as well as the sharing of best practices in Economic Citizenship Education, financial inclusion and Livelihood skills. Technological opportunities in the sector were discussed by experts, and the state of the Movement worldwide was presented by regional stakeholders. Regional sessions 12

22%

Europe and Central Asia Latin America and the Caribbean Africa Asia and the Pacific Middle East and North Africa

were held to allow for the sharing of experiences and joint strategy-formulation by stakeholders from the same region. Regional meetings were planned as venues for the development of multi-stakeholder country and region platforms.

Crucially, international policy makers and leaders stressed the importance of supporting financial literacy and entrepreneurship to help both children and their communities.

1.3.1.2 Children and Youth’s Participation

Linked to the annual Summit was the Children’s and Youth’s Meeting, which brought together 101 young people aged 8 to 18 from over 40 countries. Through a series of games and activities, they were able to share views about the financial issues that most mattered to them. They also had the opportunity to offer their own financial policy recommendations directly to leading policymakers.

The recommendations are outlined below: 1. Provide free financial education 2. Schools and governments should help youth find appropriate work 3. Follow existing models to promote savings 4. Enable children and youth to save via mobile technology 5. Support youth entrepreneurs

Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

CYFI Summit 2012 Representation by Sector

8%

CYFI Children and Youth Summit 2012 Representation by Region 6%

5% 28%

28%

10%

23%

14% 26%

28%

42%

Financial Institutions/Banking Associations&Networks

Middle East and North Africa

(I)NGOs

Latin America and the Caribbean

National Authorities

Europe and Central Asia

Bi- or Multilateral Institutions

Asia and the Pacific

Researchers and Academics

Africa

Other

1.3.1.3 Global Money Week

Global Money Week is a series of activities organized nationally and coordinated globally by the Child and Youth Finance Secretariat. The events raise awareness as to the importance of Economic Citizenship and actively engage children and youth on these issues.

In 2012, 21 countries participated in Global Money Week, reaching 33,000 children. In 2013, the number

of countries taking part rose by 281% to 80 countries, reaching over 1 million children. 403 organizations were involved in organizing Global Money Week events. For many of the participating countries, the Global Money Week provided a platform for multi-sectorial national stakeholders to collaborate- many for the first time – on developing financial education and inclusion initiatives and policies in their countries.

Global Money Week Celebrations

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Global Money Week Celebrations Examples of activities that took place across the world during Global Money Week are described below: Ringing of the NASDAQ stock exchange – Child and Youth Finance International was twice invited to ring the NASDAQ opening bell to celebrate Global Money Week in 2012 and 2013.

Visits to banks – Children and youth visited banks and other financial institutions to learn about how they work.

Visits to the stock exchange – Children and youth visited the stock exchange, with some of them ringing the opening bell to signal the beginning of trade!

Workshops and lessons in schools and centers – Children and youth enjoyed financial education lessons in schools and universities.

Talking to Central Bank Governors – Children shared their recommendations and opinions with the governors of their central banks.

(Web) Chat with policy makers – Children had the chance to discuss financial education and financial access with global policymakers.

Global web chat – Youngsters connected via web chats to share their experiences.

Debates – Debates on financial education, employment and enterprise took place in schools.

Visit to money museums – Money museums opened their doors to youngsters to teach them about money and its history.

Publications – Various publications to encourage children to learn about finance were made available in schools and libraries.

Contests and competitions – From poster-making contests to football competitions, children engaged in fun contests on topics of financial education and inclusion.

“ I have just realized that owning an account is not just for adults but for everyone who wants to have a secure future. I am going to open one so I can save all my coins for investment after school.” School-aged youth during Global Money Week

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Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

Theatre – youngsters expressed themselves through theatre and the arts on financial issues.

Financial education games – Team games took place for a fun way of learning about finance.

Radio talk shows – Radio was used as a medium to share about financial education and inclusion.

Book bank – Special book banks were set up to share publications on finance for children.

Folk Stories – Telling stories has always been an effective means of teaching. It was no difference with teaching financial matters.

Exhibitions – Youngsters had the opportunity to display their artwork and projects in interactive exhibitions.

Cartoons – Cartoons and comic books were used to communicate key messages to children and youth.

Youth budget to parliament – Children and youth presented their recommendations and input into the youth budgets of their countries.

Ensuring inclusion – All children were in included in financial education activities – no matter if they were street children, children in juvenile correctional centres or children from care homes.

Learning from the market – Children and youth carried out their own enterprises, with some presenting them to the central bank governor.

Other innovations and fun activities from across the world included jigsaw puzzles of banknotes, money magicians, face painting, financial mimes and famous bands singing about the importance of saving.

“ I couldn’t believe that we were talking to children in a different country who were doing the same things we were doing here! Even though I didn’t understand some of their words, I realized that they were learning about saving and money and that kind of stuff just like us here. I liked that we looked like we were on a TV show.” 6th grade girl, referring to the videoconference with children from Peru Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

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1.3.2 Research and Policy 1.3.2.1 Support from the UN Secretary General The Child and Youth Finance Movement has enjoyed the support of the UN Secretary General. In his letter to the CYFI Annual Summit 2013, the UN Secretary General wrote: “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.”

1.3.2.2 Working with the G-20

The Movement has also worked closely with the Mexican G20 Presidency on emphasizing the importance of financial access for children and youth. Paragraph 53 of the G-20 leaders declaration states “We recognize the need for women and youth to gain access to financial services and financial education.”

CYFI also played a facilitative role at the Y20 event in which children and youth also expressed their desire for increased financial education and financial inclusion.

1.3.2.3 Children, Youth and Finance

Children Youth and Finance is the organization’s annual flagship document. It compiles data gathered from within the network to document the state of the Movement and provides an analysis of current trends and gaps which need be addressed. In its first edition for 2011, the document provided the baseline upon which the Movement’s outreach and impact will be measured in future years. In this first ever compilation, the data gathered showed that the Child and Youth Finance Movement had reached 18 million children in 2011.

1.3.2.4 Academic Documents

In April of 2012 the Secretariat launched the academicsled review of literature examining the links between economic citizenship education and inclusion and how these impact empowerment of children and youth and their financial capability. The results of the review were encouraging and outlined the areas of work where further academic review and research must be undertaken. Successively, CYFI and the Centre for Social Development (CSD) published two research briefs on the Conceptual Development of the CYFI Model of Children and Youth as Economic Citizens and on Research Evidence on the CYFI Model of Children and Youth as

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Economic Citizens , highlighting a clear mandate for moving forward the area of child and youth finance and recommending areas of future academic research.

1.3.2.5 Creating An Online Platform

CYFI’s website was launched in 2012 and serves as a hub of information on activities, organizations and resources on financial topics for children and youth. The website currently houses over 600 resources ranging from academic papers, policy documents, discussion papers and news articles. Over 120 organizations are listed on the website, with details on the programs and services they offer which are designed to increase financial education and inclusion for children and youth. The website also features country pages. Displayed on each country page are CYFI’s partnering organizations who are working in that specific country, as well as information on the country’s policies on financial inclusion and education.

Recognition for the Movement • Child and Youth Finance International spread the messages of the Movement by ringing the NASDAQ opening bell for two consecutive years to mark Global Money Week. This year’s bell-ringing ceremony was celebrated in collaboration with UNCDF. • In 2012, Child and Youth Finance International’s Managing Director Jeroo Billimoria was awarded by the Union of Arab Banks for the achievements of the Child and Youth Finance Movement.

Among the other awardees was Managing Director of the IMF Christine Lagarde.

• Child and Youth Finance International was listed in the Top 100 NGO list published by the Global Journal. It was also given the honor of “most promising NGO”.

• C YFI was a semi-finalist of the Mexico G20 Financial Inclusion Challenge: Innovative Solutions for Unlocking Access in the G20 competition. CYFI’s proposal, Schoolbank, was among the top 12 of 257 entries from 62 countries. As a semi- finalist, CYFI was invited to attend the high-level delegation meeting organized by G20 to mark the conclusion of Mexico’s Presidency of the G20.

Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

Regional Breakdown at CYFI Regional Meetings

Industry Representation at CYFI Regional Meetings

15%

MENA 34%

Europe & Central Asia

16%

Asia Americas 16%

Africa

19% 0%

20%

40%

60%

80%

100%

Europe and Central Asia

(I)NGOs

Asia and the Pacific

Financial Institutions/Banking Associations

Americas and the Caribbean

Bi- or Multilateral Institution & Foundations

Africa

National Authorities

Middle East and North Africa

Other Researchers and Academics

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Americas and the Caribbean

Europe and Central Asia

1.4 Regional Platforms From October to December 2012, Regional Meetings were held at the request of participants of the Child and Youth Finance Annual Summit. The meetings served to bring together diverse stakeholders from within each region to exchange expertise, form collaborations and bring forward regional-specific child and youth finance issues. Five meetings were held for each of the five regions in which the Movement works. In total, the Regional Meetings brought together over 800 senior level participants from 105 countries in the different areas of the world.

The Meetings took place in Mexico, Belgium, Nigeria, Lebanon and the Philippines. Youth representatives were present at all the meetings and shared their feedback directly with the participants.

Africa

1.4.1 Americas and the Caribbean

This meeting for the Americas and the Caribbean took place in Mexico in October 2012 as one of the activities within the framework of the Mexican G20 presidency. It brought together 132 participants from 17 countries. The Meeting was inaugurated by Mexican Minister for Youth Mr.Miguel ﾃ］gel Carreﾃｳn and the Mexican Minister of Education Mr.Josﾃｩ Angel Cﾃｳrdova Villalobos.

Key issues for the region included: Financial education for out-of-school children, the role of civil society in disseminating financial education, strategies for increasing financial access for children and youth and undertaking research and impact assessment on these issues.

1.4.2 Europe and Central Asia

The meeting was held in Belgium in November 2012 and was hosted by the Financial Services Regulatory Authority of Belgium (FSMA). It brought together 130 participants from 36 countries. The meeting was inaugurated by HRH Princess Mathilde of Belgium.

Giving introductory addresses were The Vice-Prime Minister and Minister of Finance of Belgium Mr. Steven Vanackere, and the Chairman of the Belgian Financial Services and Markets Authority, Mr. Jean-Paul Servais.

President of the European Council, Mr. Herman van Rompuy, shared a video message in which he highlighted his support for the Movement.

Key issues for the region included: Tackling youth unemployment, integrating financial education into national curricula and creating pan-European strategies for financial inclusion and education for youngsters.

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Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

Mena

Asia and the Pacific

1.4.3 Africa

1.4.5 Asia and the Pacific

Key issues for the region included: promoting youth entrepreneurship, increasing financial literacy in formal and informal education centers and stimulating increased financial inclusion for youngsters.

Key issues for the region in included: An emphasis on financial access through formal and informal banking, a desire for technological solutions to overcoming financial barriers and a focus on creating the necessary regulation for facilitating these efforts.

The first CYFI Regional Meeting for Africa took place in Nigeria in October 2012, under the patronage of Mr Mallam Sanusi Lamido Sanusi, the Governor of the Central Bank of Nigeria. CYFI’s Meeting was inaugurated

by Deputy Governor of the Central Bank of Nigeria, Mr Tunde Lemo. The CYFI regional meeting brought 145 participants from 17 African countries.

The Meeting for Asia and Pacific took place in The Philippines in December 2012 at the offices of the Central Bank of Philippines, where it was inaugurated by Mr. Amando M.Tetangco, Jr., Governor of Bangko Sentral ng Pilipinas. 90 Representatives from 20 countries were present at the meeting.

1.4.4 MENA

The first Child and Youth Finance Regional Meeting for the Middle East & North Africa took place in Lebanon on November 2012, . The meeting was held as an integrated agenda with the Annual Summit of the Union of Arab Banks. The Regional Meeting was inaugurated by the Lebanese Prime Minister Mr. Najib Mikati and Minister of Justice in Lebanon, Mr. Shakib Kortbawi. The meeting brought together 350 participants from 15 countries to focus on expanding the Child and Youth Finance Movement in the region.

