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Child & Youth Finance International

First Annual Summit & Awards Ceremony April 3rd - 4th 2012


Summit Report April 3rd - 4th 2012


Executive Summary Child and Youth Finance International (CYFI) is the result of a long standing commitment to human rights, specifically the economic rights of children and youth. This commitment has sparked the development of an expertdriven multi-stakeholder network dedicated to the financial protection and empowerment of children and youth. The CYFI network is the main force behind the Child and Youth Finance Movement, which aims to ensure 100 million children and youth in 100 countries world-wide have access to suitable financial products and education by 2015. The first annual CYFI Summit & Awards Ceremony was the first Summit to focus on financial issues specifically for children and youth. It was also the first convention where children and youth discussed these issues and shared their policy recommendations directly to policymakers. The Summit welcomed 346 participants from 80 countries as well as 70 youth participants from 40 countries. Over two days Government Representatives, Financial Service Providers, Multi (and Bi) lateral Organizations, NGOs, Academics & Researchers and youth representatives shared experiences, innovations and commitments to collaboratively endeavour to reach 100 million children in 100 countries by 2015. The two-day, interactive Summit kicked-off by sharing and learning of present innovations around the globe in the Ideas Labs. Thereafter, Envision & Action sought to incorporate present innovations to reach a consensus on a common vision of the global Child and Youth Finance Movement. Finally, using this common vision, the Let’s Go sessions saw participants express the actions necesssary to accelerate the Child and Youth Finance Movement forward. Key Summit highlights included a note of support from the UN Secretary General and the announcement that Child and Youth Finance will be included in the indicators of the G20 for countries’ levels of access. Further highlights included youth presenting recommendations to policy makers on implementing financial education and access, the interaction between youth and adult participants and the joint-commitment to collaborate across sectors and regions to accelerate the Child and Youth Finance Movement.

I strongly support helping young people gain greater financial literacy as well as better access to services that will lead the way to employment, entrepreneurship and investing opportunities

UN Secretary General note of support.

There were a number of key Summit outcomes, in particular declarations of commitment by meeting participants to contribute to the Child and Youth Finance Movement as well as recommendations on the use of media and online platforms to innovatively engage children and youth. In addition, headway was made through the creation of regionally incentivized action 5


plans to undertake Child and Youth Finance activities on national and international levels. The key outcomes of the Ideas Lab included emphasizing cross-sector collaboration between CYFI partners and the need to devote more resources to vulnerable children. Participants also suggested that greater trust and confidence of children and youth can be built through using suitable communication tools. Envision & Action shed light on the necessary steps to implement Child and Youth Finance Day/Week activities. In addition, Envision & Action saw participants agree on the dates and locations of regional meetings. These regional meetings were also remarked as the focal point in creating multistakeholder country platforms for Child and Youth Finance. Region

Hosting Country

Status

Africa

Nigeria

Confirmed

Americas

Mexico

Confirmed

Asia

The Philippines

Confirmed

Europe

Belgium

Confirmed

MENA

Lebanon

Confirmed

The Key outcomes of the Let’s Go sessions reinforced the importance of cooperation between CYFI network partners and the multi-stakeholder approach in reaching the Child and Youth Finance Movement target. The sessions also highlighted the need to synergize the financial sector, technology providers and education providers in the development of Child and Youth Friendly Banking Products. To highlight the efforts of Child and Youth Finance network members, CYFI presented 4 awards for outstanding achievements in financial inclusion and education, entrepreneurship and global promotion of themes related to Child and Youth Finance. Answering to the request of meeting participants, the Child and Youth Finance Secretariat in collaboration with regional institutions, is preparing to contribute dialogue and action at a regional level. The Second Annual CYFI Summit & Awards Ceremony will be held in Istanbul, Turkey in 2013, in collaboration with the Capital Markets Board of Turkey and Para Durumu.

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Table of Contents

Executive Summary

Introduction

Tuesday April 3, 2012

5 11 13

Inauguration 14

IDEAS LAB 17 Breakout Session 1.1 National Strategies: Leadership by Central Banks and

17

National Authorities Breakout Session 1.2 Financial Institutions and Outreach to Children and Youth

19

Breakout Session 1.3 Financial Institutions and ChildFriendly Banking Products

20

Breakout Session 1.4 Child and Youth Finance Education: Innovations and Best Practices

22

Breakout Session 1.5 Academia & Research: Impacts of the Child and Youth Finance Movement

23

Breakout Session 1.6 Innovations in Reaching Vulnerable Children and Youth

24

IDEAS LAB Key outcomes

25

Furthering ChildFriendly Banking- Debate

26

Envision & Action

27

Breakout Session 1.7 Reshaping the Regional Vision: Europe

27

Breakout Session 1.8 Central-Eastern Europe

28

Breakout Session 1.9

Asia

29

Breakout Session 1.10

Africa

30

Breakout Session 1.11 Americas

31

Breakout Session 1.12 MENA

32

Envision and ActionKey Outcomes

33

Wednesday April 4, 2012 35 Let’s Go 36

Breakout Session 2.1

Accelerating the Child and Youth Finance Movement:

The Role of Foundations

Breakout Session 2.2

Accelerating the Child and Youth Finance Movement:

The Role of Bilateral and Multilateral Organizations

Breakout Session 2.3

Accelerating the Child and Youth Global Finance Movement

Through Media & Communication

Breakout Session 2.4

Accelerating Child and Youth Finance Academic Research:

Children and Youth as Economic Citizens

Breakout Session 2.5

Accelerating Financial Access and Education for Children:

The Role of Financial Institutions

8

36 37 39 40 41


Breakout Session 2.6

Accelerating the Child and Youth Finance Movement:

The Role of Technology

42

Let’s Go: Key Outcomes

43

The World’s Financial Challenge: Voices of Children and Youth 44

2.7a

Providing Financial Literacy Education

2.7b

Creating ChildFriendly Banking Products

2.7c

Encouraging Youth-Led Enterprise

2.7d

Creating awareness of Youth Finance

2.7e

Equitable Trade Between Developed and Developing Countries

2.7f

Supporting Mobile Phone and Internet Based Banking

Voices of the Children: Key outcomes

Children’s Economic Rights: Impacting the Policy 48

Concluding Session: Reshaping the Future of Finance 50

Pre-Summit: Monday April 2, 2012

Annex 1

48

5

1

European Microfinance Platform – Youth Financial Services

Working Group

2

SEEP Network – Youth and Financial Services Working Group

and Practitioner Learning Program

53

3

CYFI Academics Working Group

54

4

Getting Child Social & Financial Education Off the Ground

56

5

Key Components of a National Child and Youth Finance Strategy:

The Experience of Malawi

57

6

Social Entrepreneurship

58

7

CYFI Education Working Group

60

8

Financial Institutions and Child and Youth Finance

62

9

Emerging Results from the Field of Youth Finance

63

Annex 2

Youth Summit Summary

64

Annex 3

Child and Youth Finance Awards Ceremony

65

Annex 4

Activities 68

Annex 5

Evaluation of the Summit

70

Annex 6

Message from the United Nations Secretary General

70

Annex 7

Welcome Speech by Mr Klaas Knot, President of the Dutch Central Bank

71

51

9


Introduction

The idea of creating a Child and Youth Finance Movement was launched in June 2010 at a meeting of experts working on children and youth financial inclusion and education. The concept is based on the experiences and knowledge of organizations working in this and related fields. In July 2011, Child and Youth Finance International was established as a non-profit organizations based in the Amsterdam, the Netherlands. Today, the Child and Youth Finance Movement brings together over 1000 stakeholders. By coordinating efforts and launching new initiatives, all are working to further financial inclusion and education for children and youth. Through this, children and youth will be able to create change for themselves and for their communities. The united goal is to reach 100 million children in 100 countries by 2015.

Since its creation, Child and Youth Finance International has based its strategy on the recommendations and inputs of its multi- stakeholder network. Working with leading academics, the Movement is fuelled by its theory of change. This maintains that combining financial access with social, financial and livelihoods education will give children and youth the opportunity to develop into economic citizens. The Child and Youth Finance Movement is made strong through the collaborations among its multiple, global stakeholder. The First Child and Youth Finance Summit was created as the first event to bring together network partners to share, innovate and create collaborative action plans to further the Child and Youth Finance Movement. The summit had the following objectives: • Spreading awareness about the Child and Youth Finance Movement. • Highlight the commitments of Movement members to bring Child and Youth Finance to 100 million children and youth in 100 countries by 2015. • Share innovation and thought leadership from across various sectors and countries and ensure joint efforts

Children And Youth Reshaping The Future Of Finance

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• Create a common vision for Child and Youth Finance and identifying regional goals and opportunities • Accelerate the Child and Youth Movement through collaborative action and identifying channels • Involve children and youth in shaping the Movement and engaging with policy-makers. Invitations to the summit were sent to Child and Youth Finance partners and interested stakeholders from across various sectors and countries. By bringing together this diverse multi-stakeholder group, the meeting hoped to achieve the following outcomes: • Declarations of commitment by meeting participants on their contribution to the Child and Youth Finance Movement • Documentation of innovations and sharing through online platforms and other media • The creation of regional platforms and action plans for undertaking Child and Youth Finance activities at national and international levels • Forming alliances between organizations and individuals in similar or different sectors • Documenting the top recommendations by children and youth for policy reform to be presented to policymakers In order to reach the expected outcomes, and encourage the maximum participation, the meeting was structured in three main sections: • Ideas Lab: An experience-sharing session through which participants learn from the innovations and best practices across sectors globally in the field of financial inclusion and financial education. • Envision and Action: After the exchange of ideas, the discussion was further broken down to regional levels where representatives exchanged their opinions on the Child and Youth Finance Movement and reached a common vision on the implementation of the Child and Youth Finance Movement at a regional level. • Lets Go: Having created the blueprint of the common regional vision, participants from different sectors were invited to create a concrete action plan on how to reach 100 million children in 100 countries by 2015. An overview of the program agenda can be seen below: Monday 2 April

Day 1: Tuesday 3 April

Day 2: Wednesday 4 April

Morning

Children and Youth Meeting

• Inauguration

• Let’s Go!

• The importance of Child

• Voices of Children and

and Youth Finance in

Youth

Today’s World

• Children’s and Youth

• Ideas Lab

Economic Rights

• Children and Youth Meeting Afternoon • Pre-Summit

• Debate on Child Friendly

• Reshaping the Future

Banking

of Finance

• Envision and Action

• Awards Ceremony

Inauguration Dinner

Dinner

Workshops Evening

12

Networking Dinner

Children And Youth Reshaping The Future Of Finance


Day 1 Tuesday April 3, 2012

Tuesday April 3rd, 2012 saw the inauguration of the first annual CYFI Summit. Guests were welcomed by Mr. Klaas Knot, director of De Nederlandsche Bank and Ms. Jeroo Billimoria, Managing director of CYFI. The day was divided into two main sections, the Ideas Lab and Envision & Action as well as a debate on Child and Youth Friendly products. The Ideas Labs set the stage for learning about innovations from around the globe related to financial education and inclusion and the Envision & Action determined a regional focused action plan on youth finance.

Welcome Address 09:00-11:00

The Importance of Child and Youth Finance in Today’s World Youth Perspectives

11:30-13:00

Ideas Lab

14:00-15:00

Furthering ChildFriendly Banking - Debate

15:30- 17:00

Envision & Action

13


Inaugural Ceremony

Welcome Address In his opening speech Mr. Klaas Knot, President of De Nederlandsche Bank, expressed the importance of every person’s right to inclusion within society. Mr. Knot stressed the role of financial literacy and awareness as a road to inclusion, the fact that financial education and services during childhood have proven to successfully aid financial stability. and that by means of this, children from developing and underdeveloped countries could take control of their future and escape poverty. Mr. Knot also called for financial institutions to show willingness to provide Child and Youth Friendly Banking Products and for educational institutions to foster financial literacy programs for children. Mr. Knot underlined that children are entitled to experience social inclusion and as a result will become active and free members of society later on in life. Ms. Jeroo Billimoria, Managing Director, Child and Youth Finance International, introduced the Child and Youth Finance Movement and emphasized the special participation of children and youth at the Summit. Ms. Billimoria expressed that the Movement was built on years of expertise from organizations working in the fields of Child and Youth Finance. Ms Billimoria further highlighted the importance of learning about money management as well as the development of a model that outlined access, knowledge and skills for the economic empowerment of children. Ms. Billimoria concluded by thanking all the partners for coming to the Summit and wished all participants an enjoyable two days.

The Importance of Child and Youth Finance in Today’s World Next, leaders from across a range of diverse organizations shared their opinions on the importance of a Child and Youth Finance Movement and shared their commitments to contribute to the goals of the Movement.

Chair  Prof. Michael Sherraden, Founding director of the Brown School’s Center for Social Development (CSD), Washington University

Keynote Speakers -

Mr. Mattia Adani, Executive Director, Inter-American Development Bank

-

Mr. Peter Blom, CEO Triodos Bank, Chair of the Global Alliance for Banking on Values (GABV)

-

Mr. Chris De Noose, Managing Director, World Savings Banks Institute (WSBI)

- Mr. Mauro Grande, Director General of the Directorate General Financial Stability, European Central Bank -

Ms. Moufida Goucha, Director of the Division of Youth, UNESCO

- Mr. André Laboul, Head of Financial Affairs Division, Directorate for Financial and Enterprise Affairs, OECD -

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Ms. Ann Miles, Director of Microfinance, The MasterCard Foundation

Children And Youth Reshaping The Future Of Finance


The panelists in this session agreed that children and youth are increasingly economically active. Subsequently, youth financial education is an investment that aims at overall economic prosperity. Children have an innate ability to learn so it is imperative that they learn about money and its risks and benefits early on. The panelists proposed that financial products and services be comprehensive and customized to fulfill children’s and young entrepreneurs’ needs. They also emphasized that children and youth accounts is a largely untapped market as well as a tremendous opportunity for growth. Mr. Mattia Adani, Executive Director, Inter-American Development Bank, highlighted that as children and youth become economically active, a greater need to invest in them arises as they are an untapped opportunity for growth. So they need to learn to save and use financial products and services while they are still young. Mr. Peter Blom, CEO of Triodos Bank and Chair of the Global Alliance for Banking on Values, expressed the increasing importance of Financial Inclusion and states Triodos Bank and the GABV support the goals of CYFI to bring banking services to children and youth and that the GABV will actively explore the development of child-friendly savings accounts. Mr. Chris de Noose, Managing Director at the World Savings Banks Institute, demonstrated how WSBI member banks are currently supporting financial education for children; through school banking initiatives and by providing savings accounts for children and youth. Mr. de Noose further noted that WSBI is committed to promoting Child and Youth Friendly Product Characteristics in its member banks. Mr. Mauro Grande, Director of Financial Supervision and Stability, European Central Bank, expressed that the European Central Bank will provide continuous support for the Child and Youth Finance concept, endorse increased Child & Youth Finance Education and access to appropriate savings accounts. Mr. Grande also encouraged these concepts as a means to contribute to market stability and support European dialogue on the topic. Ms. Moufida Goucha, Director of the Division of Youth at UNESCO,pledged support to the Child and Youth Finance Movement through its extensive network by incorporating Child and Youth Finance into UNESCO’s Education for All Campaign, providing visibility to the Child and Youth Finance concept with national ministries of education, creating links between Child and Youth Finance Education and UNESCO Quality Education Framework toolkit and contributing to shaping the policies of the Movement. Mr. André Laboul, Head of the Financial Affairs Division at the Directorate for Financial and Enterprise Affairs at the OECD, expressed the OECD’s desire to promote the CYFI values and vision, to co-chair the Child and Youth Finance Experts Council and promote Child and Youth Finance topics at the G20 and other forums as well as through the International Gateway for Financial Education network. Ms. Ann Miles, Director of Microfinance at the MasterCard Foundation, expressed the foundation’s solidarity and empathy towards the Child and Youth Finance Movement, support for the Child and Youth Finance Movement and its efforts to foster financial inclusion for young people. Ms. Miles stressed that the MasterCard Foundation will help pioneer financial services and financial literacy for young people in Sub-Saharan Africa. Prof. Michael Sherraden concluded the session by reading a note of support from the Secretary General of the United Nations, Mr. Ban Ki-moon, in which he stated that he “strongly support[s] helping young people gain greater financial literacy as well as better access to services that will lead the way to employment, entrepreneurship and investing opportunities.”