Key issues for the region included: spurring economic growth and stability through tackling youth unemployment and increasing financial literacy at secondary schools, primary schools and universities.

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1.5 Country Platforms CYFI facilitates collaborations between national stakeholders with the aim of creating national policies for advancing the financial capabilities of children and youth. As Economic Citizenship encompasses different groups of stakeholders, areas of expertise, and initiatives, developing a comprehensive approach which encompasses the various stakeholders involved is a difficult task for any government.

To help governments respond to these concerns, Child & Youth Finance International has developed the National Implementation Plan. This is the world’s first comprehensive plan on good practices of economic citizenship for children and youth, drawn from the experience of CYFI and CYFI partners. It offers a structured approach, in which objectives are set, concrete building blocks are chosen and a detailed implementation plan is developed to meet countryspecific needs and circumstances for children and youth.

Americas, the different stakeholders saw the opportunity to combine their efforts. They successfully carried out a Global Money Week event and created a national working group. The purpose of this working group is to create national and coordinated efforts for financial inclusion and access for children and youth in Chile.

Latvia - Representatives from the Central Bank of Latvia and the Financial and Capital Markets Commission decided to collaborate when they met at the CYFI regional meeting for Europe. They joined forces to reach out to the Ministry of Education and Science. Today, all are working collaboratively to create a national strategy for financial education and inclusion for children and youth.

A National Implementation Plan ensures a centralized approach for the provision of Economic Citizenship.

The Plan is also instrumental in involving multiple stakeholders and streamlining vision, efforts and resources. Examples of these collaborations in different countries include:

Morocco - Representatives of national authorities in Morocco attended the first CYFI Working Group Meetings and were inspired to include Child and Youth Finance topics into their national strategy for education and inclusion. They formed a multi-stakeholder committee and organized Global Money Week activities.

They went on to create a dedicated foundation for the development of a national strategy for Economic Citizenship Education.

Chile- Prior to working with CYFI, representatives from various stakeholder groups in Chile were conducting separate efforts to address the different areas of financial education and financial inclusion for children and youth. During the CYFI Regional Meeting for the

Nepal - The Central Bank of Nepal attended the CYFI Annual Summit in 2012, where they had the opportunity to explore the activities of other countries in the region.

As a result, the Central Bank of Nepal, in collaboration with UNICEF and UNCDF, organized a national multi-

“ What some of us don’t notice is that some parents aren’t even trying to teach us about money. I think 8 is the right age for a child to have money. If a bank teaches a child to save that will grow our economy.” Child aged 16, participant at the Child and Youth Finance Annual Summit 20

Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

stakeholder meeting to address Child and Youth Finance issues. Children were also invited to this meeting. The stakeholders launched a project to collect data on all banking products available to children in Nepal.

Zambia - In Zambia, the Financial Sector Development Plan was developed by the Central Bank and the Ministry of Finance to address financial education and inclusion for youth. In collaboration with Child and Youth Finance international, they also organized a national Global Money Week event which will become a yearly celebration in Zambia.

1.6 Innovation 1.6.1 Child and Youth Engagement

As a Movement dedicated to children and youth, CYFI ensures that youth are offered a platform through which they can offer their inputs on the strategic direction and priorities of the Movement. The participation of children and youth is ensured through their attendance at the Annual Summits, as well as through CYFI’s dedicated platform financeandme.org . Through this, they are able to share their stories on entrepreneurship, employment and the other manners in which finance affects their day

Summit to day life. Through social media platforms, they are also invited to share their opinions and thoughts, through direct interaction, polls and surveys. In 2012, children and youth offered feedback to the Basel Committee’s Core Principles on Banking Supervision through the online consultation process. This involved youth from 12 countries.

1.6.2 Technology

Through technology, CYFI is examining how existing, new and innovative technology can be used to disseminate Economic Citizenship Education and facilitate financial access for children and youth. One such initiative is CYFI’s SchoolBank project. The project aims to provide safe, low cost and structured ways of saving for children and youth. It advocates applying mobile banking technology or branchless banking technology in creating access to formal channels of saving and using schools (or community centers, non-formal education organizations, etc.) in facilitating the provision of financial access and financial education.

“What some of us don’t notice is that some parents aren’t even trying to teach us about money. I think 8 is the right age for a child to have money. If a bank teaches a child to save that will grow our economy.” Child aged 16, participant at the Child and Youth Finance Annual

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1.7 Education and Inclusion Financial inclusion and Economic Citizenship education are two themes which run across all the activities of CYFI. Financial inclusion refers to the Movement’s efforts to increase access to appropriate financial services for children and youth. Economic Citizenship has been defined by Movement partners as an education which combines social, financial and livelihoods components.

CYFI places a great emphasis on ensuring that financial education and financial inclusion are simultaneously provided to young individuals in order for them to gain both the knowledge and experience of financial realities.

1.7.1 Child and Youth Friendly Banking Products

CYFI brought together representatives from financial regulatory authorities and financial institutions to create the criteria for Child and Youth Friendly banking products. From these criteria, a product prototype can be created, which can be further modified by interested financial institutions. To date, 12 financial institutions have used these product criteria to create financial products for youth, mostly savings accounts.

• Guide governments, NGOs, schools and other service providers who wish to create curricula and programs of social, financial and livelihoods education.

• Allow for organizations who have existing programs to map their learning outcomes against those which are set out by the framework.

With these efforts, the Movement is ensuring a coordinated collaboration and a unified approach to Economic Citizenship Education globally.

1.8 Publications In collaboration with partners within its network, CYFI has created a series of publications that help inform and guide the different efforts within the Movement.

1.8.1 National Implementation Plan

Additionally, via the Schoolbank project, CYFI is working with telecommunication agencies and mobile operators to explore the creation of web-based products that will allow the Movement to reach out to even the most marginalized child.

A National Implementation Plan for Economic Citizenship for children and youth helps national stakeholders design the implementation of a joint strategy to increase Economic Citizenship for children and youth at the national level. The value of the Plan lies in its emphasis on initiative actualization at the national level, creating a multiplier which extends the scope of its benefits. Through a 6-step approach objectives are set, concrete building blocks are chosen and a detailed implementation plan is developed to address countryspecific needs and circumstances for children and youth.

1.7.2 Economic Citizenship Education

1.8.2 Economic Citizenship in Your Country

The criteria are also used to assess the levels to which financial products are child and youth friendly. Those products which meet the criteria are provided a Child and Youth Friendly Banking Product Certification.

As a result of working group input, Economic Citizenship Education is defined by the Child and Youth Finance Movement as an education which combines: • social education • financial education and • livelihoods education The term “Economic Citizenship” emerged as a suggestion from members of the United Nations Committee on the Rights of the Child.

This concept evolved with the active participation of over 50 NGOs and Education Service Providers.

Members of the CYFI Education Working Group, chaired

by UNICEF and OECD, pooled their knowledge and shared their expertise to create the concept of Economic Citizenship Education. They have also created the

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Economic Citizenship Learning Framework which details key learning outcomes that should be seen in various life stages of children and youth. This framework is used to:

This manual acts as a guiding toolkit for national authorities, governmental bodies, Ministries of Finance, Ministries of Education, Central Banks, NGOs or concerned citizens to engage and collaborate with other stakeholders in the effort to ensure that every child and youth becomes an empowered economic citizen. The document offers inspiring stories and examples from CYFI Partners and Network Participants from around the world about how they came together to create regional and national platforms that raise awareness and change policy and regulations to ensure no child is left behind.

1.8.3 A Guide to Economic Citizenship Education This guidebook features the Economic Citizenship Education Framework to guide the creation and assessment of education programs and curricula which are designed to increase the social, financial and livelihoods skills of youngsters. This Guidebook was

Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

created for governments, NGOs, schools and other service providers to create curricula and programs of social, financial and livelihoods education.

potential benefits, outlines the Certificate Criteria and Control Framework, outlines the certification process and provides more details on the use of the Certificate.

1.8.4 Child and Youth Friendly Banking Discussion Paper

UNICEF and CYFI co-produced a discussion paper titled “Beyond the Promotional Piggybank: Towards Children as Stakeholders.” The paper outlines some of the key challenges, opportunities and risks that major retail financial institutions in OECD countries can encounter when dealing with the segments of children and youth.

The paper uses case studies to highlight the various facets of how a Child Rights Integration in Retail Banking could look like.

1.8.5 The Child and Youth Friendly Banking Product Certificate

The Child and Youth Finance Movement advocates for increased access to appropriate financial products for children and youth. This Certification Guide describes how to obtain a Certificate and is a guide for the individual(s) within the financial institutions who are involved in the creation and dissemination of products.

This manual was developed with the assistance of Deloitte, Houthoff Buruma and KPMG. The guide provides an introduction to the Certificate and its

The CYFI Secretariat Coordinating this global Movement is the work of a dedicated Secretariat, based in Amsterdam.

The Secretariat is responsible for promoting and furthering the Child and Youth Finance Movement by involving an increasing number of partners and contributors to the Network. It provides technical assistance for organizations wishing to implement or develop financial programs and services in their countries. The CYFI Secretariat does so by leveraging the expertise from within its network. Other duties of the Secretariat include certification of Child and Youth Friendly banking products, as well as Economic Citizenship Education assessment.

The Secretariat is made up of a young team, lead by leading social entrepreneur Jeroo Billimoria.

“Let me start by congratulating the Child and Youth Movement with its achievements so far. In a short amount of time, the Movement has grown significantly.” Herman Van Rompuy, President of the European Council Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

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Chapter 2

TAKING THE LEAD

Chapter 2

Taking the Lead 2.1 The Power of Partnership Partnerships make all the difference. Countries which have undertaking a multi-stakeholder approach for Child and Youth Finance activities have seen their partnerships create a momentum for change, at often a surprisingly fast pace. By bringing together the diverse expertise of national and local authorities, NGOs, financial institutions/banks, private sector, concerned citizens, and children and youth, multi-stakeholder platforms evolve in which the various partners can work together to coordinate their activities and push for policy change. In this chapter, examples from Mexico, Colombia, Nigeria, US, Netherlands, Turkey and the Philippines are discussed and from these case studies, we hope to inspire you to shape your own ideas and evolve your partnerships and activities.

The first CYFI Regional Meeting for the Americas & the Caribbean took place in Mexico in October 2012, and was framed as one of the G20 initiatives of the Mexican presidency. Organized with the support of the Ministry of Finance and other national and regional stakeholders, the meeting was inaugurated by the Mexican Secretary of Education and the Secretary of the Ministry of Youth. It brought together 132 participants from governmental organizations, financial services providers, and NGOs. 17 of the region’s countries were represented. In accordance with one of the priorities of the G20 Mexican Presidency, the importance of including children and youth in national strategies for financial inclusion featured strongly in the agenda of the event, thereby developing consensus among participants and leading to the translation of this agenda into a regional action plan for furthering Child and Youth Finance in the Americas.

CYFI Regional Meetings have provided the opportunity for stakeholder from different regions to meet and jointly prioritize financial inclusion and education for children and youth. The Regional Meeting for the Americas & The Caribbean characterized the issue as a critical national agenda point for almost every country in the region.

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During this meeting, representatives of the Chilean Ministry of Social Development’s FOSIS agency laid the groundwork for a proposal that only months earlier would have seemed impossible because the issue was not on the table for so many countries. FOSIS recommended that the Chilean Ministry of Finance and other National Authorities support the establishment of a regional Technical Secretariat for Financial Inclusion and Education with a dedicated focus on children and youth.

In other areas of the world, the CYFI Regional meetings have similarly provided a platform where country partnerships can agree and publicly announce initiatives, getting public support and spreading the ideas more rapidly with other CYFI partners in the world as well.

At the 2012 CYFI Regional Meeting for Asia and the Pacific in Manila the Philippines, Filipino banks introduced savings products specifically designed by the Central Bank of the Philippines as part of a national program to promote savings habits among young citizens. The Central Bank described how they met with children and youth from primary schools around the country to present the products and hear feedback from the children.