“Financial illiteracy is a common problem found throughout the world” Youth Participant, aged 13

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Annex 6.

Youth Perspectives Young people took part in the opening ceremony by sharing their perspectives on the Movement and what it means to them. Chair

Jeff DeCelles, GrassrootsSoccer, Director of Curriculum, Partnerships & Innovation

Speakers -

Simphiwe Gcaba, youth representative South Africa, Young Girls Network

- Arnilyne Hambali, youth representative Philippines, ChildFund Philippines -

Tom Rosen Jacobson, youth representative The Netherlands, The International School

of Amsterdam

Jeff DeCelles, GrassrootsSoccer, Director of Curriculum, Partnerships & Innovation, opened the session outlining the activities of the children and youth at the youth summit and introduced the youth representatives that were speaking about their experiences of the first day at the youth summit. Simphiwe Gcaba, youth representative South Africa, Young Girls Network, discussed currencies around the world and what they learned about gauging their value. Arnilyne Hambali, youth representative Philippines, ChildFund Philippines, mentioned that money provides support and brings opportynity for success as well as allows us to help others, but that it also can be the cause of conflict between people. Tom Rosen Jacobson, youth representative The Netherlands, The International School of Amsterdam, described how the youth participants came up with ideas on how to promote child and youth savings accounts and stressed the importance of connecting with children through suitable communication channels such as social media.

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Children And Youth Reshaping The Future Of Finance


IDEAS LAB There are many great innovations across the world, so let us learn from them. This was the spirit behind the Ideas Lab sessions. They aimed to share innovations in financial education and financial inclusion for children and youth. Each breakout session focused on a key theme of the Child and Youth Finance Movement. The Ideas Lab was a PechaKucha based format where each speaker was given 5 minutes to present the initiatives of their respective organizations followed by a question and answer period. Subgroups then discussed the challenges and opportunities from different perspectives, ultimately agreeing on 4-5 key outcomes. These ideas were presented at the plenary session.

Breakout Session 1.1

National Strategies: Leadership by Central Banks and National Authorities The main objective of the session was to identify key implementation challenges faced by national platforms when introducing financial education and inclusion strategies. A further goal was to strengthen ties between national bodies, coordinate long-term commitments for youth-directed policies on financial education and inclusion. Chair

Mr. Raúl Hernández-Coss, General Director, National Banking and Securities Commission

of Mexico

Speakers -

Ms. Fe De La Cruz, Director, Central Bank of the Philippines

-

Mr. Matzaeni Aboe Amin, Senior Advisor, Directorate banking Research and Regulation, Bank

Indonesia -

Mr. Paul Nduka Eluhaiwe, Director, Development Finance Department, Central Bank of Nigeria

(CBN) -

Mr. Olaf Simonse, Project Manager, Ministry of Finance of the Netherlands

- Ms. Müge Tasci, Head of Financial Education and Promotion Group, Capital Markets Board of Turkey Mr. Raúl Hernández-Coss, General Director, National Banking and Securities Commission of Mexico (CNBV) opened the session stressing the importance of including financial inclusion in national agendas, and facilitating a multi-stakeholders approach when designing a national strategy. Ms. Fe De La Cruz, Director, Central Bank of the Philippines (BSP) described the financial education and savings program for children ‘Kiddie Account Program’ as a successful example of synergy between the public and private sector in developing successful inclusive strategies for youth. Mr. Matzaeni Aboe Amin, Senior Advisor, Directorate banking Research and Regulation, Bank Indonesia, shared figures and context from the Indonesian strategy for financial inclusion targeting children and youth, stressing that there was still a need to develop financial inclusion initiatives specifically for rural

Children And Youth Reshaping The Future Of Finance

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area communities. Mr. Paul Nduka Eluhaiwe, Director, Development Finance Department, CBN, shared the CBN goal of having Nigeria as one of the top countries for financial inclusion by 2020, stressing the importance of facilitating synergies among private and public sector in reaching this goal as well as in promoting a program encouraging entrepreneurship among youth nationwide. Mr. Olaf Simonse, Project Manager, Ministry of Finance of the Netherlands, introduced the audience to “National Money Week’’ in The Netherlands, explaining the tenants of the initiative and its outreach figures. Ms. Müge Tasci, Head of Financial Education and Promotion Group, Capital Markets Board of Turkey (CMBT) highlighted the efforts of planning and implementation in Turkey when increasing financial literacy among youth and the key role of the Ministry of Education in introducing financial education into the school curricula.

Key outcomes • A  multi-stakeholder approach is important when developing and implementing a national strategies • Involvement of the private sector is a key component of financial literacy for children and youth • Data measurement and impact assessment are important components of national strategies • Regional synergies should be explored when implementing Child and Youth Friendly Banking Products

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Children And Youth Reshaping The Future Of Finance


Breakout Session 1.2

Financial Institutuions and Outreach to Children and Youth During the session, panelists shared their experiences and innovations in financial inclusion and education for children and youth and shared ideas on implementing the economic rights for children and youth.

Chair

Mr. Herve Guider, General Manager, European Association of Co-operative Banks (EACB)

Speakers -

Ms. Delgerjargal Bayanjargal, Vice President of Retail Banking, XACBank

-

Mr. Simon Bleidiesel, Senior Project Manager, KFW

-  Ms. Stephanie Hagemann, Project Manager LAC, Savings Banks Foundation for International Cooperation - Mr. Dixon Norval, Head of Strategic Marketing and Communication, FNB Namibia Holdings -

Mr. Carlos Ramírez Bracho, Deputy Director of Financial Education, Banamex

-  Mr. Dharmasiri Bandara Rekogama, Project Relationship Manager, Hatton National Bank, Sri Lanka Mr. Herve Guider, General Manager, European Association of Co-operative Banks (EACB), introduced the session as an important platform to “promote the economic rights of [youth]”. Mr. Guider also cited that it is important for financial institutions to not only implement successful business models, but to also abide by basic governing principles that ensure economic rights are upheld. Ms. Delgerjargal Bayanjargal, Vice President of Retail Banking, XACBank, described the social and financial education program in Mongolia. The program promotes a culture of savings, better spending and encourages youth to start investing in their own futures. Mr. Simon Bleidiesel, Senior Project Manager, KFW, stressed the power of the “World Savings Day” as a tool to promote savings and the culture of savings. The success of the “World Savings Day” hinges on government agencies, financial institutions and local NGOs cooperation in implementing a suitable program for their country. Ms. Stephanie

“If we can beat poverty in our generation, the world will be a better place.”

Hagemann, Project Manager LAC, Savings Banks Foundation for International Cooperation,explained that targeting youth requires two things: a suitable financial education program with a way to motivate youth to save and the importance of different programs targeted to different age groups as a successful way to stimulate youth to save. Mr. Dixon Norval, Head of Strategic Marketing and Communication, FNB Namibia Holdings,

Youth Participant, aged 15

described the environment as a large influence on the rate of success in implementing financial education programs and savings accounts for youth. International organizations provide the backbone for education programs and

local financial institutions can provide appropriate products for youth. Mr. Carlos Ramírez Bracho, Deputy Director of Financial Education, Banamex, shared that social education in combination with financial education programs can further help generate financial resources and have a positive impact on societies. Mr. Bracho also explained how partnerships between private and social sectors were important to ensure no one was excluded from financial education tools. Mr. Dharmasiri

Children And Youth Reshaping The Future Of Finance

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Bandara Rekogama, Project Relationship Manager, Hatton National Bank, Sri Lanka,

described Key outcomes the mobile-banking model as a useful tool to give youth the opportunity to open savings accounts and how they could be directly linked to microfinance initiatives.

• S  takeholders should use suitable technology and appropriate media channels to reach children and youth (e.g. Social Media Networks and Simulators) There needs to be regulatory and governmental support for financial inclusion and education for children incorporated into school curricula • Various stakeholders should improve the lines of communication and attempt to cooperate with one another to reach youth so as to use resources more efficiently • Financial education and inclusion should be promoted through formal and non-formal structures so that no children/youth are left out

Breakout Session 1.3

Financial Institutions and ChildFriendly Banking Products This was a workshop-style brainstorming session with panelists sharing their innovations. Session participants formed smaller groups and reported recommended innovations to the session plenary.

Chair

Mr. Tim Nourse, President, Making Cents International

Speakers -  Ms. Sherry Avena, Chief Executive Officer, School Savings Ms. Brigitte Beugelaar, Partner KPMG IT Advisory & Mr. Lodewijk Benjaminse, Manager IT -  Advisory, KPMG Mr. Tezera Kebede, CEO, Poverty Eradication and Community Empowerment Microfinance -  Institution (PEACE MFI) -

Ms. Corrinne Wairimu Ngurukie, Africa Regional Technical Advisor, Save the Children USA

-

Ms. Maria Perdomo, YouthStart Programme Manager, UNCDF

- Ms. Rossana Ramirez, Director Youth Microfinance, Freedom from Hunger Tim Nourse, President, Making Cents International, shared the goals of Making Cents International, which are to improve the livelihoods of youth, women and vulnerable populations worldwide. Each group formed three recommendations that they believe will further the Child and Youth Finance Movement. The group leader presented the group’s recommendations to the session plenary. Ms. Sherry Avena, Chief Executive Officer, School Savings, shared her program School Savings as a safe online banking solution for children and youth in the USA. Working with 300 financial institutions it has 2 million children enrolled. The program is free apart from the costs of conversion. Ms. Brigitte Beugelaar & Mr. Lodewijk Benjaminse, KPMG, discussed the certification of Child and Youth Friendly Banking Products, its process and the rationale behind it. Mr. Tezera Kebede, CEO, PEACE, introduced his organization as a microfinance institution working together with UNCDF in the YouthStart project. Mr. Kebede explained that suitable 20

Children And Youth Reshaping The Future Of Finance


education programs need to be brought to rural areas. Ms. Corrinne Wairimu Ngurukie, Africa Regional Technical Advisor, Save the Children USA, cited that Save the Children uses the ideas of children in the production of new products and identifies gaps through pilot testing. Ms. Ngurukie also highlighted that young people want transparency and stressed that incentives work, e.g. giving young people a sense of ownership. Ms. Maria Perdomo, YouthStart Program Manager, UNCDF, described YouthStart, a MasterCard Foundation funded UNCDF project, which aims to increase access to financial services for young people (12-25 yrs). Ms. Perdomo explained that youth participation and youth centered market research are key tools to ensure relevance of youth financial products. Ms. Rossana Ramirez, Director Youth Microfinance, Freedom from Hunger, partnered with Advancing Integrated Microfinance (AIM) for Youth, partnered with Advancing Integrated Microfinance (AIM) for Youth, an initiative of Freedom From Hunger in partnership with The MasterCard Foundation. Ms. Ramirez outlined AIM’s approach to financial access for youth utilizing a variety of different approaches concerning integrated services to children and youth such as individual savings accounts in Ecuador and savings groups in Mali.

Key outcomes • F  rom a legal, motivational and protective stance, parents and teachers need to be actively involved for effective financial inclusion and education in order to ensure children and youth are protected • Stakeholders need to utilize innovative delivery channels within existing infrastructures, and focus particularly on underserved communities through suitable channels e.g. using technology, informal savings and lending groups, etc. • When designing suitable products, best practices such as inclusive market research, transparency, piloting, monitoring and evaluation should be followed

Children And Youth Reshaping The Future Of Finance

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Breakout Session 1.4

Child and Youth Finance Education: Innovations and Best Practices This session gathered different approaches to educational themes in the Child and Youth Finance Education Framework, discussed the importance of complementing financial education with components of social and livelihoods education and reviewed the best strategies of reaching children and youth and encouraging change in financial behavior.

Chair

Ms. Flore-Anne Messy, Administrator of Directorate for Financial and Enterprise Affairs, OECD

Speakers -

Ms. Caroline Jenner, Senior Vice President, Europe, Junior Achievement Worldwide

Mr. Lloyd McCormick, Global Youth Development & Livelihoods Technical Advisor, -  ChildFund International -

Mr. Joshua Muskin, Senior Education Programme Officer, Aga Khan Foundation

-

Mr. Gary Rabbior, President, Canadian Foundation for Economic Education

- Mr. Hidde van der Veer, Executive Director, Aflatoun Ms. Flore-Anne Messy, Administrator of Directorate for Financial and Enterprise Affairs, OECD, outlined financial education in schools, measuring financial literacy and program evaluation as three priorities for the OECD. OECD evaluates the competencies of the students (PISA) and fills the gaps with a framework based on 4 pillars: monetary literacy, financial planning, risk & reward and financial landscape. Ms. Caroline Jenner, Senior Vice President, JA Worldwide, emphasized a triangular implementation model involving teachers, parents and volunteer practitioners to empower youth through entrepreneurship. Mr. Lloyd McCormick, Global Youth Development & Livelihoods Technical Advisor, ChildFund, described the importance of using a holistic, life stage approach with local and international advocacy to give

“The world should unite and use its money to help the poor and renovate the world and push technology further. That would be useful to rich people and poor people and everyone” Youth Participant, aged 14

children an opportunity to be engaged citizens. Mr. Joshua Muskin, Senior Education Programme Officer, Aga Khan Foundation, promoted “relevance pedagogy” to take into account three thematic areas for youth workforce development (industry, commerce, transport and tourism). Young people should be lifelong learners, “Kids should not enter school as question marks and leave as periods”. Mr. Gary Rabbior, President, Canadian Foundation for Economic Education, spoke about the importance of engagement and motivation, quality, clear directions, an early start, long term commitment, and the use of media to teach practical economic lessons. Mr. Rabbior also highlighted the need to integrate financial education in the curriculum and give clear

directions to teachers. Children and youth should be active in financial education to take the most of it and to link it with their daily life. Mr. Hidde van der Veer, Executive Director, Aflatoun, pointed to the five core elements of the Aflatoun Program. Mr. Van der Veer believes business and income generating activities are a good way to connect kids with real world livelihood.

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Children And Youth Reshaping The Future Of Finance


Key outcomes • T  here is a need for relevant, contextual and applicable learning frameworks in (non) formal education settings • Participants would like to involve more consultation with different stakeholders (children and youth, teachers, parents, financial service providers, youth serving organizations) in developing financial, social and livelihood education frameworks • Stakeholders need to communicate their strategies better, using social media and mobile technology • There is a need to consolidate impact assessment tools to measure behavior changes

Breakout Session 1.5

Academia and Research: Impacts of the Child and Youth Finance Movement This breakout session was defined by research findings and methods being used to evaluate the impact of financial literacy and inclusion for children and youth. A major objective of the session is to set a common research agenda for understanding the global and local impact of the Child and Youth Finance Movement, identifying key indicators for impact, and assessing methods for impact research.

Chair

Dr. Margaret Sherraden, Professor, University of Missouri at St. Louis and Washington University

Speakers -  Ms. Diana Drake, Managing Editor Knowledge @Wharton High School (KWHS), Wharton School of Business -

Dr. Barbara Drexler, Senior Project Manager, Frankfurt School of Finance & Management

-

Dr. Lina Kashyap, Deputy Director (Pro Vice-Chancellor), Tata Institute of Social Sciences

-

Dr. Menno Pradhan, Professor, University of Amsterdam

-

Dr. Michael Sherraden, Center for Social Development , Washington University

-

Ms. Alyna Wyatt, Senior Associate, Genesis Analytics - Financial Education Fund

Dr. Margaret Sherraden, Professor, University of Missouri at St. Louis, invited panelists to present their current research programs and lead a roundtable discussion to explore challenges and opportunities arising from implementing new projects. Ms. Diana Drake, Managing Editor KWHS, Wharton School of Business, stated high school students prefer to learn by doing and are more engaged in activities that use social media kits. Dr. Barbara Drexler, Senior Project Manager, Frankfurt School of Finance & Management, cited studies proving students from public universities in Egypt, Jordan and Morocco did not feel prepared for the labor market. Dr. Lina Kashyap, Deputy Director (Pro Vice-Chancellor), Tata Institute of Social Sciences,highlighted that research should

Children And Youth Reshaping The Future Of Finance

23


involve children; making their experiences the focal point, as it increases their sense of ownership and confidence. Dr. Menno Pradhan, Professor, University of Amsterdam, in a study comparing Aflatoun and Honest Money Box, found that both programs succeed in increasing savings rate, risk aversion, and the drive to become financially independent. Dr. Michael Sherraden, Center for Social Development, Washington University, noted the positive relationship between savings and education could have important policy implications. In her analysis of South African projects, Ms. Alyna Wyatt, Senior Associate of Genesis Analytics, found that as financial knowledge and savings of youth increased, youth felt more empowered and they had positively changed their financial behavior.

Key outcomes • As the direct beneficiaries of these studies, children and youth should be involved in the design, collection and evaluation of research • There was a call to focus more on longitudinal studies, since many of the expected impacts are only realized in the long run • An important point voiced by the participants was a need for collaboration between research institutions to share knowledge and designs

Breakout Session 1.6

Innovations in Reaching Vulnerable Children and Youth This session reviewed best practices in reaching isolated and vulnerable children and youth. Particular attention is paid to non-financial services and assessing the partnerships to best address the financial and social needs of children and youth.

Chair

Ms. Mary Hagerty, Senior Vice-President, Operation Hope

Speakers -  Ms. Jennifer Denomy, Director, Youth and Financial Services, MEDA -

Ms. Philippa Frankl, Executive Director, Street Kids International UK

-  Ms. Marleen Hasselerharm, Programme Director, ICS – Investing in Children in Societies -  Mr. Mustafa Ozer, Project Coordinator, Habitat Center for Development and Governance (Youth for Habitat) Ms. Mary Hagerty, Senior Vice President, Operation Hope, acknowledged that there should be some consideration made when identifying the best methods for serving children and youth. Ms. Hagerty then went further to introduce the speakers. Ms. Jennifer Denomy, Director, Youth and Financial Services, MEDA, affirmed the need to serve youth as a future market through informal

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Children And Youth Reshaping The Future Of Finance


savings groups, training, and mentoring. Ms. Philippa Frankl, Executive Director, Street Kids International UK, stressed listening and responding according to the needs of vulnerable youth populations is best done through informal settings with the help of local partner organizations. Educational materials and teaching tools should be innovative and adapted to the local context and the population that they are serving. Ms. Marleen Hasselerharm, Director, ICS – Investing in Children in Societies, noted the importance of discussing with parents about basic needs and how to ensure their children receive them by strengthening local facilities for child protection and building on local entrepreneurship possibilities. Mr. Mustafa Ozer, Project Coordinator, Habitat Center for Development and Governance (Youth for Habitat), reiterated the need to listen to youth, especially those living outside major centers, through youth representatives and councils. Mr Ozer also discussed how teachers can address financial education topics effectively with their students.

Key outcomes • It is important to use new means of communication when attempting to reachchildren and youth in rural areas (i.e.: mobile banking) • There is a strong consensus to listen to children/youth, building trust and confidence while using simple language • A working group specifically devoted to vulnerable children should be set up focusing on activities such as entrepreneurship and forming a national network of different stakeholders to communicate with ministries of education to ensure the voices of vulnerable children are heard • Follow up with how money can be connected with the entrepreneurial world, as well as supporting the small businesses of school drop-outs

IDEAS LAB: KEY OUTCOMES • C  ross-sector collaboration between CYFI partners (public and private, financial and civil society sectors, researchers and field experts), with the task of regulating Child and Youth Friendly Banking Products and financial/social/livelihoods education programs is needed • More attention should be paid to reaching a large number of children and youth especially in rural areas through formal and informal education programs • Greater care should be taken to use more suitable and innovative means to reach out to children and youth (social media, lively advertising etc.) • There is a need to measure the impact of programs and policies through more longitudinal studies and more collaboration between research programs

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Debate: Furthering ChildFriendly Banking Financial leaders discussed how to get financial institutions worldwide to embrace ChildFriendly Banking and the role of financial institutions in furthering this agenda. The debate outlines how to address ChildFriendly banking and financial inclusion on country/regional platforms from a global perspective. Chair

Mr. Nigel Chapman, Chief Executive Officer, Plan International

Speakers -  Mr. Luis Felipe Derteano, Chairman, Group ACP - Mr. Carlos Alberto Heisecke Rivarola, President, Financiera el Comercio - Ms. Joy K. Hoffman, Group Vice President, Federal Reserve Bank of San Francisco -

Ms. Joanne Kellermann, Executive Director, De Nederlandsche Bank

-  Mr. Dharmasiri Bandara Rekogama, Project Relationship Manager, Hatton National Bank Mr. Nigel Chapman, Chief Executive Officer, Plan International, asserted that along with health, education, water and protection, children also need economic development to tackle poverty. To be successful, Child and Youth Friendly banking should be all-inclusive; products must be shaped by consumers and financial institutions should ensure that children are aware and understand their economic rights. Mr. Luis Felipe Derteano, Chairman, Group ACP, explained that poverty means excluding people from capital, insurance, housing, as well as financial protection and education. Tackling poverty means “fight[ing] these exclusions”. ACP has started to develop Child and Youth Friendly savings products following the Child and Youth Friendly Banking Products Manual as provided by the CYFI Secretariat. Mr. Carlos Alberto Heisecke Rivarola, President, Financiera el Comercio, discussed the need for partnerships between civil societies and financial institutions to reduce poverty and generate a positive impact on society. Financiera el Comercio is currently working with Plan International to add social and financial education to the national school curriculum in Paraguay. Ms. Joy K. Hoffman, Federal Reserve Bank of San Francisco, highlighted that with high dropout rates, basic education should be made a priority to improve young people’s lives. Ms. Joanne Kellermann, Executive Director, De Nederlandsche Bank cited confidence as a major requirement for both financial stability and economic growth. In times of crisis, regulatory authorities face a lot of criticism thus it is important to restore trust in the economy. Encouraging clear and transparent communication between financial institutions and customers (including children) and financial education can also help reduce some forms of uncertainty and distrust. Mr. Dharmasiri Bandara Rekogama, Project Relationship Manager, Hatton National Bank, introduced Hatton National Bank’s microfinance and mobile banking unit initiative for youth. Mr. Dharmasiri Bandara Rekogam stated that young entrepreneurs enrolled in financial education programs should have access to mobile banking units as they empower and encourage youth to become economically sustainable.

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Children And Youth Reshaping The Future Of Finance


ENVISION & ACTION While Ideas Lab initiated the flow of ideas within sectors, Envision and Action incorporated these ideas into a regional framework. The regional sessions aimed to analyze the state of Child and Youth Finance within the context of 6 world regions (Europe, Central-Eastern Europe, Asia, Africa, the Americas and the Middle East and North Africa), define strategies for scaling innovative national policies, identify key challenges and actions toward the creation of Regional Child and Youth Finance Platforms, and develop regional action plans on how to implement Child and Youth Finance activities at a national and regional level. Each breakout session was region specific and the panel was comprised of a number of speakers from that region. Each speaker was invited to present national initiatives from their respected countries. Focus was placed on challenges for the region and developing recommendations and actions plan for strengthening the Child and Youth Finance Movement nationally and regionally. The ideas were presented at the following plenary session.

Breakout Session 1.7

Reshaping the Regional Vision: Europe Chair

Mr. Sebastian de Brouwer, Executive Director, European Banking Federation

Speakers -

Ms. Lina Lario, Communication Officer, Bank of Finland

- Ms. Maria Lúcia Leitão, Head of Department, Banco de Portugal -

Ms. Olya Ranguelova, Financial Services Policy Division, European Central Bank

-

Mr. Arnoud Vossen, Departmental Director, De Nederlandsche Bank/ Dutch Central Bank

Mr. Sebastian de Brouwer, Executive Director, European Banking Federation, introduced the main objectives of the session; national financial literacy strategies and recommendations for regional initiatives on the financial inclusion of youth. Ms. Lina Lario, the Communication Officer of the Bank of Finland, acknowledged that Finland does not have an integrated strategy for financial literacy, but is open to collaboration. Ms. Lario also stressed the importance of incorporating teachers’ unions into national initiatives. Ms. Maria

“Children also have the right to save what is theirs for a better future”

Youth Participant, aged 16

Lúcia Leitão, Head of Department of Banco de Portugal, highlighted their use of financial literacy games and initiatives, as well as supervising financial products. Ms. Olya Ranguelova, Financial Services Policy Division of the European Central Bank, showed interest in a global standard policy for ChildFriendly banking products and gave support and intent to participate in ChildFinance Week 2013. Mr. Arnoud Vossen, Departmental Director of De Nederlandsche Bank, saw the Child and Youth Finance Movement as an opportunity to introduce such products across Europe and reiterated the need for one standard policy.

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Key outcomes • R  oles of stakeholders in national strategies need to be clearly defined in order to effectively develop strategies promoting financial inclusion and education. There should also be a clear independent regulatory body monitoring programs and products • Products must appeal to the needs and interests of Children and Youth • The Child and Youth Friendly Product Certificate must be tested • The regional meeting will take place in Belgium in the 4th quarter of 2012

Breakout Session 1.8

Central-Eastern Europe Chair

Ms. Nevenka Savovic, Head of Communication Division, Central Bank of Serbia

Speakers -  Ms. Viktória Dreszler, Financial Literacy Project Manager, Central Bank of Hungary -

Ms. Kristina Nikolovska, National Bank of the Republic of Macedonia

-

Mr. Nikola Pejovic, Adviser, Montenegro Securities and Exchange Commission

- Ms. Hanna Vaga, Communication Specialist, Bank of Estonia Ms. Nevenka Savovic, Head of Communication Division of Central Bank of Serbia, gave comprehensive details of materials and activities used in the financial literacy programme called ‘The Dinar our Money’ as well as teacher training seminars. Ms. Viktoria Dreszler, Financial Literacy Project Manager from the Central Bank of Hungary, outlined their different initiatives such as a visitor center, festivals, and the Money Compass Foundation. The Bank hopes to include financial education in the curriculum of secondary schools, which is currently under revision. Ms. Kristina Nikolovska from the National Bank of the Republic of Macedonia reported that their financial education project will begin in mid-2012. Mr. Nikola Pejovic, Adviser at the Montenegro Securities and Exchange Commission, discussed the potential impact of the economic transition process and the resulting lack of confidence. Mr. Pejovic stated that this can be overcome by education and is illustrated by their partnership with the University of Donja Gorica. Ms. Hanna Vaga, Communication Specialist of the Bank of Estonia saw the importance of schools as a target group, using excursions to their money museum to attract young people.

Key outcomes • T  he creation of a regional committee can help to coordinate common points and strategies for the region • Financial literacy is especially needed in countries with difficult economic and historical backgrounds in order to give or regain the population’s confidence in banks • Child and Youth Finance Regional Meeting: Location proposed: Belgium in the latter part of 2012 28

Children And Youth Reshaping The Future Of Finance


Breakout Session 1.9

Asia Chair

Ms. Fe De La Cruz, Director, Central Bank of the Philippines

Speakers -  Ms. Piyaporn Krongchan, Head of Investor Education Department, Thailand Securities Institute -  Mr. Tshering Penjor, Financial Regulation & Supervision Department, Royal Monetary Authority of Bhutan - Mr. Hassan S.M. Rabiul, General Manager, Bank of Bangladesh -  Dr. Saeed Ahmed, Head of Agricultural Credit & Microfinance Department, State Bank of Pakistan -

Mr. Mohammed Sajid P K, Asset General Manager, Reserve Bank of India

-

Mr. Chinta Mani Siwakoti, Director, Central Bank of Nepal

Ms. Fe De La Cruz, Director, Central Bank of the Philippines remarked that although there are a number of initiatives within the region a lot of work was still necessary to implement regional strategies to ensure the economic empowerment of children and youth. Ms. Piyaporn Krongchan, Head of Investor Education Department, Thailand Securities Institute, emphasized the need for teacher training and student self-learning programs to encourage good savings habits, a campaign directed at financial inclusion of youth and a national platform created to stimulate cooperation between the government, civil society, schools and parents.Mr. Tshering Penjor, Financial Regulation & Supervision Department, Royal Monetary Authority of Bhutan, explained their plan to cooperate with the Ministry of Education and the Ministry of Information and Communication to endorse a more concrete strategy towards educating youth on financial literacy. However, they face the challenges of a lack of expertise and national network and financing. Mr. Hassan S.M. Rabiul, General Manager, Bank of Bangladesh, says their school banking program has reached many young people and that the government is quite committed to promoting financial literacy through websites, multi-media etc. Nevertheless, there is also a need to incorporate this with a regional network. Dr. Saeed Ahmed, Head of Agricultural Credit & Microfinance Department, State Bank of Pakistan highlighted the desire to promote branchless banking. Unfortunately, basic literacy is a larger issue in Pakistan than financial literacy. As such, financial literacy should support lifting basic literacy levels. Mr. Mohammed Sajid, Asset General Manager, Reserve Bank of India stressed the need to focus on banks to provide financial inclusion. Mr. Chinta Mani Siwakoti, Director of Central Bank of Nepal pointed to their current work on a national strategy for financial literacy, in particular focusing on both financial education and financial inclusion for children and youth.