In November 2012, during the African CYFI Regional Meeting in Nigeria, the Central Bank of Nigeria launched its Financial Inclusion Strategy, which delineated a plan for the integration financial literacy components into the national curriculum, starting from primary school.

Like CYFI Regional Meetings, Global Money Week has provided a coordinated activity for partnerships to start and communicate the same message of Economic Citizenship Education and inclusion. In Colombia, more than 41,000 children and youth in 29 cities across the country celebrated Global Money Week in Colombia in 2013. The activities were led by Banco de la República (Central Bank of Colombia) and were coordinated by a committee of national stakeholders, including Child and Youth Finance International, Save the Children, SENA, Asobancaria, and the ‘Finanzas para el Cambio’ program.

This was, by any standard, a large and successful partnership.

Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

COLOMBIA During Global Money Week 2013 in Colombia, more than 41.000 children and youth in 29 cities participated in a wide variety of educational and recreational activities related to saving, such as workshops, theatrical plays, storytelling, graffiti art, music and dance, film, and savings competitions. Events were held across the country, in schools, shopping centers, private sector banks branches, and cultural agencies of Banco de la República.

These examples, like the many more that follow throughout this document, demonstrate the importance of national and regional stakeholder partnership.

Brian S.E. Mosquera, age 10, shared his experience as a workshop participant: “I am excited because Bancolombia came to school today, and that bank is good because you can save money and record many checks.”

Children and youth had the opportunity to open bank accounts with a 0 pesos minimum initial deposit, guaranteeing their commitment to financial inclusion. A School Savings Bank was opened in classroom; at this bank, 9th grade students started saving coins daily and receiving a certificate for each deposit. Rodolfo, the mascot of Banco de la República, also took part in the celebrations by teaching children and youth about counterfeit money.

In Morocco, 2012’s Global Money Week celebrations were planned and implemented through the initiative of the Central Bank of Morocco, and other national agencies and authorities. Collaboration on GMW eventually led to the creation of a Foundation for Economic Citizenship Education. The Foundation is now responsible for Morocco’s Economic Citizenship Education strategy. The Foundation’s management is comprised of representatives from National Authorities. It focuses on children and youth as a discrete and decisive strategic market.

Another example hails from Turkey. Understanding the value of sharing knowledge and best practices, the Capital Markets Board of Turkey, supported by the Istanbul Stock Exchange, and the Central Bank of Turkey (and many international stakeholders) hosted the Second Annual Child and Youth Finance International Summit and Awards Ceremony in Istanbul on May 7-9, 2013. Representing more than 100 countries, the Summit connects over 400 policymaking bodies, educational institutions, financial services providers, NGOs, multi- and bilateral organizations, and professional associations and sectoral bodies. They are connected with each other, and, more importantly, with the youth representatives from around the world who also attend the event.

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2.2 How You Can Be the Change Every organization can be an agent of change. Everyone has a role to play in the partnership. By combining the expertise and experiences of the different sectors, national stakeholders are in a much stronger position to create the necessary activities and policies to further the financial inclusion and Economic Citizenship Education of children and youth. By combining efforts, national partners stand to maximize their resources and avoid the duplication of

efforts. In Italy, a consortium of the Italian banking Association (Partner of CYFI), the Patti Chiari Consortium, performed research to determine the number of organizations engaged in promoting Economic Citizenship Education for children and youth in Italy (see graph below).

The Italian data below provides an example of a situation, present in most countries around the world, where multiple stakeholders are involved in the provision of Economic Citizenship Education and financial inclusion for youth at a national level.

Here stands a prime opportunity for these national stakeholders to combine their expertise and create combined national efforts.The number of organizations engaged in promoting Economic Citizenship Education for children and youth in Italy

Ministry Of Education

Bank of Italy

Banks Insurances Schools

Bank Foundations Local government Others

In this section of the document, we will look at different types of stakeholders and how they took the lead and made the difference in the Movement in their country or region.

2.2.1 National Authorities taking the Lead National authorities bear a significant responsibility to help empower children and youth by creating policies and social conditions that ensure children and youth acquire the requisite knowledge, skills, and competencies to be empower economic citizens of tomorrow.

Zambia has been an active country for Child and Youth Finance initiatives. Led by The Bank of Zambia, in collaboration with the Ministry of Finance, national stakeholders established the Financial Sector Development Plan (FSDP) to coordinate initiatives to include Economic Citizenship Education in the Zambian school system. In the fourth quarter of 2013, Zambia will host the Africa CYFI Regional Meeting, which will connect African CYFI partners with each other and prioritize the issue in the region.

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PattiChiari Consortium Consumers Associations Research Institute

In Saudi Arabia, the Capital Market Authority (CMA) took the lead and coordinates financial capability initiatives through a broad series of schools and fairs. The CMA promotes the “Smart Investor Program�: a national program that promotes Economic Citizenship Education to children and youth.

In Portugal, the joint efforts of the Central Bank of Portugal, the Securities Market Commission, and the Insurance and Pension Funds Supervisory Authority launched a national Economic Citizenship Education plan for children and youth.

In Bhutan, the Royal Monetary Authority(RMA) leads national financial inclusion initiatives for children and youth. For Global Money Week (more in section 3.1), the RMA Governor launched an Economic Citizenship Education comic book for primary-school children and for high-school students. Together with the Bhutan National Bank the primary objective of the campaign was to educate youngsters about on roles and responsibilities of central bank and the services and products provided by the

Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

financial institutions. Financial literacy TV and radio programs and music videos were also launched.

CYFI is currently collaborating with more than 125 countries with the aim of establishing similar multistakeholder national platforms.

2.2.2 Civil Society taking the Lead In many countries in the world, it is the civil society organisations (CSOs) that are taking the lead in Child and Youth Finance initiatives. Such an example is Aflatoun, a Netherlands based NGO that promotes social and Economic Citizenship Education for children and youth.

Aflatoun works collaboratively with other sector stakeholders and national governments on curriculum development initiatives and to ensure that suitable pedagogical materials are available for education programs.

Aflatoun has developed a program that currently brings social and financial skills to over 1.3 million children and youth in more than 90 countries. Given the rights-based nature of its program, Aflatoun works with governments as partners or stakeholders with the aim to ensure that all children have access to balanced social and Economic Citizenship Education. The integration of Aflatoun’s curriculum within public education systems, whether at the local, regional or national level, allows governments to: 

Provide a relevant, tested educational program for children  Access a global network of private, public, and civil society stakeholders  Share and learn from regional and global practices on improving social and Economic Citizenship Education  Support the incorporation of child-centered teaching approaches with the national school system Aflatoun’s curriculum has already been nationally integrated in Peru, and as an optional subject in schools in Moldova.

The international NGOs supporting the CYFI Movement play a significant role in taking the lead with National Authorities and other stakeholders in developing and implementing youth policies.

Junior Achievement’s (JA’s) network of 129 individual area operations reach more than four million students in the United States, with an additional 5.7 million students served by operations in 122 other countries worldwide.

Since its creation in 1919, JA has impacted more than 105

million young people worldwide, with more than 71 million students reached in the United States. JA promotes youth economic development by combining Economic Citizenship Education with livelihood education.

Plan International collaborates with CYFI and national stakeholders in implementing financial inclusion for children and youth around the world. In Egypt, for example, there is an ongoing effort undertaken byPlan Inetnational, CYFI, Egyptian Banking Institute – Central Bank of Egypt, Gesellschaft für Internationale Zusammenarbeit (GIZ), Aflatoun, and other local Egyptian platform stakeholders to promote financial capability for children and youth. Education is one of the most powerful tools in breaking the cycle of poverty.

Every child has the right to education, but many children are excluded because of high costs, language and cultural barriers, geographical remoteness, or special needs.

Plan works to ensure free and equal access to quality education at all times, including in emergencies, as well as access to learning for young people so they can reach their full potential.

Plan’s education strategy focuses on: 

promoting inclusive, safe, healthy, child-friendly learning environments  improving the skills of teachers  creating culturally relevant, gender-sensitive lessons and offering essential life-skills training.

Strong support for the CYFI Movement also comes from BRAC, with its many programs in the areas of livelihoods education and social enterprise in Bangladesh. With education programs in six countries, BRAC has built the largest secular, private education system in the world, with over 700,000 students worldwide enrolled in BRAC primary schools. These schools are designed to give a second chance at learning to the disadvantaged students left behind out from the formal education systems. BRAC is giving increasing attention to adolescent and youth as a special group and offering life skills, livelihood and skills development training, as well as saving and financial services such as savings accounts.

Local NGOs also play a critical role in promoting Economic Citizenship Education and financial inclusion nationally.

Sometimes they are working with INGOs but often, they are working on locally developed initiatives and can amplify their impact by joining the CYFI Movement partnerships at country level. One example is the contribution that Nigerian CSOs made to the national financial inclusion strategy by establishing the Nigeria Financial Literacy Initiative Forum.

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The Nigeria Financial Literacy Initiative Forum In Nigeria, the Central Bank of Nigeria had taken the lead in the CYFI Movement by announcing a national objective to increase the formal use of financial services by Nigerians – including youth – to 70%, from the current levels of 36%.

At the African CYFI Regional meeting, held in Abuja in October 2012, the attending Nigerian CSOs and NGOs discussed and agreed that they must partner with the Central Bank as this national effort was not possible to achieve alone. The result was the creation of a Financial Literacy and Inclusion Forum, to promote the social and financial well-being of Nigerians, and especially children, youth, and women. The Forum´s broad objectives are: 





 



To assist in implementing the Central Bank of Nigeria’s National Strategy on Financial Inclusion, especially regarding children and youth.

To provide all necessary support (advocacy, public awareness, research, implementation, etc.) to the Central Bank of Nigeria and other government agencies to achieve strategy document milestones.

To increase Nigerian financial literacy levels by creating platforms for implementing the Financial Literacy Framework.

To collaborate with other government agencies and the media to reach all branches of society.

To organize, analyze, and modify existing pedagogical materials such as Economic Citizenship Education books, tools, and manuals for distribution to various segments of the population, including children and youth.

To organize trainings, seminars, workshops, summits, and conferences in all 6 geopolitical zones in the country.

2.2.3 Financial Services Providers and Banks taking the Lead Providing access to banking services to children and youth under the age of 18 is a critical component in the overall process of equipping them for financial and social security as adults. Providing access that is safe and appropriate to children and youth combined with education is fundamental to the CYFI mission for inclusion.

The Patti Chiari Consortium endorses this mission and takes the lead in Italy. The consortium helps children and youth in Italy to understand financial products and make informed financial choices by offering Economic Citizenship Education programs in schools.

organize the Federation of Latin American Banking Associations (FELABAN) Economic Citizenship Education regional conference, in which CYFI coordinates the child and youth segment of the program.

BBVA bank and PAU Education, an NGO Based in Spain and Partner of CYFI, are promoting ‘Valores de Futuro’: an educational program active in Spain and Portugal. The program is aimed at students from 6-14 years old and aims to promote financial and citizenship education by encouraging children and teachers to reflect critically about the value of money in their lives, of social values that condition its use, such as effort, responsibility and solidarity.

2.2.4 Schools Taking the Lead Schools are critical in delivering social, financial and livelihoods education into children and youth’s lives and in some countries, schools have taken the lead to initiate the CYFI Movement. In Switzerland, the International School of Rheintal did just that. The school learned of CYFI’s Global Money Week activities and contacted CYFI Secretariat for advice and contacts. The result was that the school decided to invite representatives from VP Bank to give workshops at the school to introduce children to finance and money matters. VP Bank used role playing to introduce the youngest pupils to market trading and a stock exchange simulation, thereby helping them to understand the mechanisms of finance.

In Thailand, 733 schools are taking the lead in the CYFI movement. At the CYFI Regional Meeting in the Philippines, the Government Savings Bank of Thailand reported progress on the School-Based Banking Project, which fosters saving behavior in children and youth, teaches customer management skills, and encourages them to be more active in the society. The program has already reached 1,333,571 people through 733 member schools across Thailand.

2.2.5 Individuals and the Private Sector Taking the Lead CYFI’s partner My Finance Coach (MFC) is a non-profit initiative run by partner companies Allianz, Grey, and McKinsey, which aims to improve the decision-making process of young people through 3 channels: corporate volunteering by experts from business and finance in schools to present training units as Finance Coaches, teacher training, and extracurricular activities. MFC is active in Argentina, Brazil, Indonesia, Ireland, Malaysia, Thailand, and the United Kingdom, and collaborates with local stakeholders from the private and public sectors.

In Colombia Asobancaria, the Association of Colombian Banks has a priority agenda point for children and youth financial literacy. In October 2013, Asobancaria will

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Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

2.2.6 Youth Taking the Lead Youth themselves can and should be agents of change for the change and taking the lead and make a change.

The CYFI Youth Summits provide the opportunity for children and youth to express themselves about the financial issues that most matter to them. During these Summits, over 100 children from 40 countries meet, share and work together to create a series of policy recommendations. They then present their recommendations to the policymakers and leaders who are at the Summit. In 2012, the recommendations of the children and youth were heard and acknowledged by the G-20 Mexican Presidency. Two months following this, G-20 Leaders placed and importance on financial inclusion and access for youth in their Declaration.

2.2.7 Final Remarks on You Taking the Lead From these examples from around the world, we hope it is clear that every individual and organization has a meaningful role to play in promoting child and youth financial literacy and inclusion policies and actively engaging youth in this process.. The CYFI Network is there to support you in your efforts. The CYFI Network is a powerful platform of interconnected sector stakeholders and youth. In the final chapter of this document, there is a whole section describing the services and resources that CYFI Secretariat can provide YOU in taking the lead in your country and region.

On the international scene, the Y8 & Y20 Youth Summits are premier international Youth conferences that bring together young leaders representing the G8 and G20 nations to facilitate discussions of international affairs, promote cross-cultural understanding, and build global friendships. CYFI was invited to meet the Youth delegations during the Y20 in Mexico and speak with them about the importance of financial inclusion for young citizens. Y20 delegates share their set of recommendations with the G20 Leaders as outcome of the Y20 Summit.

Young leaders have therefore the possibility to influence the G20 final Leaders’ declaration.

Mahir Jethanandani, age 16, from the United States, drafted a petition to US Financial Institutions asking for bank accounts designed for children with the following characteristics: 

No cost to minors for opening accounts, No minimum balance requirement  Higher interest rates to incentivize savings 

Mahir was inspired to take on this issue after he attended CYFI’s 2012 Youth Summit in Amsterdam. During the Youth Summit, 70 children and youth from every part of the world discussed Economic Citizenship Education and financial inclusion, and shared their recommendations with policy makers.

In another example of youth taking the lead, a group of the World Economic forum’s Young Global leaders (YGL) took part in Global Money Week through activities with youngsters that taught them more about money, saving and enterprise. Activities were carried out during Global Money Week in the UK, in collaboration with MyBnk, Germany, Turkey, Nigeria, Switzerland, USA, and Zambia.

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Chapter 3

CORE NATIONAL INITIATIVES

Chapter 3

Core National Initiatives This chapter outlines the core initiatives that countries are currently undertaking to further Economic Citizenship Education and financial inclusion in their countries and describes the best practice processes to take forward.

These initiatives are not listed in any special order, but rather serve as a reference for National Authorities and other stakeholders to structure their own national platform strategies. Each of the initiatives must be adapted to local needs, conditions, and resources to be successful. Where in this chapter we introduce the different core activities, on Chapter 4, we go on to provide a suggested implementation plan for carrying out these core activities.

While it is clear that every organization has a role to partner and play in the CYFI Movement in country, it is imperative for a centralized Movement where no child is left behind, that the National Authorities take the lead in overseeing national activities for financial inclusion. The National Authorities – Ministry of Education, Finance, and Central Banks – have the power, over time, to modify the legal and national authority framework in order to facilitate greater access to Child and Youth Friendly curriculum and products in the country. In this way, the activities of the CYFI Movement will be supported by the legal and policy changes that assure its sustainability.

The CYFI Secretariat is keen to help National Authorities and other stakeholders advance Child and Youth Finance in their country. In particular, for organizations just entering into national dialogue with Child and Youth Finance initiatives, the CYFI Secretariat can help with resource manuals supporting content framing of initiatives and their implementation, contacts, participation in summit meetings, and worskshops and online webinars Below we describe the different core activities. We also include real-world examples from the different stakeholders within the Child and Youth Finance Movement.

3.1 Initiative A: Celebrating Global Money Week (GMW) Global Money Week (GMW) is an international celebration that takes place annually in the second week of March.

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With the help of CYFI, children and young people celebrate GMW through Economic Citizenship Education and financial inclusion initiatives planned and implemented by national stakeholders. Events can be national, regional, or international in scope, and can simultaneously involve children and youth from multiple countries.

3.1.1 Why Global Money Week?

By joining GMW celebrations, National Authorities and national stakeholders: 

Bring national (and sometimes international) attention to, and create awareness of, Child and Youth Finance programs and initiatives.

The second Global Money Week experienced explosive growth in the number of organizations participating as compared to GMW 2012. In only two years, 185 organizations from 81 countries have involved 1 million children and youth in unique and innovative initiatives as part of the celebrations. Central Banks, Ministries of Finance, Ministries of Education, and other governmental institutions and financial authorities from 40 countries took the lead and collaborated with national stakeholder organizations (financial services providers, NGOs, schools, universities, and training centers) to make the celebration a key part of the Child and Youth Finance national strategy.

Contact the CYFI Secretariat for a detailed report on Global Money Week 2013.

The CFYI Secretariat works closely with financial authorities and national stakeholders to ensure that local GMW activities are coordinated globally with international partners of the CYFI Network, so as to allow other organizations to join these worldwide celebrations.

In addition, participating National Authorities, organizations, and youth can nominate themselves or be nominated for the Global Money Week Award, conferred during the Annual Child and Youth Finance International Summit.

Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

3.1.2 How you can take part Depending on the stakeholders involved and the resources available, many national and international activities can be organized to celebrate GMW. The important value is to ensure inclusion– whether they are street children, children in juvenile correctional centers or children from care homes, all are part of the Global Money Week festivities!

Below is a global snapshot of GMW 2013 initiatives. These took place in 80 countries, involving 403 organizations and reaching 1 million children.

Visits to Central Banks, Stock Exchanges – Around the world, children and youth visited Central Banks and stock exchanges. At some stock exchanges, children rang opening bells to signal the start of the trading day!

Talking to Central Bank Governors – In these unique meetings between children and high-level national financial sector policy makers, children shared their recommendations, opinions, hopes, and aspirations with the governors of central banks.

Visits to banks – To learn how financial services providers operate, tens of thousands of children and youth around the world visited banks and other financial institutions for the first time!

Youth budget to parliament – Many children and youth had the unprecedented opportunity to deliver their recommendations and ideas as part of youth budgets in their countries.

Visit to money museums – Money museums across the planet opened their doors to youngsters to teach them about money and its history.

Workshops, debates and lessons in schools and socialcenters – Children and youth took classes, discussed and debated the benefits of Economic Citizenship Education, employment, and enterprise education in schools and community centers.

Learning from the market – Children and youth presented their entrepreneurial spirit to central bank governors by presenting some of the businesses or enterprises they started.

Contests and competitions – From poster-making contests, to logo design competitions, to “financial football” matches, children engaged in fun contests and games related to topics of Economic Citizenship Education and inclusion.

Radio talk show and Theatre – Radio was used as a medium to share stories about Economic Citizenship Education and inclusion, and plays and improvisations about financial issues were held Book bank – Special book banks were set up to share publications on finance for children.

Exhibitions – Youngsters had the opportunity to display their artwork and projects in interactive exhibitions.

Cartoons – Cartoons and comic books were used to teach children about Economic Citizenship Education in an entertaining manner.

Other innovations from across the world included jigsaw puzzles of banknotes, big televised dinner parties, money magicians and face painting, financial mimes and famous bands!

The CYFI Secretariat assists local stakeholders to ensure that a minimum of the events organized during GMW have a truly global character. Examples of such initiatives include: Web chat with policy makers – Thereby giving children and youth a chance to discuss Economic Citizenship Education and financial access with global policymakers Global web chat – Youngsters connected via web chats to share their experiences on money matters.

During Global Money Week 2013, children and youth from around the world had the chance to connect with each other. Children and youth were able to have discussions with policymakers including the Executive Secretary of the United Nations Capital Development Fund and the World Bank President’s Special Envoy on Millennium Development Goals and Financial Development. A theme in these discussions was why financial inclusion and education is important

PALESTINE “Most of the students who visited the bank, had heard about the bank but had never entered it before; they were very interested to compare the reality with what they had heard.” Hani 10, Palestine After joining the 2011 CYFI Regulators Meeting, a representative from Palestine Monetary Authority (PMA) clearly stated that “Child and Youth Finance is a priority in our agenda”. Palestine’s Global Money Week celebration was a collaborative effort by the PMA, the Ministry of

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Education, United Nations Relief Works Agency, and the Association of Banks. During the week, a drawing competition was held for 8th-grade students to choose a logo for Palestine’s Global Money Week. Participants in the logo-drawing competition were honored, and each of the 18 participants received a saving account worth 300 USD. The top winner was awarded a laptop and her logo was adopted as the Palestinian Child & Youth Banking Week logo. During the event, two working hours per day were allocated to receive children, youth, and parents at 235 bank branches and to educate them about various banking operations. A team of 1,175 employees from the PMA and other banks visited 11,681 schools across Palestine to lecture about finance and banking services.

During the week, bank branches involved in the celebration were decorated to attract the attention of children and youth.

moments when children came up to us to simply say ‘thank you for caring’. From the survey conducted, you can see the hunger for information and participation; not just in learners, but everyone, including teachers and business houses,” said a Member of the Zambian GMW Organizing Committee.

CANADA In Canada, 400 youth joined the Global Money Week Celebration. The event was marked by the release of “Money and Youth”, a guide to financial literacy published by the Canadian Foundation for Economic Education. The 15th edition of the book also provides a tool for parents that help them play a bigger role in teaching their children about money.

UKRAINE

"The future is mine.” Said Mohamed, 14, Ramallah

3.1.3 Role of the CYFI Secretariat The CYFI Secretariat supports National Authorities and other stakeholders during Global Money Week in multiple ways, including: 

    

Assistance in establishing and coordinating Organizing Committees, to be tasked with implementing national level initiatives.

Assistance in developing a timeline and an implementation plan and for the activities.

Tele-conferences and video-conferences that connect young people with policymakers.

Social media strategies that support national and international initiatives.

Provision of promotional material to use during the activities.

Resources for assessing activity effectiveness with the participation of children and youth (e.g., surveys).

ZAMBIA In 2013, 4,500 children and youth in Zambia joined the celebrations for the Global Money Week.

As part of the activities of the week of 15-21 March, a 10year-old student interviewed the Governor of the Central bank of Zambia, and another student interviewed the CEO of the Securities and Exchange Commission, who met pupils and discussed money matters.

Ukrainian was a country booming with activities for 2013 Global Money Week. Children from 341 educational institutions (boarding schools, day schools, orphanages, and social centers) from 25 regions in Ukraine took part in Global Money Week celebrations along with tutors, experts, and social workers.

Activities included debates, on-line conferences with youth from Nigeria and Germany, performances and shows with special themes, videos, contests, comic book publishing, and public lessons. 535 children from schools and orphanages in seven regions of Ukraine participated in debates and conferences about financial awareness.

Children, experts, teachers, and social workers discussed questions regarding the history of money, entrepreneurialism and how important it is to spend pocket money conscientiously.

After taking part in Global Money Week activities, the Deputy Director of one of the Ukrainian schools established a social and pedagogical center where children and youth can learn Financial Literacy free of charge.

As a result of her participation in Global Money Week, a mathematics teacher decided to pursue a degree in economics to teach “Financial Literacy” to her students.