Key outcomes • T  he region can focus on IT or mobile banking to overcome territorial and logistical issues. • Financial literacy programs need to be developed in different languages, or with a multicultural aspect. • The Regional Meeting is proposed to be held in The Philippines in the 4th quarter of 2012. Children And Youth Reshaping The Future Of Finance

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Breakout Session 1.10

Africa Chair

Mr. Paul N. Eluhaiwe, Director Development Finance Department, Central Bank of Nigeria

Speakers -  Mr. Kidney Chimphango, Policy and Regulations in Bank Supervision Department, Reserve Bank of Malawi -

Ms. Marie-JosĂŠ Ilunga, Deputy Director, Central Bank of the Democratic Republic of Congo (DRC)

-

Mr. Gibson Masumbu, FSDP Working Group Member, Economics Association of Zambia

-

Dr. Emmanuel Mungongo, Assistant Manager, Financial Stability Monitoring, Bank of Tanzania

-

Mr. Cornie Tema, Project Manager, National Credit Regulator, South Africa

The session was chaired by Mr. Paul Eluhaiwe from the Central Bank of Nigeria, who affirmed that the issue of Child and Youth Finance is very important to the Nigerian government as various key stakeholders have been brought to a national forum to coordinate activities in this area. Mr. Kidney Chimphango, Policy and Regulations in Bank Supervision Department, Reserve Bank of Malawi, stressed the need to align various strategies focused on children and youth at the national level, while encouraging financial service providers to take a greater interest in serving young clients. A strategy has been developed with the Ministry of Finance in Malawi to achieve economic development for people usually excluded from the financial sector and a component of this strategy will focus specifically on the financial needs of children and youth in the country. Ms. Marie-JosĂŠ Ilunga, Deputy Director, Central Bank of DRC, pointed out the challenges in the Democratic Republic of Congo (DRC) with low general literacy levels and how this impacts effective financial literacy programs in the country. Ms. Ilunga also shared that such a large, fragmented country poses an immense challenge for financial service providers trying to reach out to isolated communities. A World Savings Days and a national platform with different stakeholders have been established in DRC to promote savings behavior among children and youth. Mr. Gibson Masumbu, FSDP working group member, Economic Association (Zambia), talked about a working group that focuses on a financial education program that can be integrated into the national school curriculum, targeting youth and using several delivery channels. The working group is actively seeking the input of other national authorities and experts in the field of financial inclusion and education for young people. Dr. Emmanuel Mungongo, Assistant Manager, Financial Stability Monitoring, Bank of Tanzania, raised the issue of creating a financial inclusion framework, using marketing programs for youth, while balancing national with regional and international initiatives. Regional and national initiatives should be linked with a global network such as CYFI. Mr. Cornie Tema, Project Manager, National Credit Regulator (South Africa), raised the question of protecting young people from exploitation and debt, and at the same time delivering financial education in rural areas. National institutions need to coordinate with their provincial counterparts and local NGOs working at the grassroots level to reach the vulnerable population. There are radio and TV shows promoting financial education for youth in South Africa and these can be further developed as they provide an immediate channel to children and youth.

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Children And Youth Reshaping The Future Of Finance


Key outcomes • C  entral Banks should lead the national strategy with a wide network of other stakeholders (relevant ministries, private sector, NGOs, Academics) • Tap into advancements in mobile banking and innovative forms of “edutainment” to reach children and youth • Pursue new legal frameworks and policy reforms that will better facilitate child and youth finance at the country level • Financial education should be accompanied by entrepreneurship skills • Coordinate with other African regional bodies including: SADC, African Development Bank and the African Union and have them make this issue a priority for the region • Engage more African academics doing research on child and youth finance in Africa • The exact time and location of the Africa CYFI regional meeting is still to be determined • The CYFI Regional Meeting is to be held in Nigeria and hosted by the Central Bank of Nigeria during the 4th quarter of 2012 • Countries committing to organize a national Child and Youth Finance International Day or Week in 2013: Kenya, Zimbabwe, Ethiopia, Uganda, Ghana, Nigeria, Zambia, Malawi, South Africa, DRC, Tanzania, Namibia

Breakout Session 1.11

Americas Chair  Mr. Fernando Sanchez Cuadros, Manager, Center for Latin-American Monetary Studies (CEMLA)

Speakers -  Ms. Ana Caro, Head of Financial Education and Communication, Central Bank of Uruguay -

Ms. Nidia Garcia, Specialized Professional, Banco Colombia

-  Mr. Raúl Hernández-Coss, General Director, National Banking and Securities Commission of Mexico -

Mr. Luis Eduardo Melendez, Program Coordinator / Financial Analyst, Central Bank of El Salvador

-

Ms. Syrley Paola Giménez, Central Bank of Paraguay

Mr. Fernando Sanchez Cuadros, Manager, CEMLA, reinforced the importance of a regional platform to promote the economic empowerment of youth across the region. Ms. Ana Caro, Head of Financial Education and Communication, Central Bank of Uruguay, stated that their financial agreement program will be included in the national curriculum. Ms. Nidia Garcia, Specialized Professional, Banco Colombia, emphasized the need to reach out to the sector of the population that is not formally educated. Mr. Raúl Hernández-Coss, General Director, National Banking and Securities Commission of Mexico, stressed the need for an official definition of the essentials of financial inclusion, while also taking into account different national contexts. Mr. Luis Eduardo Melendez, Coordinator and Analyst at the Central Bank of El Salvador, noted the Bank of El Salvador currently provides information through lectures, and is trying to develop multimedia materials to target children. Ms. Syrley Paola Giménez, Central Bank of Paraguay made an argument for new standards to protect young customers and that this should be coordinated between different government ministries and other key stakeholders.

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Key outcomes • To include out-of-school children in national strategies for financial education • Collect data and measure the impact of financial inclusion policies/programs • Profile of target audience is important for development of a national strategy on financial inclusion • Endorse and promote a regional Child and Youth Finance Week in March 2013 • Committed to participate and contribute to a Regional Meeting to further the Movement. The Regional Meeting is proposed to be held in Mexico in the 4th quarter of 2012

Breakout Session 1.12

MENA Chair  Ms. Imane Benzeroual, from the Central Bank of Morocco

Speakers -  Mr. Abdullah Al-Kahtani, Media and Investor Awareness Manager, Capital Markets Authority Saudi Arabia -

Mr. Mohammed Al-Laeai, CEO, Al-Amal Microfinance Bank

- Mr. Hani Assouli, Junior Professional, Palestine Monetary Authority -

Dr. Ashraf Gamal El Din, Deputy Executive Director, Egyptian Banking Institute

-

Mr. Ali Zbeeb, Director of International Legal Affairs, Union of Arab Banks

Ms. Imane Benzeroual, from the Central Bank of Morocco, explained their strategy towards establishing products in a region buffeted by the Arab Spring, where civil liberties and rights have rapidly gained importance among the population. Institutions that offer youth financial services are child and youth-friendly communication channels to educate the young about money and inform them about the availability of these financial services tailored to their needs. Mr. Mohammed Al-Lai, CEO at Al-Amal Microfinance Bank, highlighted that their data shows that more than $60,000 has been saved in Yemen through financial products for children and youth as of February 2012. Mr. AlLaeai also stated that more than $3 million have been loaned to women and young entrepreneurs for their projects and personal finances. Mr. Abdullah Al-Kahtani, Media and Investor Awareness Manager at the Saudi Arabian Capital Markets Authority, focused on their current communications strategy put in place to inform children and the youth about their financial products. Mr. Al-Kahtani showed that the use of social networks, interactive games, smartphone applications and developing/ implementing educational tools for primary schools have successfully transmitted the message to the youth and children of Saudi Arabia. Mr. Ashraf Gamal El Din, Deputy Executive Director at the Egyptian Banking Institute, The EBI presented its plan to educate children in basic finance and deliver the tools for its use. This strategy will provide workshops, banking demos and labs to inform youngsters and show them the financial world. Mr. Ali Zbeeb, Director of International Legal Affairs at the Union of Arab Banks, reminded the audience that everyone shares the responsibility to carry out and foster social inclusion among the citizens of this region. Mr. Hani Assouli, Junior Professional at the Palestine Monetary Authority, shared that the PMA has implemented a “Children Finance” week during which children and young adults can visit banks and learn about their different functions. Children can also create savings accounts during their visits and receive promotional information and gifts. 32

Children And Youth Reshaping The Future Of Finance


Key outcomes • P  an-regional institutions need to be created/ found for collaboration in national action plans and regional sharing • Ensure sharing among national stakeholders to prevent duplication of efforts • Committment to participate and contribute to a Regional Meeting to further the Movement. The Regional Meeting is proposed to be held in Lebanon in the 4th quarter of 2012 • Endorse and promote Child and Youth Finance Week regionally in March 2013

ENVISION & ACTION: KEY OUTCOMES •  Holding regional meetings during the latter part of 2012 •  Take the necessary steps to implement Child and Youth Finance Day/Week activities •  Intensify effort of creating multi-stakeholder financial literacy and inclusion country platforms focusing on children and youth •  Stimulate (existing) national committee agendas to include key Child and Youth Finance issues •  The locations (or host-countries) for the regional meetings have been confirmed (see table below)

Future Regional Meetings REGION

HOST

STATUS

Africa

Nigeria

Confirmed

Americas

Mexico

Confirmed

Asia and Oceania

The Phillipines

Confirmed

Europe

Belgium

Confirmed

MENA

Lebanon

Confirmed

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Day 2 Wednesday April 4, 2012

The second day of the CYFI summit harnessed the ideas formed on the first day to create unified action plans specifically orientated towards developments within different sectors of the CYFI network. The day was also enriched by sessions where the youth participants interacted and dialogued with the adult participants in the Voices of Children. The summit was closed by the awards ceremony that celebrated the achievements of innovations in youth finance.

Recap 09:00-11:00 Let’s Go The World’s Financial Challenge: Voices of Children and Youth 11:30-13:00

14:00- 15:30

16:00-16:30

Children’s Economic Rights - Impacting the Policy

Recap Emerging Results from the Field of Youth Finance Child and Youth Finance Awards Ceremony

35


LET’S GO! The Let’s Go Session looked to identify how stakeholders can take to strengthen their role within the Child and Youth Finance Movement. Objectives of the session included discussing the role of each sector within the Child and Youth Finance Network and the potential opportunities for collaboration between network partners. This session attempted to put forth one global vision for the Child and Youth Finance Movement according to a number of key channels (foundations, bi(multi)-lateral platforms, media/communications, research programs, financial institutions and technological developments). Each breakout session was arranged in a way that allowed panelists to discuss their approach to education and their strengths in different components of the Child and Youth Finance Movement. The discussion round focused on the importance of complementing financial education with components of social and livelihoods education according to the panelists presentations as well as the input from the audience. Each session put forth the best strategies of reaching children and youth and encouraging financial behavior change, which were presented at the following plenary.

Breakout Session 2.1

Accelerating the Child and Youth Finance Movement: The Role of Foundations This session aimed to gain a holistic understanding of the role of foundations in the Movement through leveraging existing networks and dedicated programming, as well as discussing and developing strategies to the strengthen their role in integrating CYFI as part of a global Child and Youth Finance Movement.

Chair  Mr. Rien van Gendt, Board Member, Bernard van Leer Foundation

Speakers -  Ms. Brandee Butler, Program Manager, Europe, Middle East & Africa, Levi Strauss Foundation - Ms. Kara Helander, Managing Director, Blackrock -

Ms. Deepali Khanna, Director of Youth Learning, The MasterCard Foundation

- Dr. Christian Meyn, Managing Director, Auridis GmbH -

Ms. Jasmine Thomas, Program Officer, Citi Foundation

-

Ms. Martine De Weirdt, Senior Manager Marketing, SWIFT

Ms. Brandee Butler, Program Manager, Europe, Middle East & Africa, Levi Strauss Foundation, suggested the scaling of innovative programs such as college savings accounts for pre-school children, and global advocacy. Ms. Deepali Khanna, Director of Youth Learning, The MasterCard Foundation, aimed for more ICT in education, new products and learning models, and advocated for increased access to savings accounts and financial products. Dr.

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Children And Youth Reshaping The Future Of Finance


Christian Meyn, Managing Director of Auridis, shared the possibility of achieving more if foundations collaborate more. Ms. Jasmine Thomas, Program Officer, Citi Foundation, saw the opportunity for technologically innovative programs in financial inclusion and education, while also carrying out impact analysis to prove that they work. Ms. Martine De Weirdt, Senior Manager Marketing, SWIFT focused on financial inclusion through both technology and nontechnology solutions, collaborative social innovation, and interconnecting infrastructure.

Key outcomes • • • •

Increased collaboration among foundations and governments. Post-conflict regions and girl empowerment should be made priorities for funding. Issue of financial literacy can be rebranded as neutral. Foundations have a role in advocacy and research.

Breakout Session 2.2

Accelerating the Child and Youth Finance Movement: The Role of Bilateral and Multilateral Organizations This session brought together bilateral and multilateral organizations to discuss their strategic priorities and incorporate them in the global Child and Youth Finance Movement.

Chair  Ms. Beth Porter, Policy Advisor, United Nations Capital Development Fund (UNCDF)

Speakers -  Mr. Martin de la Beij, Director, Ministry of Foreign Affairs, Netherlands -  Ms. Severine Deboos, Technical Expert, Social Finance Department, International Labour Organization -  Ms. Claire Innes, Private Sector Development. Advisor, Financial Services Team, DFID -

Ms. Makanda Kioko, Program Manager Microfinance, International Finance Corporation (IFC)

- Mr Daniel Ottolenghi, Head – UK Office, European Investment Bank -

Mr. Thomas Rahn, Consultant, German Technical Corporation (GIZ)

Children And Youth Reshaping The Future Of Finance

37


The session was chaired by Ms. Beth Porter, Policy Advisor at UNCDF, who gave three recommendations to improve access of youth to financial services: 1) Support policy reforms that allow for greater access to financial services for young people currently under the age of majority and encourage their grantees to do the same 2) Facilitate the development of cost effective and convenient delivery channels appropriate to facilitate access to youth 3) Help with funding and strategic planning for the roll out of financial and entrepreneurship education frameworks. Mr. Martin de la Beij, Director, Ministry of Foreign Affairs highlighted some barriers: legal restrictions, inappropriate products and low financial capability. Mr. de la Beij mentioned the Dutch Government has invested in partnerships to develop microfinance programs worldwide. Ms. Severine Deboos, Technical Expert, Social Finance Department ILO, mentioned several holistic ILO-led initiatives to improve youth employment mostly via workforce development and entrepreneurship education. Ms. Claire Innes, Private Sector Development. Advisor, Financial Services Team, DFID, explained that Bilateral Agencies should be willing to take on a significant portion of the risk involved in the development of innovative methodologies for youth financial service delivery, as they play a key role in channeling development funds to the expansion of these new delivery channels. Ms. Makanda Kioko, Program Manager Microfinance, IFC, stressed the need to develop a clear business case for youth savers, and harnessing the ideas from other multilaterals on the impact of financial services on youth populations. FSPs need to focus on product diversification and on knowledge management to provide beneficial information for those seeking to develop youth financial services. Mr Daniel Ottolenghi, Head UK Office, European Investment Bank, added that financial access is an important tool for economic empowerment, but children need simple products that they can easily understand. Mr. Thomas Rahn, Consultant, GIZ, spoke of the importance of linking with existing organizations on national media and training campaigns. A multilevel approach is needed, allowing policy makers and financial service providers to work together to have maximum impact. Bi-lateral and Multi-lateral organizations should also work closely together and coordinate their efforts more closely with key figures in national governments.