“Correct decision-making, skillful control of funds, and intelligent savings helps young Ukrainians to improve their welfare and change their destiny for the better. This knowledge will protect them in a changing, contradictory, and complicated financial world.’’

(Tamara Smovzhenko, Rector of University of Banking of the National Bank of Ukraine)

“All-in-all, GMW in Zambia was one big unique experience that was 7 days of impact. We did have hair-raising

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Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

By establishing a Child and Youth Finance National Platform, National Authorities ensure that:

EL SALVADOR In March 2013, Global Money Week celebrations were held in El Salvador for the first time, under the coordination of the Reserve Bank of El Salvador and the Instituto de Garantía de Depósitos, Superintendent of Financial System, Ministry of Education, and the Consumer Protection authority.

The Global Money Week activities in El Salvador were child-centered and fun, which surprised some students who admitted they were concerned about a "boring time with people in suits" (in reference to the visit to the Central Bank); instead, they felt at ease to ask questions and to participate in games. The participating girls were particularly interested by the fact that the bank's VicePresident was a woman!

The majority of participating children were from rural or suburban areas, who have limited access to financial information and education. A live video-conference was held in the park between Salvadoran children and peers from Peru and the Netherlands, where they exchanged Economic Citizenship Education experiences. Scholarships from the Bank's Scholarship Fund were awarded to 129 low-income students to continue post-secondary school or technical training.

"I couldn't believe that we were talking to children in a different country who were doing the same things we were doing here! Even though I didn't understand some of their words, I realized that they were learning about saving and money and that kind of stuff just like us here. I liked that we looked like we were on a TV show," said Susy, 6th grade.

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A coordinated effort engages diverse stakeholders from the public, private and civil society sectors  Child and Youth Finance national strategies have longterm sustainability  Initiatives and resources are coordinated to avoid duplication of efforts.

3.2.2 How to Ensure a Multi-Stakeholder Approach Real world implementation models to incorporate diverse stakeholders’ engagement and coordination plans vary from country to country. Whether the National Platform takes the form of a committee, a working group, a new governmental agency, a subcommittee of a Ministry, or an entirely new entity depends on the national context, national regulation, local ordinances / legislation, customs and religious requirements, the variety and number of stakeholders involved, and other country-specific factors.

However, it is critical that the National Authority leading the development of the National Platform first maps the number and types of organizations offering social, financial, and livelihoods education as well as the number of financial services providers offering child and youth focused financial products.

The inclusion of diverse sector stakeholders in the initial consultative process is critical. By engaging a multistakeholder approach from the beginning, it ensures that stakeholders collaborate in the development of the strategies and implementation. Inclusion of diverse stakeholders also ensures that the partnership: 

3.2 Initiative B: Creating a National Platform 3.2.1 Why Create a Child and Youth Finance National Platform?

Coordinating at the country level is critical to creating national-level policies on education and on financial inclusion. To scale-up Child and Youth Finance initiatives, and ensure more effective and efficient implementation and greater outreach, we encourage every country to develop a Child and Youth Finance National Platform of the relevant government ministries and the Central Bank, financial service providers/banks, CSOs; (I)NGOs; relevant businesses; teacher associations; academics; and children and youth.

Complements existing expertise and leverages existing initiatives.  Expands financial inclusion outreach by touching unbanked children and educating children and youth from outside formal education systems.  Promotes consensus through strategic alliances.

3.2.3 Role of the CYFI Secretariat The CYFI Secretariat supports National Authorities and national stakeholders in structuring National Platforms by: 

Assisting in developing a National Platform implementation plan.  Linking committed national stakeholders to the CYFI Movement.  Sharing National Platform stakeholder engagement models.  Organizing international and regional stakeholders’ meetings.

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The CYFI Secretariat organizes annual International Summits and Regional Meetings to facilitate and support the establishment of CYFI Regional Platforms and to coordinate Child and Youth Finance regional action plan.CHILE Chile’s Economic Citizenship Education Working Group (FEWG) was created in April 2012, when FOSIS – an outreach program/agency of Chile’s Ministry of Social Development – convened a stakeholder meeting with the country’s established Economic Citizenship Education leaders. Despite these developments, there were still at least two other major government-lead groups working tasked with Economic Citizenship Education, which made the promotion of Economic Citizenship Education in Chile increasingly a matter of complicated inter-agency coordination.

In response, after joining the CYFI Regional Meeting for the Americas held in Mexico City, FOSIS invited the Chilean Central Bank, the Chilean Ministry of Finance, and a number of NGOs to join the FEWG. Since then, the working group achieved several meaningful objectives. It organized the first international Economic Citizenship Education conference in Chile and encouraged the Ministry of Finance to create a Technical Secretariat for Economic Citizenship Education and Inclusion.

NAMIBIA Initiated in 2009 by the Namibian Ministry of Finance with support from Gesellschaft für Internationale Zusammenarbeit (GIZ), the Financial Literacy Initiative (FLI) is a national platform to enhance Economic Citizenship Education for Namibia’s citizens. More than 30 partners from the Namibian public, private and civil society sectors have coordinated their efforts to address financial literacy and consumer protection. CYFI reviewed the FLI strategy and provided inputs directly relevant to the Namibian children and youth.

LATVIA The CYFI Secretariat contributed to the coordination of initiatives in Latvia. Officials from the Bank of Latvia and the Latvian Financial and Capital Markets Commission (FCMC) met in Brussels at the CYFI Regional Meeting for Europe and Central Asia. This meeting resulted in a cooperative agreement between Latvian financial sector stakeholders and the Latvian Ministry of Education and Science (MES), and the drafting a blueprint for the future of Economic Citizenship Education in Latvia.

The MES is responsible for the development of the national Economic Citizenship Education strategy, while the FCMC coordinates and facilitates its implementation.

Following the agreement, the Ministry of Education approved the updates to the curriculum, and the NCE created subject-specific lessons plans that teachers can apply in the classroom.

In accordance with the FCMC’s strategic priorities for 20122014, the FCMC will coordinate strategic planning for Economic Citizenship Education, furnish information to the NCE, assess the use of educational resources, and develop quality assurance standards for the educational process The FCMC and the Bank of Latvia became CYFI partners in 2013.

PORTUGAL In early 2011, the Portuguese National Council of Financial Supervisors (PNCFS), comprised of the Central Bank of Portugal, the Securities Market Commission, and the Insurance and Pension Funds Supervisory Authority, launched a coordinated Economic Citizenship Education national plan aimed at improving the financial knowledge and behavior of the Portuguese population. One of the most important demographic groups addressed by the Economic Citizenship Education national plan is schoolchildren. A large group of Portuguese stakeholders are included and committed to the activities promoted by the PNCFS. In April 2012, a draft of guiding principles for Economic Citizenship Education initiatives was published by the PNCFS: a group of experts from the Financial Supervisors and the Ministry of Education drafted a set of core Economic Citizenship Education competencies to integrate into the school curricula, from pre-school to basic and secondary school up to adult education.

MOROCCO After attending the CYFI Regulators meeting on 2011, the Bank Al-Maghrib (Central Bank of Morocco) set Child and Youth Finance as a priority on its agenda.

As its first action, Bank Al-Maghrib with the collaboration of the diverse multi-sectorial stakeholders such as, the Ministry of Education, Ministry of Finance, the Association of Professional Banks of Morocco, CDVM acting as the Financial Market Authority and Casablanca Stocks Exchange, took part in Global Money Week 2012 and 2013, reaching 33,000 and 60,000 children and youth respectively.

To take the national initiative to the next level, Bank AlMaghrib also established the Foundation for Economic

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Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

Citizenship Education (FFE): a dedicated body responsible for drafting the national Economic Citizenship Education strategy as a way to empower young Moroccans and tackle youth unemployment in the country.

Representatives from 13 different organizations from the public and private sectors in Morocco are engaged in the Foundation with different roles and responsibilities.

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3.3 Initiative C: Developing a National Child and Youth Finance Strategy 3.3.1 Why Develop a National Strategy?

To ensure that the Economic Citizenship Education and financial inclusion for children and youth are a national agenda priority, it is critical that the National Authorities charged with developing national platforms draft national strategies to achieve the intended results. Children and youth are a historically underrepresented and marginalized groups and a national strategy that represents their specific interests and challenges is of critical importance.

The economic health of every child and youth is impacted by national policy instruments and designing policies that address child and youth Economic Citizenship Education also helps the country’s future economic health.

3.3.2 How to Develop a National Strategy National Authorities are encouraged to perform research to determine the various sector stakeholders undertaking activities in the sector and bring them together under a single operational umbrella. From there, national youth finance agenda can be developed with the collective group of stakeholders, and then draft an implementation plan to coordinate national strategies in addressing the agenda’s specific points. By designing a national implementation plan with coordination with sector stakeholders, it is possible to ensure more cohesive coordination of the various national policy interests, as well as medium- and long-term sustainability and the efficient allocation of resources. This long term vision is even more critical given the demographics of the target policy group.

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Supporting in the drafting of the national strategy.

Providing a framework for Social, Financial and Livelihood Education (“Economic Citizenship Education”) and a manual for the implementation of various education initiatives.

Providing a manual for Child Friendly and youth friendly financial product certification and support in the development of child friendly banking products.

Providing access to a Economic Citizenship Education and financial inclusion consultants’ database.

Providing comments and input on draft strategy plans.

Sharing resources and best practices regarding other national strategic plans.

CYFI supports national authorities and/or sector stakeholders in the development of a CYFI Initiative Implementation Plan which helps implement all or some of these core activities, and will be discussed further in the following chapter.

Please contact the CYFI Secretariat for information on the national strategy development and support services CYFI can provide in your country.

UGANDA In Uganda, the Central Bank of Uganda coordinates a consultative process with key stakeholders to introduce Economic Citizenship Education to schools in the country.

This consultative process involves the Ministry of Education and Sports through the National Curriculum Development Center (NCDC), as well as national and international civil society organizations such as the German Organization for Technical Cooperation (GIZ), financial institutions, the Department for International Development (DFID), and local financial sector representatives.

The NCDC invited a local NGO, Private Education Development Network (PEDN) (which implements the Aflatoun curriculum’s components of social and Economic Citizenship Education), to consult on the process of curriculum design for secondary schools. As result of the contributions of various stakeholders, the NCDC is planning to draft a financial literacy curriculum.

UNITED KINGDOM

3.3.3 Role of the CYFI Secretariat As it is important to adapt a national strategy to local circumstances (cultural, political, religious, etc.), CYFI supports countries by helping tailor solutions to local needs. The CYFI Secretariat assists National Authorities in national strategy development by:

The efforts of pfeg (a CYFI partner organization) and other government and sector stakeholders represent an outstanding model of how collaborative efforts between key actors can achieve long-term social development objectives.

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In the UK, a consultative and advocacy focused process involving National Authorities and stakeholders from civil society led to the approval of Economic Citizenship Education integration in the national curriculum.

Since 2010, a broad array of UK Stakeholders such as pfeg and MoneySavingExpert.com started, together with the All Party Parliamentary Group (APPG) on Economic Citizenship Education for Young People, a sustained campaign to include Economic Citizenship Education in the National Curriculum.

The size and strength of the group made a powerful impression on policymakers and helped to raise the profile of Economic Citizenship Education in the UK, enabling pfeg to coordinate the campaign with government, opinion leaders, and key bodies nationally.

The group performed two major research studies, which mapped the Economic Citizenship Education programs in schools and other educational institutions across England.

The reports produced by these studies were presented to the Department for Education and were crucial to the decision to include Economic Citizenship Education in the national curriculum.

The draft National Curriculum was put out for consultation on February 2013 and includes statutory provision for Economic Citizenship Education for the first time. The statutory provision proposes that financial capability is a requirement for 11 – 16 year olds in the programs of study for mathematics and citizenship. Non-statutory Personal, Social, Health, and Economic education (PSHEe) contains much of the subjective side of financial capability. The Department for Education announced in March 2013 that the PSHEe content will remain unaltered.

3.4 Initiative D: Integrating Economic Citizenship Education Into the National Curriculum

increased attendance at primary and secondary school levels.