Key outcomes • Inter-agency learning and exchange on best practices and coordination of activities at both the national and international level so to better capitalize on opportunities to scale activities • Support efforts for impact research of financial access and education on children and youth • Ensure that national governments are leading the effort to expand child and youth finance in the country • Invest in innovative approaches to lower transaction costs for FSPs (build a better business case for serving children and youth) • Bring in additional sources of funding to support the expansion of Child and Youth Finance • Align Multilateral and Bilateral initiatives with client protection and responsible finance principles

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Children And Youth Reshaping The Future Of Finance


Breakout Session 2.3

Accelerating the Child and Youth Finance Movement through Media & Communication This session focused on forging the direction and role media can play in furthering the Child and Youth Finance Movement. Panelists present what their organizations are doing with respect to financial inclusion and education for youth and the actions their organization could do to accelerate the Movement. Each presentation is ended with suggestions on how the Movement can reach its targets.

Chair  Ms. Lauren Young, Personal Finance Editor, Thomson Reuters

Speakers -  Mr. Rajkumar Bidla, Program Officer Commonwealth Youth Program, Commonwealth Secretariat -

Ms. Ozlem Denizmen, Executive Vice-President, Dogus Group

-

Ms. Margriet van der Linden, Editor-in-Chief, Opzij Magazine

-

Ms. Anita Stewart, Senior VP Strategic Partnerships and Development, Sesame Workshop

-

Mr. Leon Willems, Director, Free Press Unlimited

Lauren Young, Personal Finance Editor, Thomson Reuters highlighted that social media, is the quickest and the most direct tool to spread a message. The session offered different viewpoints and solutions on message dissimilation. Rajkumar Bilda, Program Officer Commonwealth Youth Program, Commonwealth Secretariat shared that CYP works to engage and empower young people to enhance their contribution to development and democracy and explained the strategies for reaching out to children and youth. Para Durumu was the first financial literacy initiative in Turkey set up by Ozlem Denizmen, Executive Vice-President, Dogus Group. Ms. Denizmen elaborated on “Everything for Children – The Effect of Education on Money Management” a six-week program that owes its success to media, in particular television, which helped create the buzz, generate excitement and engagement from the children. Margriet van der Linden, Editor-in-Chief, Opzij Magazine addressed the issue of financial security for women; currently and in the past women have not been able to become financially self-reliant because it is seen as “a man’s job.” Ms. Van der Linden suggested creating role models of women who have achieved financial security. Anita Stewart, Senior VP Strategic Partnerships and Development, Sesame Workshop, displayed how the company uses media to reach their young audience and how media is useful in teaching children about financial literacy. They use TV, DVD, audio podcast and telephone apps to reach youth. Leon Willems, Director, Free Press Unlimited demonstrated with the use of a video how children all over the world are creating their own financial security. One of the biggest projects of Free Press Unlimited is “Kids News Network” which uses stories of children all over the world to reach out to their peers. It demonstrates how children are able to combine school and self-employment when ownership and trust is given to them.

Key outcomes • Informal and formal media channels can create awareness for the Child and Youth Finance Movement • Messaging and outreach should be relevant to the local context, rooted in ethical values and be all- inclusive • With the correct use of social media, the right amount of ‘dazzle’, the voices of the children are heard and positive outcomes can be achieved Children And Youth Reshaping The Future Of Finance

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Breakout Session 2.4

Accelerating the Child and Youth Finance Academic Reseach: Children and Youth as Economic Citizens The session served as an introduction to the white paper and the theory of change; focusing on the key components that make up economic citizenship, namely financial capability and empowerment through financial inclusion and financial education, social education and livelihoods education. Chair  Dr. Lewis Mandell, Professor, University at Buffalo

Speakers -  Dr. Deborah Adams, Associate Professor, University of Kansas - Dr. Tahira Hira, Professor, Iowa State University -

Dr. Trina Shanks, Associate Professor, University of Michigan

-

Dr. Margaret Sherraden, Professor, University of Missouri at St. Louis and Washington University

-

Dr. Joyce Serido, Assistant Research Professor, University of Arizona

Dr. Lewis Mandell, professor, University at Buffalo, opened the session by introducing the working group members and the panelist as well as their contributions to the white paper. The white paper reviews the research on financial inclusion, financial capability and financial education within the frame of CYFI Theory of Change model. Dr. Deborah Adams, Associate Professor, University of Kansas, discussed financial capability not only as an individual construct but also as a structural ideal, combining a set of skills, financial knowledge and access to financial services. Dr. Margaret Sherraden, Professor, University of Missouri at St. Louis and Washington University, mentioned the line between financial education and services can become blurry, and that more studies were underway to measure the relative contributions of financial products/ services compared to financial education. Dr. Trina Shanks, Associate Professor, University of Michigan,identified variables that influenced an increase in financial literacy. Dr. Shanks further mentioned that educational attainment positively influences mathematics scores and educational expectations. Dr.Tahira Hira, Professor, Iowa State University, suggests the need for scalable options for financial education/inclusion. The level of external validation should increase in terms of bias, instrument and measurably. As the white paper discussant Dr. Joyce Serido, Assistant Research Professor, University of Arizona, pointed out the positive aspects of the white paper, how it identifies gaps in research and that it’s a good repository of what is going on presently. Dr. Serido also mentions its shortcomings, most notably, non-academic work could be incorporated into the paper and that there are a lot of behavioral theories that could have reinforced many arguments.

Key outcomes • T  he current scope of the research should be expanded to look at how livelihoods education, citizenship and social education influences the economic empowerment of youth • Look at more case studies based outside the US and the UK • Explore more experimental research avenues such as randomized samples and longitudinal studies • Incorporate more behavioral theories, such as human development theory or focus on theories/concepts that incorporate goal-orientated behavior 40

Children And Youth Reshaping The Future Of Finance


Breakout Session 2.5

Accelerating Financial Access and Education for Children: The Role of Financial Institutions This session aimed at establishing what financial institutions have done and the potential actions they can make to accelerate the Child and Youth Finance Movement on a global scale. The session served to set the stage for presenting an overview of an eco-system approach to socially and financially empower children and youth. Chair  Mr. Dirk Elsen, Director Emerging Markets, Triodos Investment Management

Speakers -  Ms. Stephanie Azar, Development Finance Manager, World Council of Credit Unions (WOCCU) -

Ms. Anna Gincherman, Director of Microfinance Products, Women’s World Banking (WWB)

- Ms. Sophea Hoy, General Secretary, Cambodian Microfinance Association -

Ms. Ann Miles, Director of Microfinance, The MasterCard Foundation

-

Ms. Nisha Singh, Director -Financial Services Community of Practice, SEEP Network

Mr. Dirk Elsen, Director Emerging Markets, Triodos Investment Management, opened the session by stressing the role of financial institutions in providing Child and Youth Friendly Banking Products. Ms. Ann Miles, Director of Microfinance, The MasterCard Foundation, suggested more market research to understand youth as a client segment. Ms. Miles mentioned The Mastercard Foundation’s work to expand access to microfinance and financial education among young people with partners in 48 countries, with a primary focus on sub-Saharan Africa. Ms. Stephanie Azar, Development Finance Manager, WOCCU, noted that there is a significant outreach to youth through credit unions (CUs) in some, but not all countries. Some CUs are doing financial education, some offer specialized services and saving products. Ms. Sophea Hoy, General Secretary, CMA, introduced CMA, outlining the core focus; microfinance and information exchange. Ms. Anna Gincherman, Director of Microfinance Products, WWB, recommended securing the full commitment of financial institutions, investing in in-depth research, and promoting youth ownership and control of accounts. Ms. Nisha Singh, Director of Financial Services Community of Practice, SEEP Network, highlighted the need for financial institutions to redefine the value of youth as clients by increasing effectiveness of market research and scaling up practices globally.

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Key outcomes • F  inancial institutions should include child and youth finance in their longterm strategies • There needs to be more cooperation on national, regional and global platforms in terms of data collection and sharing strategies (e.g. MIX Market) • Before products are introduced into the market they should be piloted, monitored and evaluated. • To reach youth with financial services, innovative products and delivery channels should be used that motivate youth to use them

Breakout Session 2.6

Accelerating the Child and Youth Finance Movement: The Role of Technology Technology plays an intricate role in determining the rate at which the Child and Youth Finance Movement accelerates. This session discussed the opportunities and challenges that technology companies face when coordinating across different countries/regions in an attempt to develop a collaborative action plan and commitments for the Movement

Chair  Mr. Koen Vermeltfoort, Associate Partner, McKinsey & Company

Speakers -  Mr. Jatinder Handoo, Knowledge Editor, FINO -  Mr. Mario Maniewicz, Chief of Department of Infrastructure, International Telecommunication Union -

Ms. Milka Pietikainen, Global Corporate Responsibility, Millicom International Cellular

-

Mr. Ola Jo Tandre, Director, Corporate Responsibility, Telenor

- Ms. Gera Voorrips, Partner, PHB Development Mr. Koen Vermeltfoort, Associate Partner, McKinsey & Company, reminded the group of the impact of technological advancements on everyday life and the influence of innovation on developing suitable financial services for youth. Mr. Jatinder Handoo, Knowledge Editor, FINO, suggested that CYFI use the “business correspondent model”, through which most of the accounts at FINO are opened. Mr. Handoo stressed that the key is for financial services to be delivered in a constant manner. Mr. Mario Maniewicz, Chief of Department of Infrastructure, International Telecommunication Union, spoke about the possibility of an e-technology coordinating center, relevant to local context and focused on youth’s needs. Ms. Milka Pietikainen, Global Corporate Responsibility, Millicom International Cellular, stressed the need for flexibility and ethics when implementing mobile banking for children and youth. Mr. Ola Jo Tandre,

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“Money cannot buy relationships and love, but is a tool to achieve our goals.” Youth Participant, aged 13


Director, Corporate Responsibility, Telenor, pointed out the need to consider the unstable cash flow and lower incomes in developing areas. Ms. Gera Voorrips, Partner, PHB Development, suggested focusing on countries with incentives for banks to accept customers that are not as profitable.

Key outcomes • There needs to be synergy between the financial sector, technology providers and education providers in order to create suitable products for children and youth • Explore the actual barriers to providing suitable ChildFriendly products and attempt to overcome them • Pilot test products to ensure that parents and youth using the products are comfortable using them

LET’S GO!: KEY OUTCOMES • A multi-stakeholder approach is crucial in reaching the Movement’s goal • More research needs to be done to support the Movement’s Theory of Change • Open and continuous dialogue between partners to exchange innovations and best practices is a must • Using media and technology through formal and informal channels to improve outreach • Cooperation between partners across the broad to strengthen commitments to the Movement

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The World’s Financial Challenge: Voices of Children and Youth To synergize the Youth Summit with the Adult Summit a session was organized to allow the youth to share their thoughts with policy makers. This session engaged youth and adult participants in a discussion on matters relating to Child and Youth Finance along various themes that arose from the Youth Summit. Each breakout session was focused one of these six themes. Facilitators -

Mr. Martin Burt, Executive Director, Fundaion Paraguaya de Cooperacion y Desarollo

-

Ms. Joanne Kellermann, Executive Director, De Nederlandsche Bank

-

Ms. Deepali Khanna, Director, Youth Learning, The MasterCard Foundation

-

Mr. Auke Leenstra, Chief Country Officer, Citi Netherlands

-

Mr. Arnold Schilder, Chair, International Auditing and Assurance Standards Board (IAASB)

-

Ms. Rachel Surkin, Director of Education, IREX

2.7a Providing Financial Literacy Education Facilitator Ms. Rachel Surkin, Director of Education, IREX Youth Group Diversity

Ms. Rachel Surkin, Director of Education, IREX introduced a youth group named Diversity who depicted the importance of financial literacy education by highlighting the difference between a child that receives financial literacy education and one that does not. Further, they stressed the importance of educating youth about finances.

Key outcomes • F  inancial education is the channel which teaches youth the value of money and how to use it wisely • Policy makers should integrate financial literacy education into school curricula • If financial literacy education cannot be integrated into school curricula then teacher workshops should be initiated so that youth can learn about financial literacy • Access to bank accounts should be improved and there should be a no-exclusion policy to owning a bank account. 44

Children And Youth Reshaping The Future Of Finance


2.7b Creating Child and Youth Friendly Banking Products Facilitator Youth Group

Mr. Auke Leenstra, Chief Country Officer, Citi Netherlands Thuthuka (get better or improve)

Mr. Auke Leenstra, Chief Country Officer, Citi Netherlands, opened the session by introducing the youth Summit group named “Thuthuka” and asked them to present the main points discussed during their parallel youth Summit. Thuthuka highlighted that youth want the ability to open zero-balance bank accounts in their own names with low interest rates. Furthermore, to teach money management, parents can set a minimum withdrawal amount. They expressed a desire for practices that help youth feel financially empowered and independent. Products should be made simpler to use and understand. They also suggested youth would want to have bank accounts were savings were promoted in an attractive way.

Key outcomes • Youth Save for different reasons depending on circumstance • Schools should cooperate with banks to create innovative teaching methods (e.g. games) • Youth learn from their peers (friends, parents, teachers), however youth can also teach adults about financial access opportunities • Youth want to learn constructive ways to use money and help those less fortunate

2.7c Encouraging Youth-led Enterprise Facilitator Youth Group

Ms. Joanne Kellermann, Executive Director, De Nederlandsche Bank Youth United

Ms. Joanne Kellermann invited the children and youth to present the themes and examples of youth entrepreneurship that came forward in the parallel Child and Youth Summit. Youth United discussed the importance of implementing entrepreneurship as part of school curriculum as youth want to learn about how to start an enterprise, how to promote it and how it functions in society. The youth stressed that government support is required so there is momentum to start a new, sustainable culture.

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Key outcomes • Youth can set up enterprises as a part of their school curriculum (e.g. in a school canteen, making/selling beads or art) and be encouraged to save the proceeds. • Youth enterprise does not lead to child labor if enterprises are run in/ around schools, are a part of the school curriculum and there is sufficient parent/teacher supervision • Youth want to be perceived as capable of making financial decisions. Youth want to learn early on so that they are able to make informed financial decisions as young adults.

“If you are educated then money will follow” Youth Participant, aged 16

2.7d Creating Awareness of Youth Finance Facilitator Mr. Arnold Schilder, Chair, International Auditing and Assurance Standards Board (IAASB)

Youth Group

Financial Cocktail

Mr. Arnold Schilder introduced the youth panel who presented the outcomes of their youth summit and then opened up the floor to the audience’s questions. Cocktail collectively remarked that they want to be communicated with in a way that they can relate to (through e.g. social media) and explain complex ideas in a simple way. From the 11 youth on stage, 6 of them had a bank account and 5 of them had thought about starting an enterprise.

Key outcomes • Y  outh products/programs should be relatable to youth through, for example, interactive games or simulations • Parents, youth and banks should be actively involved in setting up suitable (clear, transparent, simple) bank accounts for youth • Youth prefer the “learn-by-doing-method” above all, they want to learn about money in a practical sense, rather than theoretical sense • It is important to relate to youth and rather than explaining complex bank practices; it is better to explain the basics in a way that is comprehensible to youth • Financial education should not be treated as yet another subject in school, but rather as something fun and interactive underpinned with important lessons about the value of money

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2.7e E  quitable Trade Between Developed and Developing Countries Facilitator Mr. Martin Burt, Executive Director, Fundacion Paraguaya de Cooperacion y Desarollo

Youth Group

Nature Savers

Mr. Martin Burt introduced the Nature Savers and invited them to present the outcomes of the Youth Summit sessions before opening the floor to the audience to ask questions. The youth group Nature Savers highlighted that there are great inequalities between countries that trade, that a lot of developing countries cannot afford basic necessities due to high prices, and that in some cases imports are cheaper than local produce resulting in more imported goods being bought. Nature Savers reiterated the topic and stressed that there should be a balanced/fair trade.

Key outcomes • E  ducation is important as it teaches youth to manage resources, enrich their futures and use dialogue rather than violence to solve problems • There are impeding problems of brain drain and expensive education that can limit a country’s development • Bringing youth from different backgrounds together to discuss similarities and differences to bridge ideas and form new ways of thinking about the future • The price of basic goods needs to fall so that people can afford them

2.7f Supporting Mobile Phone and Internet Based Banking Facilitator Youth Group

Ms. Deepali Khanna, Director, Youth Learning, The MasterCard Foundation Future Financial Leaders (FFL)

Ms. Deepali Khanna opened by introducing Future Financial Leaders (FFL) and asking them to present the main points discussed during their parallel youth summit. Ms. Khanna then opened the floor to the audience to ask questions to the panel. Future Financial Leaders highlighted that ChildFriendly banking products are important and can be potentially introduced as a school bank program. They also stressed that governments should initiate youth groups directed at discussing money issues and governments and banks should have policies for youth finance.

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Key outcomes • M  obile banking makes savings easier • Policy makers should enforce mobile banking as it is fast, safe, cost-effective and easily accessible to youth

VOICES OF CHILDREN: KEY OUTCOMES • O  rganize events, use suitable forms of media to create awareness about child and youth finance • Incorporate financial education into school curriculum • Create an environment that stimulates youth to engage in entrepreneurial activities • Implement Child and Youth Friendly Banking Products that are appropriate for youth • Endorse a level playing field in terms of trade between developed and developing nations • Introduce infrastructural advancements that support mobile and internet banking for youth

Children’s Economic Rights: Impacting the Policy This session brought together policy makers, NGOs, financial service providers and academics to discuss the merits of taking a rights based approach to programming that targets children and youth. The speakers gave a review of existing national laws and international conventions on the economic rights of children and youth so participants could understand their relevance to their area of operations. Chair

Ms. Veronica Yates, Director, Child Rights Information Network

Panelists • Mr. Jason Alderman, Senior Director, Visa • Ms. Tulika Bansal, Human Rights and Business Analyst, Danish Institute for Human Rights • Mr. Tjipke Bergsma, Deputy CEO, Plan International The session was chaired by Ms. Veronica Yates, Director of the Child Rights Information Network, who reminded the audience that the United Nations Convention on the Rights of the Child has been ratified by almost every government. Governments have the final responsibility to ensure these rights are respected but individual citizens and corporations should also take ownership in upholding these rights. Rights statements are often made by organizations to maintain good public relations but this does not guarantee that they will translate into action. Organizations need to be motivated and given incentives to take a full, rights based approach to serving youth populations. Jason Alderman, Senior Director, Visa, stated that tangible economic rights for children refer to the right to access information and the right to access financial products. Regulations concentrate 48

Children And Youth Reshaping The Future Of Finance


on protecting children from exploitation without ensuring their participation in the development process. FSP do not want to be perceived as pushing products onto children and youth but do want to respond to the demand for financial services in a responsible manner. Tulika Bansal, Human Rights and Business Analyst, Danish Institute for Human Rights, asked that FSPs partner with NGOs who are actively promoting human rights. Corporations can benefit from professional assessments in identifying the areas of their operations where they can improve their adherence to human rights standard. FSPs should incorporate their respect for children’s rights into core business principles as this will improve both their corporate responsibility and their outreach to children and youth. Tijpke Bergsma, Deputy CEO, Plan International, asserted that children need to have an active role in the development of programs and policies that have a direct impact on their well-being. We need to “Listen to them, involve them, respect them and include them”. Mr. Bergsma stated that a better inter-sectorial dialogue is needed on the issue of rights and economic empowerment for children and youth. Financial access alone will not guarantee that children’s rights are upheld. Rather, additional services are needed that protect and involve youth.

Key outcomes • A  rights based approach to child and youth finance implies that young people have access to information and are actively involved in the development and delivery of products, programs and services intended for their benefit • International and National laws that protect and fulfill the rights of children and youth must be in place and must be enforceable • Each FSP has the responsibility to assess how policies and activities of FSPs affect the rights of children and youth • Credit unions and consumer agencies should also be more involved in upholding children’s rights • More attention must be given to the balancing of competing economic rights of children and youth (The right to access/inclusion, the right to information/participation, the right to protection) and the link to the clear business case for FSPs to take a rights based approach when serving young clients • Summit participants should engage with the UNCRC and the UN Global Compact in order to contribute to the global discussion on children’s rights and business principles

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Concluding Session: Reshaping the Future of Finance To follow on from the recapping of the Let’s Go session, where people announced their commitments to the movement, the closing remarks sought to highlight declarations of support by Movement members in bringing Child and Youth Finance to 100 million children in 100 countries by 2015 and in spreading awareness of the Child and Youth Finance concept globally. Chair  Mr. Theodor Kockelkoren, Board Member, AFM/Netherlands Authority for the Financial Markets Panelists • Ms. Vilde Bergstad Larsen, youth representative from Norway • Mr. Mahir Jethanandani, youth representative from the United States of America, • Ms. Liza Barrie, Chief of Civil Society Partners, UNICEF Headquarters • Mr. Juan Manuel Valle, Ministry of Finance, Mexico Mr. Theodor Kockelkoren, Board Member, AFM /Netherlands Authority for Financial Markets opened the concluding session by highlighting the great atmosphere over the last 2 days. Mr. Kockelkoren emphasized that learning from experience is a far stronger tool than learning from a book and mentioned that listening to the ideas of children and youth is important as the policies adopted will impact them. Mr. Kockelkoren introduced the panel and welcomed them to give a reflection of the Summit. The youth representatives, Ms. Vilde Bergstad Larsen, Norway, and Mr. Mahir Jethanandani, USA, briefly outlined the policy recommendations that arose from the youth Summit. Together they highlighted that an International Child and Youth Finance Day can help create youth finance awareness. They pointed out that financial education should be embedded into school curricula and that entrepreneurial behavior should be encouraged. They also recommended that banks create Child and Youth Friendly Banking Products and endorse safe mobile and internet banking suitable for children and youth. Liza Barrie, Chief of Civil Society Partners, UNICEF Headquarters, thought of the Summit as wonderfully inspiring and the participation of children and youth as truly unique. Ms. Barrie remarked that the Summit was diverse in terms of sectorinvolvement and country representatives, that there was a lot of positive energy and that there was a warm eagerness to share, learn and collaborate. Ms. Barrie mentioned that together with Aflatoun, UNICEF has developed the Child Social and Financial Module which will become part of UNICEF’s Child Friendly School Manual. Her commitment to the Child and Youth Finance Movement involves incorporating issues discussed at this event into the Post 2015 Global Development agenda. Mr. Juan Manuel Valle, Ministry of Finance, Mexico, remarked that the intense work and discussions over the past two days were both enjoyable and fruitful. Mr. Valle stressed that financial illiteracy is a problem that touches all individuals and that teaching children and youth is a way of reaching other children and youth as well as their parents, of bringing ideas into the home and of turning children and youth into role models for their peers. Mr. Valle closed his reflections with 2 key recommendations. Firstly, that through the global partnership for financial inclusion, the G-20 will develop an indicator for youth financial access. The second recommendation was that the GPF5 will spend adequate time focusing on financial issues involving children and youth.

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Annex 1 Pre-Summit, April 2nd

On Monday April 2nd, 2012, CYFI held a day of pre-summit workshops at the RAI Conference Center in Amsterdam. Participants were invited to organize their own workshop sessions, or hold their own working group meetings, on a variety of topics related to financial inclusion and education for children and youth. About 80 participants attended sessions put on by the SEEP Network, the European Microfinance Platform, the YouthSave Consortium, Making Cents International, UNCDF, Aflatoun and UNICEF.

European Microfinance Platform 9:00 - 12:00

SEEP Network CYFI Academics Working Group Getting Child Social & Financial Education Off the Ground

13:30 - 15:00

Key Components of a National child and Youth Finance Strategy: The Experience of Malawi Social Entrepreneurship CYFI Education Working Group

15:30 - 17:00 Financial Institutions and Child and Youth Finance Emerging Results from the Field of Youth Finance

51


1 European Microfinance Platform Youth Financial Services Working Group This was a closed door meeting for members of the European Microfinance Platform (EMFP) working group on youth financial services to review the progress on the pending 2012 publication on financial services to support youth entrepreneurship. This workshop aimed to review the progress of the draft publication and list of case studies, identify key changes needed to the document and agree upon the main set of recommendations put forth by the working group. The workshop was chaired by Ms. Myka Reinsch, Senior Technical Advisor at Ayani Consulting, who was the lead writer on the publication. EMFP working group participants in attendance were: - Simon Bleidiesel, Senior Project Manager, Kfw - Séverine Deboos, Technical Expert in the Social Finance Division, ILO - Mamadou Diallo, Adviser responsible for Africa, WSBI - Selma Cilimkovic, Market Research Officer, Partner Microcredit Foundation - Yekbun Gürgöz, International Advisory Services Project Manager, Frankfurt School of Finance

& Management

- Benjamin Mackay, Project Officer, ADA - Jared Penner, Education Manager, CYFI - Maria Perdomo, YouthStart Manager, UNCDF - Juana Ramirez, Microfinance Expert, EMFP - Rachel Yordy, Project Manager/Consultant, MEDA

 he EMFP publication Youth Microfinance: Promising Examples For Achieving Youth T Economic Empowerment will be divided into the following sections: 1) Introduction 2) Savings-led case studies 3) Credit-led case studies, and 4) Discussion and recommendations. The publication is scheduled to be published by the end of May 2012 and is intended for dissemination and promotion at upcoming youth related conferences and other industry events.

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The workshop featured discussions around the following topics:

• The Value of Microfinance for Youth. Members discussed the merits of microfinance and the numerous criticisms raised against the industry in recent years. Nevertheless, the members agreed that microfinance is about more than microcredit and can be an effective tool in financial inclusion for youth. • Training Programs. Members raised issues on evaluating the effectiveness of youth financial education or business training programs. Many members believed that youth training sessions should use the opportunity to raise awareness on human rights and child labor issues. Members also debated the benefits and disadvantages to MFIs of the three models of non-financial service delivery: trainings offered in a unified manner by the same MFI staff, trainings offered by different staff in parallel departments within the same MFI, trainings offered by staff at a different organization linked to the MFI. • Financial Products. Members highlighted the importance of well-designed simple and appropriate products that supplied to the youth market. Further loans to youth should be intended for business purposes. However, as youth are educated on the conditions and the risks of loans, they should be given the opportunity to use them as they see fit. MFIs should also explore other financial services for youth, such as mobile banking, remittances and micro-insurance • Building incentives. Youth financial services, especially savings products, are not overly profitable for MFIs. The business incentive for serving this population needs to be emphasized (E.g. cultivating long term clients, cross selling services to other family members). MFIs need financial and operations partners to support the development of youth financial services and training programs. However, the demand for cost recovery and short term profitability should not come at the expense of youth participating in the microfinance sector. Youth also need incentives to participate and engage effectively in training programs. Mentors and role models should be involved to make the trainings more meaningful for young people.

The following are the key recommendations that the EMFP decided upon at the meeting and which will be included in the upcoming EMFP publication:

1 Youth should be segmented by age and lifestyle and products should be designed that are appropriate to these specific needs 2 Ensure that youth financial services, especially loans, are designed and delivered in an ethical manner 3 Ensure the commitment, training and monitoring of FSP staff

4 Market products creatively to youth

5 Include financial literacy programs specifically designed for youth 6 Develop incentives to encourage positive financial behavior amongst youth 7 Engage families, communities and partner organizations in youth centered programming 8

Award and document innovations in youth financial inclusion

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2 SEEP Network Youth and Financial Services Working Group and Practitioner Learning Program This was an open session for members of the SEEP Network youth and financial services working group and practitioner learning program, as well as any other Summit participants interested in learning more about what the SEEP network is doing in the area of youth and financial services. The workshop was Money can make chaired by Rosanna Ramirez of Freedom from this world a better Hunger and Jennifer Harley of MEDA.

The main objective of the meeting was to discuss how to move forward in developing the YaFS learning product focused on understanding the youth market. Jennifer Harley explained the reasons the YaFS selected the topic of Understanding the Youth Market. As part of the

place when it is well used, when is it is well saved, when it is used for the benefit of the society” Youth Participant, aged 14

informal industry survey that was conducted, YaFS members and other practitioners concluded that: • They needed to better understand the youth market and the implications of the youth market characteristics for product development • Market data and toolkits exist but there exists a need to synthesize and understand what are the foundation of working with the youth market and sub-segments • There is a need to increase efficiency of market research and understand products and services financial institutions can deliver, so practitioners can start at a higher level of knowledge

An outline for the learning product that had been identified by the YaFS WG members is as follows: 1 Market Characteristics The first section would synthesize characteristics of youth based on published and unpublished market research studies identified by WG members. 2 Levels of Capital This will examine the importance of different types of capital (physical, psychological, financial and social) and the impact on youth’s interest & willingness in accessing and using financial services . WG members had previously indicated that they wanted to understand:

• How do different levels of capital affect access and usage of financial services?

• How should products be delivered or designed differently to reach these different segments?

3 Regulatory Environment The synthesis report would need to include a brief summary of the regulatory environment, acknowledging the resources that have already been developed by CYFI, Making Cents and the YouthSave consortium. 4 Reaching the Youth Market Effectively The last but most critical section of the learning product would focus on the ‘so what’ – a section that would conclude the implications of the youth characteristics in developing financial products and services.