3.4.2 How to Integrate Economic Citizenship Education into the national curriculum The National Authorities should take the lead to integrate ECE into the national curriculum. The CYFI Movement believes the ECE curriculum needs to include the following Modules to build young people’s financial capability: 

Social/Life-Skills Education (SE) Economic Citizenship Education (FE)  Livelihoods Education (LE) 

Through the combination of these three Modules, the CYFI Movement provides children and youth with a solid foundation for a secure future of social and economic wellbeing. By increasing their financial literacy, children and youth are better equipped to benefit from formal financial inclusion and economic opportunities. Rights education and empowerment can improve the self-perception of children and make them more aware of their unique and important role in society. Finally, by increasing the financial and business knowledge of children and youth, young people are presented with an opportunity to obtain sustainable livelihoods, stimulate entrepreneurial activity, and enhance their level of employability.

3.4.3 Role of the CYFI Secretariat The CYFI Secretariat supports National Authorities in developing a national strategy for ECE with the following: 

The CYFI Education Manual, which includes the ECE Learning Framework, divided by SE, FE, and LE modules for children and youth.  The Curriculum Assessment Tool to examine to what extent the 3 models are already included in existing national curricula.  A Curriculum Database of existing resources, pedagogical materials, and educational programs from CYFI Partners.

Please contact the CYFI secretariat for information on the national strategy development support services CYFI can provide in your countryy.

3.4.1 Why Economic Citizenship Education (ECE)?

Getting financial, social and livelihoods education – Economic Citizenship Education (ECE) -integrated into the national curriculum and all schools should be a major goal of the CYFI National Strategy.

Once ECE is in the national curriculum, this can ensure that more children and youth experience ECE in step with

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Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

SPAIN The National Strategy for Economic Citizenship Education in Spain is a joint initiative of the Bank of Spain and the Spanish Securities Markets Commission (CNMV), with the strong involvement of the Ministry of Economy and Competitiveness and the General Secretariat of the Treasury and Financial Policy.

Although Economic Citizenship Education has not been introduced as a compulsory subject in the national curricula, pilot programs will be launched starting in the academic year 2010/2011. These programs deliver the basic concepts of personal finance in matters such as saving, payment methods, the main financial products, and implementation and monitoring of a budget or personalized financial plan. In addition, some aspects relating to responsible consumption have been integrated in a cross-curricular approach in subjects such as mathematics, social science, and citizenship in 14 autonomous Spanish regions.

The assessment process, conducted by an independent expert, has had encouraging results, especially in terms of acceptance of the plan and the favorable attitude of pupils towards it. There was also evidence that the technical knowledge of the pupils had increased after completing the course. The pupils considered the subject matter to be very useful in terms of their day-to-day lives and their understanding of the environment they were living in, and a positive change was identified regarding their attitudes and beliefs about financial issues.

For this academic year, in 2012/2013, 415 schools (state, private, and subsidized) and more than 20,000 students are participating in the Economic Citizenship Education Program.

MOLDOVA In Moldova, thanks to collaboration by the National Bank, the Institute of Educational Sciences, the National Commission of Financial Markets, the Indigo Centre (a CYFI Partner), and the Moldovan Communities, SE and FE are now included in the Moldovan national curriculum.

The Indigo Centre implemented the Aflatoun curriculum’s SE and FE components. Since 2012, elements of the Aflatoun curriculum have been available via the Ministry of Education as an optional subject for secondary school students. The goal is to make SE and FE a mandatory subject in all Moldovan schools.

3.5 Initiative E: Financial Inclusion and Access to Financial Products 3.5.1 Why Increase Access to Financial Products?

Partners in the Child and Youth Finance Movement stress the importance of linking ECE with access to safe and appropriate financial products.

Research shows that children and youth retain learned knowledge, skills, and behaviors to a greater degree when education is complemented by the opportunity to put learning outcomes into practice. Without access to appropriate financial services, especially for those individuals lacking access to formal banking, the knowledge one gains through Economic Citizenship Education does not necessarily translate into a financially literate lifestyle.

3.5.2 How to Develop National Financial Inclusion Strategies National Authorities should develop financial inclusion strategies to enhance access to appropriate financial products, and ultimately to certify Child and Youth Friendly Banking Products.

These authorities have the option of certifying in concert with CYFI. National Authorities can therefore closely collaborate with the private sector in guaranteeing that, nationally, every child and youth has access to a quality banking product that suits his or her needs The CYFI Secretariat supports National Authorities in defining and developing a national strategy along the following phases: Phase 1 - Select the objectives and priorities to focus on for furthering child and youth finance nationally Phase 2 - Identify options to further develop specific objectives according to national context and resources available Phase 3 - Develop the selected options along CYFI framework for implementation Phase 4 - Design implementation roll-out, stakeholders involved and budget needed Phase 5 - Determine level of CYFI Secretariat support and of CYFI Network of experts and consultants Phase 6 - Implement and track progress’ results Detailed information on each step can be found in the CYFI National Implementation Plan (See page 22).

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3.5.3 Role of the CYFI Secretariat The CYFI Secretariat supports National Authorities in developing national strategies for financial inclusion and align child and youth friendly products to international standards with: 

The CYFI Certification Manual, which describing the specific standards for Child and Youth Friendly Banking Products and the procedural requirements for obtaining the Certificate.  Input and assistance on product design.  Sharing of best practices and technology-based financial inclusion policies

Banking Marketing Association of the Philippines collaborated with the BSP in the development of this example of successful collaboration between public and private financial actors. Each participating financial institution agrees to abide by a Code of Conduct. This Code was drafted by the BSP, which is also responsible for ensuring compliance.

3.6 Initiative F: Ensuring Appropriate Regulatory Reform 3.6.1 Why Regulatory Reforms?

Global Standards for a Child and Youth Friendly Product: 1. Availability and accessibility for children and youth, 2. Maximum control to children and youth, 3. Positive financial incentive for children and youth, 4. Reaching unbanked children and youth, 5. Employing child and youth friendly communication strategies, 6. An Economic Citizenship Education component, 7. Monitoring child and youth satisfaction, 8. Internal control (auditing mechanisms to ensure that 1-7 are met)

In most countries, for children to have access to appropriate financial products and control of those financial products means a fundamental alteration of the legislative landscape. Policymakers and legislative institutions should insure that appropriate changes to national regulatory frameworks are enacted to effect such changes.

3.6.2 How to Initiate Reform Strategies The National Authorities need to take the lead to achieve legal and regulatory reform as each country has a different structure. The first critical step is mapping the current status as discussed in Chapter 4. The mapping process needs to determine the extent to which there is existing or pending legislation for the education and/or inclusion of children in the financial system.

From the mapping, the areas for legal and regulatory reform can be prioritized. The National Platform can then create the strategic alliances and social pressure for implementing the appropriate regulatory reforms.

PHILIPPINES In 2011, Bangko Sentral ng Pilipinas (BSP – the Central Bank of the Philippines) Governor Amando Tetangco, Jr. launched the "Kiddie Account Program" to promote the habit of saving regularly among the 12 million Pilipino schoolchildren under the age of 13.

Because Economic Citizenship Education is already integrated as part of the school curriculum, the program welcomes schoolchildren to open accounts specially designed by the BSP and marketed by each bank participating in the program. The account requires an initial deposit of P 100.00 (equivalent to $2.50) and below at any of the banks' head offices or 3,000 branches. The

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3.6.3 Role of the CYFI Secretariat The CYFI Secretariat supports National Authorities in creating the social and educational conditions to initiate policy level dialogues and effect these regulatory changes by: 

Providing a structured step by step process for initiating regulatory reforms can be found in CYFI National Implementation Plan (See page 22).  Sharing best international practices of child and youth friendly regulatory reforms.  Organizing the Global Summit and Regional meetings so that National Authorities and CYFI partners can connect and share strategies on regulatory reform.  International advocacy.

Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

In the Philippines, Ethiopia, and Uruguay, legal and regulatory reforms have been implemented to support financial inclusion as illustrated in the following case studies.

PHILIPPINES In the Philippines, by virtue of Presidential Decree No.734 June 25, 1975, minors are authorized to deposit and withdraw money from banks. These account holders have complete control over their accounts, without the intervention of any adults. Minors at least 7 years of old who are able to read and write, and are not disqualified by any disability, are empowered to make savings or time deposits in their own names, withdraw money, and receive interest (where applicable) from banking institutions – all without the assistance of a parent or guardian.

ETHIOPIA In Ethiopia, labor law recognizes “youth employment” from the age of 14, with restrictions for certain jobs (e.g., no family-based employment). The Ethiopian Civil Code allows family to provide “special authorization” to children starting at the age of 15 to take on any and all rights of “majority” age, including marrying and signing a contract.

As a result of this regulatory environment, United National Capital Development Fund-YouthStart partners PEACE and ACSI in Ethiopia allow children aged 14 to 18 to open and manage an account on their own with any of the following documents: i) Kebele ID: the local administration such as village or ward councils can issue IDs earlier for “young workers” with proof of employment; ii) labor contracts iii) an official letter from parents or the local government authorizing the child to open an account.

URUGUAY In 2010, Uruguay’s parliament passed legislation modifying the Banco de la Republica Oriental del Uruguay (BROU, Uruguay’s commercial national bank) Articles of Incorporation. The modified Articles allow children and youth to open and manage savings accounts at BROU. This reform allows “the bank to open savings accounts for… children *and+ adolescents… *who+ may privately make deposits and withdrawals.” In addition, “…legal representatives [such as parents] are not allowed to make withdrawals… without *the account owner’s+ consent.”

(Art. 21 Carta Orgánica del Banco de la República Oriental del Uruguay Ley No. 9808) As a result, these accounts are the sole property of the children and youth that open them, and these children are the only ones authorized to conduct transactions on the

account. By empowering society’s youngsters to take charge of their own financial futures, this important reform is an example to other governments worldwide. One results of this legislation has been the development of “XmiCuenta” by BROU: a savings account directed at children between the ages of 14 to 17. The account has no minimum balance and no administrative charges. The account includes a debit card and online banking services at no extra charge. The account also offers the option of saving in both the local currency and indexed foreign currencies.

3.7 Initiative G: Ensuring Technology Support In recent years, new technologies to serve the unbanked population have seen increasing adoption by both the public and private sector. Mobile banking in particular has proven effective in extending the outreach of financial services to rural communities, and has therefore become the driver of diverse financial inclusion strategies.

3.7.1 Why promote technology nationally?

Technology enables communication and activities that were unimaginable a generation ago. Today, mobile phones and ICT technology exists even in the most remote parts of the world. The CYFI Movement is highly interested in exploring new ways to reach children and youth, especially as the national economy grows and as new technologies become available.

Technology allows Child and Youth Finance Movement to: 

Overcome geographical barriers to traditional education and inclusion.  Reduce the costs of financial services, making them more accessible to all.  Expand the footprint of social, financial, and livelihood education and access to the unbanked.  Leverage new trends (social media, open source and online education).Support from the CYFI Secretariat

3.7.2 How to create national technology strategy Setting up a Technology Taskforce is recommended as part of the National Strategy. A Technology Taskforce should Include the National Authorities, the private sector, innovators, CSOs, NGOs, academics, children and youth to identify new, emerging forms of communication that might cut costs, reach more people, and support efforts to increase ECE and financial inclusion.

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The goal should be to set key targets for the promotion of CYFI Movement through technology and/or new media forms, using both current and new technologies.

3.8 Initiative H: Establishing Academic Support

3.7.3 Role of the CYFI Secretariat

3.8.1 Why Academic Support?

National Authorities can play a key role in developing technology-driven Child and Youth Finance strategies. The CYFI Secretariat supports National Authorities in developing national strategies to incorporate financial inclusion technology by:

Coordinated academic research on a national level is a key to shaping successful Economic Citizenship Education and inclusion policies. The quality of strategies for the promotion of financial capability for children can be ensured when that strategy stands on solid impact research and evaluation.

1. Encouraging the adoption of branchless banking technology that delivers secure and affordable quality financial products for children and youth.