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3 CYFI Academics Working Group This workshop aimed to gain an overview of previous and ongoing research in financial education, inclusion, social and livelihoods education, with an exchange of learning and setting a future agenda for research on Child and Youth Finance. It also attempted to determine any research gaps and brainstorm avenues for academic collaboration. The workshop was setup as an open forum so that anyone could present their ongoing research, the barriers they faced, willingness to collaborate to fellow research programs as well as recommend suggested improvements to ongoing research programs. Chair Dr. Lewis Mandell, Professor, University at Buffalo Current Scope of research Prof. Lewis Mandell, professor, university at Buffalo, opened the discussion by stating that the most of the current research on youth financial education and access is concentrated in the UK and the US. Prof. Mandell then invited all participants to explain their research. Mr. Jaafar Al Mahdi, Public Sector Operations Officer, OPEC Fund for International Development (OFID), described his work on reverse longitudinal study that looked at the effect of childhood experience on future savings behavior. Prof. Tahira Hira, Professor, Iowa State University, interjecting that there could be a lot of bias with reverse longitudinal studies as one is relying on a participant’s memory. Dr. Joyce Serido, Assistant Research Professor, University of Arizona, reiterated Mr. Al Mahdi’s point that allowances can effect savings, and to correct for the bias, measure a group of colleague students for 20 years to denote “the potential pathways [that a] reasonable young adult becomes a financially capable person”.

Is there a universal approach to financial education? Mr. Simon Bailey, Research Executive, Aflatoun, argued in favor of a universal model as the poor should not be treated differently to the rich. Mr. Shaun Mundy, independent consultant, rather than looking specifically at financial education we should take a universal measure of numeracy to see if the universal model is better than many different models. Mr. Joshua Muskin, Senior Programme Officer, Aga Khan Foundation, commented that there was not enough research being done on managing resources; that most research programs focus primarily on saving “money”. Prof. John Brock, Director, Center for Economic Education, GEEA, mentioned that the effects of trust on savings behavior as managing resources is largely a question referring to financial access. Prof. Lewis Mandell, professor, university at Buffalo, posed the question, should financial access be incorporated into educational programs? Mr. Hidde van der Veer responded that ideally teachers should take the backseat when it comes to forming savings behavior; youth should take the initiative to save. Ms. Veronica Hofmeester mentioned that learning happens both in and outside the classroom and that it may be more important to stimulate youth as creative thinkers so they develop resourcefulness when it comes to savings behavior. Dr. Margaret Sherraden highlighted

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that it is still important to teach youth when they are in school as there is a good probability of knowledge retention and of using the information later in life.

Workshop Conclusion • T here was a consensus that more research needs to focus on longitudinal studies to measure the long-run effects of financial/social/livelihoods education •  Research groups should collaborate and synchronize more of their work and form multi-disciplinary research groups •  A major drawback of the current scope of the research is that it does not focus on many communities outside the US and the UK, thus more research should be done outside the US and the UK •  In order to successfully measure a behavioral shift in children and youth, designing an applicable measurement for financial literacy is essential • Research should shift focus from managing money to managing resources

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4

Getting Child Social & Financial Education Off the Ground This workshop presented the important components and methodology of Child Social & Financial Education (CSFE), the UNICEF CSFE Module for Child Friendly Schools, and the experiences of government representatives in integrating CSFE into national curriculum as well as that of education providers in using CSFE methodology. The session highlighted a number of key drivers and challenges when delivering a successful program to children and youth.

Chair

Mr. Hidde van der Veer, Executive Director, Aflatoun

Speakers -- Ms Maida Pasic, Education Specialist, UNICEF Headquarters -- Mrs Nidia García Bohórquez, Economist, Central Bank of Colombia -- Mrs Irene Mutumba, Executive Director, The Private Education Development Network (PEDN) This workshop was chaired by Mr. Hidde van der Veer, Executive Director of Aflatoun, who stressed that when children are encouraged to think about what is positive and possible through experiential learning, they demonstrate resourcefulness and become empowered citizens. While Afatoun balances social education with financial education, Mr. van der Veer stated that “saving is not the goal itself but rather the tool for social and economic empowerment”. Children save money through Aflatoun savings club at school where they learn the 5 core elements of the Aflatoun Program: 1) Personal

“Money gives you opportunities – go to hospital, education. Money can give you safety.”

Understanding and Exploration 2) Rights and Responsibilities

Youth Participant, aged 15

3) Saving and Spending 4) Planning and Budgeting 5) Social and Financial Enterprise. Social and financial enterprises provide children with the opportunity to earn and manage money while gaining self-esteem for better decision-making in the future. Mrs Nidia García Bohórquez highlighted a number of challenges for incorporating CSFE into the Colombian national financial education strategy. These included low literacy levels, differing priorities of the Colombian Central Bank and a lack of confidence amongst teachers in the country in addressing topics related to CSFE. Mrs. García Bohórquez stated that the Ministry of Education in Colombia has to develop a portfolio of standards in economic and financial subjects, because financial education requires cooperation between multiple stakeholders in both the public and the private sector. Mrs. Irene Mutumba demonstrated how PEDN was serving many children in Uganda with CSFE materials and were able to engage key government representatives and financial service providers in the country. Mrs. Mutumba emphasized the need to coordinate CSFE learning materials from the primary to the tertiary level and integrate them effectively into the existing national curricula. Mrs. Mutumba also stressed that parents and other community leaders need to be involved in delivering the message of CSFE at the local level. Ms Maida Pasic, Education Specialist, UNICEF Headquarters, described how UNICEF is incorporating a module on CSFE into their Child and Youth Friendly Schools program that will be piloted later in 2012. Ms. Pasic emphasized the need for a multi-dimensional concept of primary education that involves their health, safety and protection in order to make young people empowered citizens

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in the long run. UNICEF can equip their partners at the national level with knowledge on how to develop standards for CFSE, focusing on curriculum development and teacher training.

Workshop Conclusions • C  SFE should focus equally on financial, social and livelihoods components of education • There should be a collection of best practices in the integration of CSFE and existing aspects of the educational curriculum (e.g. environmental science, mathematics, geography, linguistics, social studies) • CSFE needs to be adapted appropriately for different age groups as well as economic and cultural backgrounds. This involves greater contextualization for children out of school, children taking care of themselves and other family members and children living in severely impoverished or conflict affected areas • Clarity on the indicators for CSFE impact assessment should be established for the next round of education components for the Millennium Development Goals

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5

Key Components of a National Child and Youth Finance Strategy: The Experience of Malawi This workshop aimed to discuss how various policies and government initiatives in Malawi are helping to advance financial inclusion and education for young people. The main aim of the workshop was to outline the national strategy in Malawi and its key components, to explore the main barriers to financial inclusion and discuss potential approaches as well as objectives to introducing a country specific program. Chair

Ms. Maria Perdomo, YouthStart Programme Manager, UNCDF

Speakers -- Mr. Kidney Chimphango, Policy and Regulations in Bank Supervision Department, Reserve

Bank of Malawi

-- Dr. Makonen Getu, Vice President Business Development, Opportunity International Bank of Malawi -- Mr. Tim Nourse, President, Making Cents International Ms. Maria Perdomo, YouthStart Programme Manager, UNCDF introduced the speakers and the discussion topics. The discussion topics focused on the key components of national strategies, in particular looking at the policy terms of the UNCDF and which are applicable to Malawi, the state of financial inclusion services in Sub-Saharan Africa and the barriers to financial inclusion. Ms. Perdomo suggested that legislation should be inclusive and that products should be designed taking into consideration the CYFI certification criteria. Ms. Perdomo further stressed the importance of a good research mechanism to overcome barriers. Mr. Kidney Chimphango, Policy and Regulations in Bank Supervision Department, Reserve Bank of Malawi, explained their national strategy where banks are advised and then expected to develop their own strategies to develop inclusive financial products. In addition, the Bank’s division for consumer education will have more programs for financial literacy and education. Dr. Makonen Getu, Vice President Business Development, Opportunity International Bank of Malawi underlined the necessity for loan guarantee funds, a regular activity review of youth-serving organizations, and close monitoring and evaluation. Dr. Getu also pointed out that there are a number of language barrier issues and impeding problems with reaching the illiterate population. Dr. Getu also emphasized the need to establish suitable mechanisms to reach the unbanked population. Mr. Tim Nourse, President, Making Cents International, highlighted the importance for institutions to perceive youth as serious clients with experience. Mr. Nourse also mentioned that tools should be developed to deliver products efficiently and that the environment should be able to provide these special products and thus cater to children and youth.

Workshop Conclusions • • •

It is necessary to create innovative methods to bypass legal age requirements The Development of a multi-stakeholder approach, which is suitable when engaging children and youth in financial education and inclusion The product must be appealing to children and youth as well as satisfy the demand

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6

Social Entrepreneurship This workshop attempted to identify key strategies for ChildFinance practices, mapping ecosystems surrounding youth and finance, identifying system change indicators and identifying key drivers or challenges for system change. In addition to the above objectives the workshop aimed to set the stage for the ChildFinance Summit by using social entrepreneurship thinking and practice to draw lessons for the effective scaling of ChildFinance initiatives globally.

Attendees

-

- Prof. John Brock, Director, Center for Economic Education; Board Global Economic Education

-

Ms. Philippa Frankl, CEO, Streetkids International UK

-

Prof. Dr. Jane Lopus, Director, Center for Economic Education;

-

Mr. Benjamin MacKay, Project Developer, ADA Luxembourg

-

Mr. Bram Stoffele, Certification Manager, Child and Youth Finance International

What is social entrepreneurship?

Ms. Maria Bercetche, Strategy, P.A.U. Education Alliance (GEEA)

• The attendees agreed that stimulating social entrepreneurship can and should be happening at two levels – social entrepreneurial approaches of organizations working in the area of child and youth financial education and inclusion, and development of social entrepreneurial skills and behavior of youth. • A social entrepreneurial approach to organizations consists of a high-impacting, social or environmental systems, change focused, creative and innovative enterprises or entrepreneurs, who manage to leverage resources and momentum towards social change. • When educating children and youth about social entrepreneurship, it is important to focus on their understanding of social dimensions, causes, and problems, economic principles, financial literacy, and an entrepreneurial set of skills and mindset.

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Challenges and opportunities of growth and scale of social interventions:

• Multi-stakeholder collaboration can leverage huge support and impact but requires that an organization 1) trusts other organizations, 2) looks beyond its borders, 3) potentially allows more ‘messy’ and organic processes. • Intellectual property (IP) of materials and ideas can be a blockage to scale interventions; organizations can look at the effectiveness of IP vs. their organizational mission. • Defining the core of an organization’s intervention is essential. Organizations/interventions can center e.g. around principles, programs, or even organizational models. Defining this more clearly helps to identify what needs to be scaled and what doesn’t. • Organizational model: social franchising, loose networks, branching – there are various organizational models that can be effective for scaling, and they should best link to the organization’s core intervention(s). • Sustainability: Sustainability is often understood as following a social mission while ensuring financial sustainability of an organization, however this is not self-explanatory. Financial goals are often at tension with social goals. There is not always a market for certain social solutions, and no economy of scale, thus it requires extensive and enduring experimenting and persistence. A clear mission and dedicated leadership are essential to safeguarding the balance.

Measuring impact

• Output vs. outcome/impact: the work of many organizations focuses on the output level. Design of evaluation to understand impact/outcome is essential to understanding the effectiveness of the intervention • Long-term investment: a long-term investment of the organization in evaluation is needed to fully understand its sustainability

Workshop Conclusions • • • •

 ollaborate across borders C Think about the effectiveness of organization’s intellectual property Defining the organization’s core intervention and organizational model Finding a mission-focused balance between social sustainability and financial sustainability • Measuring outcomes/impact is crucial; measuring outputs of the intervention is insufficient.

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7

CYFI Education Working Group This meeting was an open session for CYFI Education Working Group members and other Summit participants to review the Education Framework and key outputs for CYFI Education in 2012. The Co-chairs of the Education Working Group are: Ms. Flore-Anne Messy, Senior Policy Expert for Financial Education at the OECD, and Ms. Maida Pasic, Education Specialist at UNICEF. The meeting was attended by organizations such as Aflatoun, Right to Play, Aga Khan Foundation, Canadian Foundation for Economic Education, Street Kids International, IREX and Opportunity International. The key outcomes of the meeting are described below:

CYFI Education Document Containing the Child and Youth Finance Education Learning Framework, it is available for use by various organizations developing new curriculum materials in financial, social or livelihoods education for children and youth. This document will be tested throughout 2012.

Support to Teachers The CYFI Education Working Group can work to assemble resources for best practices in teaching financial, social and livelihoods education that will link to the Education Learning Framework to support teachers and practitioners at a practical level. The working group will continue to explore interest and opportunities to development this resource throughout 2012.

Advocacy Material A sub-committee was named to assist the CYFI Secretariat in reviewing drafts of these advocacy documents which should be ready for circulation by the middle of 2012.

CYFI Website The CYFI website will be launched in the coming months and

was named to assist the CYFI Secretariat and the academics

“I may be intelligent, but if I don’t have money I cannot go to university, so I believe money educates and empowers people”

working group would agree on the content of the case study

Youth Participant, aged 16

will act as the main online database for governments, FSPs and NGOs throughout the world involved in financial services and education for children and youth.

Link with CYFI Academics working group There was continued call for CYFI to connect more effectively with the CYFI Academics working group, particularly on the development of indicators that could complement the Learning Outcomes in the CYFI Education Framework. A sub-committee

template by the middle of June 2012.

Support to National and International Platforms for Child and Youth Finance CYFI Education working group members are encouraged to provide the countries where they believe they have the strongest local partners, contextualized educational materials and links with relevant government representatives. The CYFI education working group will also try throughout 2012 to link with relevant international education networks such as the Global campaign for learning, OECD International Network for Financial Education, the UN Global Compact, UNESCO Education for All and UNICEF ChildFriendly Schools. Each CYFI working group member will use their network of strategic contacts to influence the agenda of the post 2015 MDGs so that financial inclusion and financial, social and livelihoods education is given higher priority on the international stage. 62

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Workshop Conclusions • U  se clear language when speaking to different stakeholders unfamiliar with the 3 framework components. • T  here should be consistency when describing the expected behavior from early age to adulthood. • Build up from values and norms across cultures. • A  more permanent link with media and communication partners to market advocacy materials in unique fashion to governments and financial service providers. • CYFI as knowledge broker (identify needs and bring people together to meet them) for the child and youth finance sector. • Align efforts with worldwide initiatives. • Provide a set of guidelines on country platforms and how best practices can be shared across countries.

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8

Financial Institutions and Child and Youth Finance This workshop aimed to bring together financial institutions (banks, pension funds, and investment banks) to identify their shared opportunities and challenges and to share their strategies towards incorporating Child and Youth Finance. This session hoped to strengthen ties between all relevant stakeholders and emphasize key drivers of incorporating CYFI with the strategies of financial institutions Chair Ms. Stephanie Azar, Development Finance Manager, World Council of Credit Unions Inc. (WOCCU)

Speakers -- Mr. Mamadou Diallo, Adviser responsible for Africa, World Savings Banks Institute (WSBI) -- Mr. Ranjith Hettiarachchi, CEO, Association of Asian Confederations of Credit Unions (AACCU) -- Mr. Christopher Phillip, Senior Marketing Manager, Postbank South Africa Ms. Stephanie Azar, Development Finance Manager, WOCCU, discussed that there should be different products and forms of advertising suitable for youth that incentivize financial institutions, youth and parents. Encouraging youth to open accounts is an opportunity to teach a new culture of savings to youth, promote a positive image of the financial institution and recruit parents as potential account holders/members. Mr. Mamadou Diallo, Adviser responsible for Africa, WSBI, acknowledged that youth financial inclusion programs are less focused upon savings than those targeting adults. Airing two major concerns, firstly that ChildFinance may become associated with working children and secondly if the standard of basic education is low how would one implement financial education? Mr. Christopher Phillip, Senior Marketing Manager, Postbank South Africa, mentioned that there are fewer benefits for banks focusing on low income households, and as such it is more costly to remove transaction fees and provide accounts completely free. Mr. Ranjith Hettiarachchi, CEO, AACCU, products are provided according to different age groups (0-8, 9-12, 13-19, 20-35) and largely informal savings groups have lower transaction and management costs, however more data needs to be collected concerning the number of children/youth reached.