2. Developing technology-based solutions that support national financial inclusion strategies (e.g., mobile banking , biometric technologies).

3. Creating online Economic Citizenship Education (ECE) curricula 4. Encouraging the development of ECE through resources such as digital games and mobile apps.

PHILIPPINES In the Philippines, BPI Globe BanKO issued debit cards for children through its agent network. An account can be opened at the agency points of BanKO – for example, local shops. Children can use their debit cards at the school cafeteria and ATMs. On average, each child saves 10 dollars every 3 months, earning an annual interest rate of 3%. BanKO hopes to reach 1 million children in the Philippines in 2013.

INDIA To address the challenge of social inclusion in India, the National Authorities initiated a national biometric identification program called Aadhaar (meaning support or foundation). Aadhaar hopes to provide its 500 million unregistered people with a unique ID, which includes children and youth. Aadhaar is also sufficient to open an account and meet “Know Your Customer” provisions, and is being used as a payment platform thanks to portable ATM machines. Indian Contract Law allows children over the age of 10 to open and control their own bank accounts, subject to certain financial limits and on the condition that they repeat their signatures.

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A key role for National Authorities is to work in tandem with national researchers, and remove the barriers to furthering academic research, wherever possible. Among the barriers to assuring the quality of these strategies are: legal restrictions; family and cultural constraints; the unwillingness of banks to participate in what they perceive to be unprofitable business; and a lack of awareness respecting the most effective Economic Citizenship Education for young children. Lifting barriers must involve the creation of a business case using proven technology, certification of child-friendly bank programs, and the creation of an education curriculum shown to improve financial and social behavior. To ensure both quality and an aligned research agenda on these issues, a coordinated national academic expert group is highly recommended to build theory upon gaps of applicable knowledge.

3.8.2 How to initiate national academic initiatives The impact of Economic Citizenship Education on life skills, livelihoods, and behavior has not been heavily researched by the academic community. This research needs to be done at a country level, and National Authorities need to put emphasis and resources in the National Strategy to encourage local academics and researchers at country level.

Researchers and practitioners from around the globe met at the Brown School of Washington University in St. Louis, Missouri in February 2013 as members of the Child and Youth Finance Working Group to determine best practices in financial inclusion and education. Existing concepts in Child and Youth Finance were reviewed and the meeting yielded a clear mandate for moving forward the area of Child and Youth Finance. The global Academic Working Group Research Agenda therefore contains three priority areas for research:

Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

Research Agenda Child and Youth Finance Technology It is often suggested that technology based financial services could offer a gateway for children‘s financial inclusion. Because the area of mobiles and mobile banking is relatively new, more evidence is needed to gain a realistic view on the costs and benefits of developing this market by testing some of the present premises on the role of technology in creating financial access and education for youngsters.

Local Contexts More insights into the perceptions and experiences of youth concerning financial services and Economic Citizenship Education are necessary from different local contexts in order to generate a bottom-up approach and empower local youth and practitioners at grass roots level.

In addition, local researchers need to be supported by external research institutions for advice and to develop this mechanism that links research with policy.

Key Concepts Small-scale, short-term social experiments need to be conducted in laboratory or applied settings and designed to help answer pressing research questions regarding financial access, education, knowledge, skills, and abilities (KSAs) or financial capability among children and youth.

3.8.3 Role of the CYFI Secretariat The CYFI Secretariat has created an Advisory Council of highly influential academics and researchers from around the world that is available for advice and input to National Authorities and local academics and researchers participating in the National Platforms.

The CYFI Advisory Council has the CYFI Movement develop a theory of change, a research agenda, and a White Paper.

Academics participating in the research agenda can have access not only to a global network of senior and expert stakeholders from a wide range of disciplines around the issue of Child and Youth Finance, but also to CYFI’s partner resource database containing a vast collection of materials, documents, studies, and multimedia covering Child and Youth Finance issues. These resources can help to answer key policy questions.

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Chapter 4

Moving forward

Chapter 4

Moving Forward For some countries, child and youth finance is a new national agenda point. Others, however, already have long histories of sectoral dialogue, and some have even developed child and youth finance education and social infrastructures.

This chapter outlines proposed steps for the implementation of CYFI Core Initiatives, as described in the previous chapters. It provides an overall implementation framework that is adaptable to specific national circumstances.

The CYFI Secretariat supports National Authorities in tailoring national initiatives from design to implementation, and from assessment to scale-up. CYFI has worked with countries on five continents and has the experience and competence to provide practical real world solutions for all our Partners: 

Helping to design and implement various national child and youth finance policy initiatives, where absent.  Reshaping existing national initiatives and ensuring overall coordination of those initiatives.  Fine-tuning and leveraging existing national strategies for a transparent, inclusive, and more focused impact

Proposed Steps for implementing Child and Youth Finance Activities

STEP 1 Mapping the current state

STEP 2 - Define needs and areas of intervention

STEP 3 - Creating the National Platform & Strategy

STEP 1: Mapping the Current State of the Art

STEP 4 Implementation

STEP 5 Assessment & Review

STEP 6 -

Scale-up

CYFI recommends convening sector stakeholders and coordinating their various initiatives for greater outreach and impact. Please see below a diagrammatic of the CYFI framework for existing (or soon-to-be-drafted) Child and Youth Finance initiatives:

The first step in developing a national child and youth finance platform is to map the current state of the art in the sector. By this, CYFI means:

CYFI assists national stakeholders in mapping the current state through:





researching the number and types of organizations offering social, financial, and livelihoods education programs and pedagogical materials.  mapping the number of financial services providers offering child and youth focused financial products.  determining the extent to which there is existing or pending legislation for the education and/or inclusion of children in the financial system.

48

the CYFI sector stakeholders, media, research and programs online database.  live support from the CYFI Secretariat (experts from around world possessing in-depth knowledge of the countries, cultures, and social characteristics impacting CYFI Partners).  Provision of research, survey tools, and results.

Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

Framing existing Child and Youth Finance initiatives into the CYFI Movement initiatives‘ framework

See Annex B for a reference framework that CYFI provides to assess stakeholders nationally engaged in the various initiatives and field of child and youth finance.

STEP 2: Identify Intervention and Action Points The CYFI Movement recognizes that every country has its own distinctive policy agenda and that every country prioritizes child and youth finance differently. There may be a perception among some that in developed countries, access to financial products may not be a critical policy objective as financial services providers are ubiquitous, while in developing countries, access to financial products is critical since banks are far less accessible to most citizens.

countries where many financial services providers exist and many financial products are readily available to all demographic groups in a community, the need for financial education is even more critical than where exposure to financial products is less. In short, access without education can lead to uniformed decisions that hurt the financial health of individuals and lead to additional policy challenges.

The CYFI Network, which leverages the experiences of National Authorities and local stakeholders from over 120 countries, assists organizations in Step 2 by: 

defining priority areas for policy intervention. linking (with) organizations and experts from Partner countries and thus facilitating best practices sharing.  assisting in national strategy assessment and providing insight into potential areas of intervention. 

However, in CYFI Secretariat’s experience, the opposite appears to be true, and this is the sting in the tail. In

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49

STEP 3: Creating the National Platform & Strategy It should be clear from Step 1 and 2, what existing initiatives are working in country, and in Step 3, the goal is to create the National Platform & National Strategy.

The CYFI Secretariat supports National Authorities in this step in the following ways: 





 

Preparatory phase: identification of national stakeholders to be involved in the platform and appropriate models of stakeholders engagement.

Planning phase: support in defining needs and objectives, and in providing a framework for the drafting of an action plan for the implementation of national strategies.

Technical Assistance: in drafting the curriculum for ECE, fostering the certification of child and youth friendly financial products, consulting on developing the trainers programs, collaborating in organizing Global Money Week celebrations, and other initiatives previously mentioned in Chapter 3.

Assistance design and assessment of pilots’ projects.

Support and recommendation for scale-up phase.

Innovate and update: CYFI Thematic Working Groups Innovation is crucial for effectively developing national child and youth finance initiatives. Working Groups dedicated to innovation in the diverse child and youth finance policy areas are an important part of the CYFI national platform development structure. Dedicated Working Groups can include, but are not limited to, Groups such as: 

CYFI Education Working Group: dedicated to researching the state-of-the-art in ECE, curriculum development, training the trainers, pedagogical materials, etc.  CYFI Inclusion Working Group: focused on determining best practices in youth financial services, researching the latest regulatory reforms impacting youth financial access, and taking proactive action to drive youth access initiatives on national and international levels.  CYFI Technology Working Group: dedicated to investigating and implementing technology-based innovations in support of national child and youth finance strategies.

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AFLATOUN Aflatoun offers an educational program that empowers children to be financially capable economic citizens. The program’s complexity and outreach required teachers and facilitators to improve their teaching skills. To answer this need, Aflatoun developed the Aflatoun Academy: an initiative in partnership with Teacher Training Institutes to improve teachers’ capacity to use child-centered and active learning methods such as pair and group work, effective questioning strategies, and a range of lively and participatory exercises. Whilst the training introduces and develops these skills in the context of Aflatoun’s social and financial educational materials, they are easily transferable to any subject of the national curriculum.

STEP 4: Implementation The CYFI Secretariat collaborates with National Authorities to pilot projects and perform impact assessments.

Awareness campaigns can be designed jointly with the National Authority and national platform to disseminate project deliverables and outcomes at national, regional, and international levels.

An example: in Brazil, the Central Bank of Brazil, together with other national authorities from diverse sectors, is leading the drive for a national strategy for child and youth finance. The first version of the Brazilian national strategy dates back to 2009 when it was validated by national regulators. It was then approved in 2011 as the national strategy for financial education or ENEF. ENEF is coordinated and executed by the National Financial Education Committee, in collaboration with AEF-Brazil a non-profit association representing the financial sector.

ENEF’s Guidelines:     

Permanent and nationwide, Free of charge for target audience (including children and youth in schools), Centralized management, decentralized action, Partnership with public and private institutions, Permanent and periodic evaluation and revision.

The first implementation stage was a pilot which involved 900 schools, 29,000 students and 2,000 teachers. The pilot showed rather astonishing positive impacts on practical financial knowledge, skills and behaviors from the youth involved in the project. This positive impact extended to the students’ parents as well.

Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

The next phase is the dissemination and scale-up into public and private high schools as well as a new pilot with elementary schools involving 164,000 students and 8,000 teachers.

STEP 5: Assessment & Review The CYFI Secretariat assists National Authorities in assessing the impact of pilot projects and/or national strategies by: 

Sharing best practices on impact assessment methods and related tools.  Linking with local academics and research institutes.  Providing surveys tools for specific segments of stakeholders.  Commenting on results and providing recommendation for policy revision.

EGYPT “Shaping the Future” is a Central Bank of Egypt - Egyptian Banking Institute (EBI) initiative creating financial inclusion and education for children and youth in Egypt. Initiative partners are CYFI, PI - Egypt, Injaz Egypt, EFSA, GIZ, and Silatech.

The objectives of “Shaping the Future” are to:  support banks and financial institutions in the creation of child and youth friendly financial and banking products,  jointly (EBI and CYFI) certify Child and Youth Friendly products and,  include ECE modules in the Egyptian National curriculum.

STEP 6: Scale-up Reaching the largest number of children possible is the objective of any national child and youth finance initiative.

The scaling-up of activities implies a deeper development and outreach program that intends to reach children that may have not been addressed in earlier policy development tools. Scaling-up also means expanding on existing and successful programs to reach more children.

The CYFI Secretariat encourages and assists National Authorities in scaling-up national efforts for ECE and financial inclusion through: 

Creating national awareness on the topic.

Facilitating collaborations with other national stakeholders to ensure that no child or youth is left behind.  Organizing national stakeholders meetings.



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Chapter 5

conclusion

Chapter 5

Conclusion The CYFI Movement envisions a world where children are able to take control of their own lives, so they can live free from poverty and debt. The CYFI Movement triggers and coordinates multi-stakeholder efforts to empower children with social/life skills, financial and livelihoods education (ECE), and through providing them with safe, trustworthy financial products.

The CYFI Secretariat hopes that this Guide has inspired YOU to take the lead and about the possibilities and the opportunities inherent when developing national child and youth finance policies. Through the case studies of how National Authorities and CYFI partners around the world have been using the multi-stakeholder approach in developing partnerships and implementing CYFI Core Initiatives, we anticipate that you are better positioned to shape your own ideas in country and region. The overall message is that the CYFI Movement is a network of amazing people and organizations with expertise and experience to help you.

The CYFI Secretariat has a strong track record of helping diverse national and international organizations achieve their various policy, corporate, or non-profit objectives.

CYFI can provide specific support for initiatives through:

54

        

The world’s largest child and youth finance stakeholder network.

Key education and certification standards for national project development.

The world’s largest child and youth finance network of national policy makers and central bankers.

Annually, five regional and one global summit addressing issues critical to child and youth finance.

The world’s largest network of academics and educators working in the child and youth finance sector.

Assistance with national platform design and implementation.

Coordination of national, regional, and international Global Money Week initiatives.

Connecting children around the world with one another.

Helping children and youth around the world to believe in themselves, and through that belief, to become better economic citizens for tomorrow.

Join the Child and Youth Finance International Movement.

Be an agent of change. Together we can make a difference!

Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

Glossary

Glossary Term Banking Product

Definition Any product offered by a Financial Service Provider

Child

An individual under the age of 18, or under the age of majority as prescribed by national law (UNCRC, http://www2.ohchr.org/ english/law/crc.htm)

Child and Youth Finance International (CYFI)

The legal organization responsible for coordinating the Child and Youth Finance Network and the Partners within the CYFI network

CYFI Secretariat (CYFI)

The organizing entity of Child and Youth Finance International (CYFI) which reports to the CYFI Supervisory Board and coordinates activities within the CYFI Network. The acronym CYFI can signify both the legal organization CYFI as well as the CYFI Secretariat

CYFI Supervisory Board

The supervisory Board of CYFI, responsible for CYFI’s strategic direction and supervisory management

Child and Youth Finance Activities

All actions, projects and programs relating to the promotion and implementation of undertakings to further financial access and education for children and youth as described in the CYFI strategy

CYFI Annual Summit & Award Ceremony

The annual meeting of CYFI Partners and stakeholders.

The purpose of this summit is to strengthen relations, disseminate best practices and share innovations, coordinate activities between partners and stakeholders within the CYFI Network

Child and Youth Finance Movement (the Movement)

An international, inclusive, multi-stakeholder movement comprising CYFI Partners and stakeholders supporting: the creation and strengthening of systems, structures and policies which provide children with choices; informs them of their rights; instills values in them; empowers them to make sound financial decisions, build their assets and invest in their own futures

Child and Youth Finance Movement Theory of Change

The theoretical base upon which the Child and Youth Finance Movement stands and which outlines how the various interventions of the Child and Youth Finance Network lead to the Movement’s desired outcomes

CYFI Network

The multi-stakeholder group of CYFI Partners, comprised by practitioners, policy makers, and researchers and their respective organizations and networks who contribute to, and further the efforts of, the Child and Youth Finance Movement

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Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

Child and Youth Friendly Banking

A system of financial services that promotes the creation and provision of financial products and services which are designed to promote safe financial access and financial capability for all children and youth under the age of majority.

Child and Youth Friendly Banking Product Certificate

The certificate awarded to financial institutions for banking products offered to children and youth which meet the required Child and Youth Friendly Banking Product standards

Child and Youth Friendly Banking Product

Savings and current accounts which meet a set of minimum standards as defined by the CYFI Regulation and Inclusion Working Group. These standards ensure that banking products remain inclusive and appropriate, and are designed in the best interest of the child Economic and civic engagement to promote: reduction in poverty, sustainable livelihoods, sustainable economic and financial well-being and rights for self and others

Economic citizenship

Economic Citizenship Education

CYFI Education Learning Framework (ELF)

An education curriculum combining the three modules of financial education, social education, and livelihoods education for children and youth as defined in the CYFI Education Learning Framework The structured set of desired learning outcomes and competences in economic citizenship education as defined by the CYFI Education working Group

Empowerment

Increasing an individual’s confidence and ability to take charge of their lives, claim their rights and build empathy with others

Financial Access

A means of safely accumulating, controlling and acquiring assets.

Financial Education

CYFI adopts the OECD definition: “the process by which individuals improve their understanding of financial products and concepts; and through information, instruction and/or objective advice develop the skills and confidence to become more aware of Financial risks and opportunities, to make informed choices, to know where to go for help, and to take other effective actions to improve their financial well-being and protection.�

(OECD (2005). Recommendation on Principles and Good Practices for Financial Education and Awareness, http://www.oecd.org/dataoecd/7/17/35108560.pdf)

Financial entrepreneurship

The ability to use one's technical and business skills to take advantage of market opportunities to deliver products and services that generate a sufficient financial return

Financial capability

Combining the knowledge, skills, attitudes, and behaviors that increase financial literacy with access to financial products and services providing individuals with the opportunity to act in their best interest

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Financial Inclusion

Access to financial products and services which are affordable, usable, secure and reliable.

Financial Institution

A deposit-holding institution with a license from the relevant national financial regulatory authority and providing financial services for its clients or members.

Financial literacy

CYFI adopts the OECD Definition of financial literacy: “financial concepts, and the skills, motivation and confidence to apply such knowledge and understanding in order to make effective decisions across a range of financial contexts, to improve financial wellbeing of individuals and the society; and to enable participation in economic life,” OECD (2012). PISA 2012 Financial Literacy Framework, http://www.pisa. oecd.org/dataoecd/8/43/46962580.pdf

Financial Services

Services offered by FSPs complementary to, and comprising, Banking Products

Financial Service Provider (FSP)

Organization providing financial products, including deposits. This includes Financial Institutions as well as non-regulated organizations offering financial services

Global Money Week

A week dedicated to the promotion and awareness of financial inclusion and economic citizenship education for children and youth around the globe, coordinated by CYFI Activities and structures to catalyze national, regional, and global collaboration advancing the objectives of the Child and Youth Finance Movement

National/Regional/Global Platforms

Livelihoods education

Programs aimed at developing employability skills and entrepreneurial behavior

Livelihood Skills

CYFI adapts the UNICEF definition of Livelihood Skills: “Capabilities, resources and opportunities to pursue individual and household economic goals. Livelihood skills relate to income generation and may include technical / vocational skills, job seeking skills, business management skills, entrepreneurial skills and money management skills.” (UNICEF (2011) Life skills Definition of Terms. http://www. unicef.org/lifeskills/index_7308.html)

Minimum standards for Child and Youth Friendly Banking Products

The standards a banking product must meet to be awarded a Child and Youth Friendly Banking Product Certificate. The standards were developed by the CYFI Regulation and Inclusion Working Group

Social education

Programs aimed at increasing knowledge of human rights, encouraging self-reflection and self-awareness and instilling respect for oneself and others

Social entrepreneurship

The ability to recognize social, human rights, political or environmental needs and to use one's technical and business skills to create effective solutions, that address these issues in a sustainable manner

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Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

Socio-financial capability

The ability to make informed financial decisions that benefit the individual and community.

CYFI Working Groups

Groups of experts from across linked sectors contributing to the strategic focus of the global Child and Youth Finance Movement

Young People

Anyone between the ages of 10 and 24 (United Nations, http:// www.un.org/esa/socdev/unyin/qanda.htm)

Youth

An individual between the ages of 15 and 24 (United Nations, http://www.un.org/esa/socdev/unyin/qanda.htm)

Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

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annexes

Annex A: Implementation Action Plan Framework Country Institution/ Organization

Targets

Key Milestones

Governmental Institution Financial Authority Financial Institution NGO Academia Implementation of the National Strategy by April 2013 No. of children & youth reached by National Policies on: By the end of 2015 By 2020 No. of children & youth reached with Child Finance Education (Financial, Social, & Livelihoods education) By the end of 2015 By 2020 No. of child-friendly products available in the country By the end of 2015 By 2020 Steps and Milestones to be achieved Development and Implementation of Financial Inclusion Strategy Development and Implementation of Child and Youth Finance Education Programs at the national level Implementation of CYFI Week Academic pilot studies/ development of indicators Media Advocacy and Technology

Ready to go!

Fast track

Financial inclusion

2013

2014

Opportunities

Challenges

Identify other national stakeholders

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Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

Warming up

Financial education

2015

2020

Policy and Advocacy 1 Process

2

Impact Indicators

Research and Documentation Process

   

Semestral reports on the state of the movement in the country.

Monitoring and evaluation.

Publication of child and youth finance and education related studies.

Compiling CYFI surveys.

Financial Inclusion

Step 1

Step 2

Step 3

Step 4

Step 5

Shortlist of

Prepare and

Launch

Monitoring

Hold national

interested

create products

products

and review

level review

FSP

meetings

Child and Youth Finance Education

Identify

Assess youth

Creation/modifi

Launch CYFI

Measure

relevant

financial

cation of

Curricula in

country-level

stakeholders

education

curricula

schools

outcome and

Research

Identify

Monitoring CYFI

Ongoing

Publication of

Discussion and

interested

week

research

studies

revision of the

Identify major

Launch media

Conduct

Assessing

Hold national

stakeholders

campaign

awareness

campaign

level review

initiatives

Operational Model: 3 Recommendations

output

researchers

Media

Technology

Child & Youth Finance Week

pilot programs

around CYFI

campaign

efficiency

meetings

Identify major

Launch media

Pilot mobile

Monitoring

Hold national

stakeholders

campaign

banking/school

and review

level review

around CYFI

banks

Identify

Launch CYFI

General

Hold National

Action plan

relevant

Week

Assessment

Level

implemented

stakeholders

meetings

meetings

1. Policy and Advocacy Process: Determining what policy changes are needed and possible strategies to achieve them.

2. Impact Indicators: to be developed with the Academic Working Group for the country/region. They should focus on the number and percentage of children and youth that are saving money; average amount of savings accumulated by children and youth per year; number of accounts opened by parents and family members; number of youth entrepreneurial projects implemented, and so on.

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Annex B: Stakeholders Mapping and Evaluation Framework The following table can be used by national stakeholders to display and evaluate stakeholders, policies, and practices implemented by a country in the field of financial inclusion and education for children and youth. The user can assess stakeholders basing on a grading criteria ranging from 0 (non-existent) to 3 (remarkable).

Criteria National Platform - Stakeholder Engagement Financial Regulatoy/Supervisory Authority Education Authorities Civil society Financial PrivateSector Other Private Sector Teachers Associations Financial inclusion National Strategy for financial inclusion Child and youth friendly regulatory framework Specific policy or law on child-friendly products Low age threshold to open and operate a saving account Maximum control for the child / youth Control and monitoring organization on child and youth friendly banking products Multi-stakeholder collaboration towards childfriendly standards / certification

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Stakeholder X

Stakeholder Y

Stakeholder Z

3 3 3 3 0 3

3 3 3 3 0 0

3 0 0 0 0 0

2

0

0

0

0

0

0 0

2 1

2 1

3

0

1

3

0

0

Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

Proactive support of initiative to pilot child and youth friendly savings programs / banking products Economic Citizenship Education Financial education policy / strategy Entrepreneurship policy / strategy Integration of Financial education in the national curriculum primary education secondary education higher education Intergration of Social education to the national curriculum primary education secondary education higher education Integration of Livelihood education to the national curriculum primary education secondary education higher education Teacher training strategy General criteria Outreach Innovation Impact Participation to the Global Money Week Commitment to the CYFI Movement Total score*

1

3

0

2 1

3 2

1 0

3 3 3

0 0 0

0 0 0

N/A N/A N/A

2 2 2

1 1 1

1 1 1 0

N/A N/A N/A 1

0 0 0 0

2 1 0 3 3 48

3 2 3 2 3 43

2 3 1 0 0 17

* the following rate is for explanatory purpose only

Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

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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

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

economic citizenship in your country - developing child and youth finance initiatives at the national level

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