Workshop Conclusions • The key to assessing and implementing child and youth finance in financial

institutions on a national and international scale is data collection, evaluation and impact assessment • Product design, certification, and signing up to child protection principles are key to avoiding abusive practices such as child labor • Good practice and lessons learned on financial sustainability and lowering operational costs of managing child/youth bank accounts are key to support financial institutions • Evidence-based advocacy at bi- and multilateral platforms is an important driver of creating awareness around issue of children and money • There should be more streamlining with respect to child finance definitions and communication across countries important in unifying this global movement 64

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9 Emerging Results from the Field of Youth Finance This workshop aimed to highlight the important conclusions thus far from the YouthSave Consortium, Population Council and the Financial Education Fund, in addition to future areas for action. As well as explore the discuss the progress of financial literacy within the field of Youth Finance. Chair

Dr. Margaret Sherraden, Professor, University of Missouri at St. Louis and Washington

University.

Speakers -- Dr. Breki Karlsson, Director, Institute for Financial Literacy (Iceland) -- Ms. Corrinne Wairimu Ngurukie, African Regional Technical Advsior, Save the Children USA

(Kenya Office)

-- Ms. Alyna Wyatt, Senior Associate, Genesis Analytics Dr. Margaret Sherraden, Professor, University of Missouri at St. Louis and Washington University, suggested that research on financial education and inclusion should include measures on impact and causal mechanisms. Rather than focusing primarily on the effect on financial education and inclusion on savings we should target other potential effects. Dr. Breki Karlsson, Director, Institute for Financial Literacy, introduced a number of external influences on financial literacy commonly researched; namely, education, income, gender and marital status. Dr. Karlsson also highlighted that confidence levels influence the extent to which banks are used and how many people use them. Ms. Corrinne Wairimu Ngurukie, African Regional Technical Advsior, Save the Children USA (Kenya Office), contended that pilot studies provide useful lessons for product development as they emulate what products youth identify with the most. Ms. Ngurukie also emphasized that savings programs should be linked with financial education to ensure that youth understand what they are committing to. From the experience of the YouthSave Project, Ms. Ngurukie stressed the importance of Market Research in developing appropriate savings products. Ms. Alyna Wyatt, Senior Associate, Genesis Analytics, mentioned that the Financial Education Fund supports projects that promote financial literacy. Their aim is to increase financial capabilities of low-income individuals and develop a greater understanding of the impact of financial education through a dynamic process of evaluation mechanisms and evaluation parameters fitting different realities and contexts.

Workshop Conclusions • • •

The need to explore relevant topics and strategies beyond savings in the financial literacy context The Importance of savings demand assessments and longitudinal impact studies. Further noting that market research is a key driver for designing a savings product typically targeting youth The linkage between financial education and inclusion should be strengthened and more concrete links between actual savings programs should be visualized

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Annex 2

Youth Summit Summary In the seaside town of Zandvoort 70 young people aged 8-18, from 40 countries bonded through the use of art, games, debates and role playing, to discuss the subject of youth finance. Mr. Nick Meijer, Mayor of Zandvoort, and Ms. Jeroo Billimoria, Managing Director Child and Youth Finance International, opened the Youth Summit with a Code of Behavior, where youth delegates expressed their expectations about the youth Summit. The youth participants learnt about each other’s currencies and ideas about money in Currency Exchange where they made a piece of art with money. Jeff and Lata facilitated a rapid fire where they quickly fired a lot of questions at the participants (e.g. When is money good/ bad? Should children have their own money?). For every question the participants had a couple of minutes to respond. Afterwards it was the participants turn to take the lead. In 6 groups they drew up their ideas about changing the future of finance. From the overwhelming response 6 thematic areas where chosen. Every group chose one theme and prepared a presentation to give to the policy-makers during the Summit session “The World’s Financial Challenge: Voices of Children and Youth”. Facilitators -

Jeff DeCelles, GrassrootsSoccer, Director of Curriculum, Partnerships & Innovation

Lata Narayan, Centre for Equity for Women, Children and Families (Tata institute of Social -  Science), Professor

Reccomendations by the children • Financial literacy education: children and youth should learn about money from their parents, but also in school. • Child and Youth Friendly Banks: create Child and Youth Friendly banks, no big fees and no complicated documents. • Encourage youth-lead enterprises: teach children entrepreneurship. When they start young they can make the mistakes when they are young so they know better when they are older. • Equitable trade: politicians should create more equitable trade between developed and developing countries. • Awareness: create awareness of youth finance through media. Use the new media and the conventional media. • Technology: support Mobile and Web-based Banking so everyone can have access also when they don’t live in the city.

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Annex 3

Child and Youth Finance Awards Ceremony

The 2012 CYFI Awards recognized achievements in financial inclusion, entrepreneurship, financial education and global promotion of the topic. The Awards celebrated outstanding efforts in increasing access to safe and responsible financial products for youth, providing access to high-quality financial services and financial education that will help youth build a foundation for financial stability and allow them to realize their full potential as economic citizens. Awards were presented to the champion of each category ranging from national platform to a youth champion.

Award themes include •  Outstanding efforts of national entities in promoting the Child and Youth Finance activities nationally • Role model of national entities in participating in the Child and Youth Finance Day/ Week • Pioneering financial service providers in exploring financial access for children/youth •  Youth role models & champions in financial access and Child and Youth Finance Education

General Criteria The CYFI Awards acknowledge the work of an individual, organization or national platform that has championed one or more aspects of economic rights of children and youth and is evaluated according to the following aspects: • Excellence: Nominees demonstrated outstanding character and reputation. • Accountability: Nominees showed good governance and transparent financial management. • Creativity: Nominees displayed a creative use of resources to deliver innovative and flexible programs. • Partnership: Nominees highlighted effective collaboration and partnership. • Sustainability: Nominees contributed to the impact of children in the long term. • Track record: Nominees’ initiatives were established within their community. • Impact: Nominees addressed the need and desire to achieve preferred outcomes. • Outreach: Nominees exhibited the current and future outreach of initiatives. • Cost-effectiveness: Nominees highlighted that their funds go a long way.

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The Jury With richly varied backgrounds, the members of the jury have years of professional experience as practitioners in the areas of finance, child welfare and/or non-profit development.

Chair Baroness Valerie Howarth is the chair of the Children and Family Court Advisory and Support Service. Previously, Baroness Howarth was Chief Executive of ChildLine in the UK, the first UK representative of the European Form for Child Welfare and a founder of the King’s Cross Homelessness Project and London Homelessness Forum, and the Director of Social Services in Brent.

Judges - Ms. Ozlem Denizmen Kocatepe, a financial literacy advocate, has launched the ‘Para Durumu’ financial literacy initiative in Turkey. Ms. Denizmen is the President for Strategy at Dogus Holding, and is a Young Global Leader of World Economic Forum. - Mr. Shaun Mundy is a consultant, specialized in financial capability and financial services regulation. His clients have included a number of international organizations, including the OECD, CGAP, World Bank and Microfinance Centre for Central & Eastern Europe and the New Independent States - Dr. Henrik Naujoks is a director of Bain & Company, leading the financial services practice for EMEA. In 2007, Dr. Naujoks was elected by the World Economic Forum (WEF) as “Young Global Leader” and currently serves on the Broad of Trustees for The Global Exchange for Social Investment. - Mr. Mukul Pandya has more than twenty years of experience as a writer and editor, and has won four awards for investigative journalism. Mr. Pandyahas is the Editor-in-Chief of Knowledge@Wharton, a web-based journal of research and business analysis published by The Wharton School. - Mr. Eric Parrado is a consultant who provides ongoing assistance on sovereign wealth funds issues to central banks and governments in various regions. Mr. Parrado is currently not only the Manager of the Financial Stability Division of the Central Bank of Chile, but also Advisor to the Director of the Financial Policy Department and an Economist and Technical Advisor to the International Monetary Fund (IMF) and the World Bank. -

Mr. Ville Vasaramaki is the Executive Director of the European Youth Parliament.

- Ms. Andrea Vogel is the Chief Sharing Officer at Xchange powered by Ernst & Young. Ms. Vogel serves as the Leader EMEIA Strategic Growth Markets at Ernst & Young and is a partner at Ernst & Young, The Hague. - Ms. Lauren Young is the personal finance editor at Thomson Reuters overseeing personal finance for Reuters.com and other Thomson Reuters platforms. Ms. Young previously worked at BusinessWeek and SmartMoney Magazines. 68

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The Winners Country Award

NATIONAL BANK OF SERBIA The Country Award was presented to the National Bank of Serbia for their national financial inclusion initiative, which targets youth between the ages of 5 and 19. They are also committed to formally introducing financial education as a compulsory school subject in 2013.

Youth Champion Award

CARLA SANCHEZ VASQUEZ Ms. Carla Sanchez Vasquez, a 10 year old from Ecuador, won the Youth Champion Award this year. Ms. Sanchez Vasquez is the secretary of her Aflatoun Club, saves through the Bancos del Barrios program, and has encouraged 22 peers to save.

Pioneer Award

XACBANK, MONGOLIA Xacbank received the Pioneer Award for innovation and implementation of unique products, with globally sharing of best practices. Their children’s savings account introduced in 2002, is now an independent brand with a recognizable slogan, “Future Millionaire”, and 109 000 account holders.

Child and Youth Finance Week Honors Award

CENTRAL BANK OF MOROCCO The ChildFinance Day Honor went to Bank al-Maghrib from Morocco, for ChildFinance Week from March 16-22, 2012, themed “Our Children Discovering Finance” for children aged 8 to 17. They collaborated with a number of stakeholders; carrying out activities in 16 regions in Morocco. They mobilized 300 trainers and 200 speakers, reaching 33 000 primary and secondary school children.

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Annex 4

Activities

Exhibition The Exhibition showcased the visual commitment to the Child and Youth Finance Movement. The exhibition aimed to allow participants to interact visually and technologically with the Child and Youth Finance Movement and provided a space for partners and children to display their work.

Exhibition Categories:

The exhibition was divided into five main categories, each with its own objective.

• Logo Branding

The main objective of Logo Branding was to imprint commitments to the Child and Youth Finance

Movement. Commitments to the Child and Youth Finance Movement were demonstrated by a

poster board where participants could sign their names.

• Visuals

This section housed visual and interactive elements of the Child and Youth Finance Movement.

Canvas paintings and interactive objectives, such as cash machines and cushions were used

to portray the 2012 CYFI Award Nominees, Country platforms promoting Child and Youth Finance

initiatives as well as NGOs and Banks that have Child and Youth Finance Programs and Products.

• Technology

Technology provided a platform that demonstrated the technological aspect of the Child and

Youth Finance Movement through the WOFCHA website, the CYFI corporate website and our

ChildFriendly certification tool. The main objective of this exhibition piece was to showcase Child

and Youth Finance initiatives in different countries and encourage other stakeholders to setup

similar activities in their respective countries.

• Materials

70

This exhibition piece displayed initiatives related to the Child and Youth Finance Movement.

CYFI Network members laid out flyers and brochures, which gave examples of current projects in

different countries. The objective was to encourage countries to implement similar activities in

their respective countries.

Children And Youth Reshaping The Future Of Finance


• Art Sculptures

This part of the exhibition was dedicated to the creative expression of young people. The artwork

produced by the children and youth were categorized by two themes “Reshaping the World of

Finance” and “Children and Money”.

Annex 5

Evaluation of the Summit Overall participants evaluated the Summit positively. They reflected particularly positively on the atmosphere and the range of meeting participants. The innovative meeting style of Pechua Kucha received positive reviews. Participants were happy with the fast past presentation style and enjoyed the dynamic mode of interchanging ideas. However, they mentioned that more time should be allocated to debate and discussions. Participants left the first Annual Summit & Awards Ceremony motivated to make a commitment. Most participants wanted to take part in International Meetings, Regional Meetings, Research and Documentation and more actively collaborate with the CYFI network. A common point voiced by participants was the need and desire to integrate CYFI into national frameworks.

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Annex 3

Message from the United Nations Secretary General U N IT E D N AT I O N S

N AT I O N S U N I E S

THE SECRETARY-GENERAL -MESSAGE TO THE FIRST CHILD AND YOUTH FINANCE INTERNATIONAL SUMMIT Amsterdam, 3-4 April

I am pleased to send greetings to all participants at this first-ever Child and Youth Finance International Summit. The world now has some 1.2 billion youth, the largest such generation in history. Beyond sheer numbers, young people today are better connected and have more access to information than ever before. They are using powers of social networking to shape our collective future. With the right support, today’s youth can also help advance the economic and social development of their communities and countries. Your summit is an opportunity to explore how to provide young people with the tools they need to optimize their contribution. I strongly support helping young people gain greater financial literacy as well as better access to services that will lead the way to employment, entrepreneurship and investing opportunities. At the same time, we must protect young people from exploitation by those who might prey on their lack of knowledge and savvy. The United Nations is supporting these goals in a number of ways. The United Nations Children’s Fund (UNICEF) has partnered with Aflatoun Child Saving International and Child and Youth Finance International to promote curricula that facilitate learning social responsibility and financial competency. The United Nations Capital Development Fund (UNCDF), in partnership with the MasterCard Foundation, has developed an initiative called YouthStart to increase access to financial services for low-income youth in sub-Saharan Africa, with a focus on savings and financial education. Investing in children and youth means helping them develop their potential. Beyond financial information and access, we must provide young people with a broad perspective on our world and their place in it as global citizens. By raising a generation that has the ability to make the most of their resources as well as the wisdom and drive to contribute to sustainable development, we can lay the foundation for a better future for all. 72

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Annex 7

Welcome Speech by Mr. Klaas Knot, President of the Dutch Central Bank Good morning everybody! What a great turnout, and how good to see the young people with us; and all for such a great cause, a cause which one word sums up best: inclusion. In case this never occurred to you: you – and by this I mean Child and Youth Finance International and all participants in this conference – and De Nederlandsche Bank share a common goal! For us as a central bank, our main priority is financial stability. For without a financially stable climate, enterprises and consumers wouldn’t be able to concentrate on economic activities like earning money and spending it. With this objective in mind, • We pursue a policy aimed at an inflation rate that is always close to two percent • We supervise financial institutions • We monitor payment systems. I’m happy to say that this conference in fact has the same priority. Only you start from the bottom up: by seeking ways to familiarize citizens from an early age with financial products, you help to create financial awareness and thus to promote financial stability, on a personal level. And, clearly, in today’s world, your initiative has not come too soon. For financial awareness is more needed than ever before. Responsibility for financial decisions is increasingly being transferred to consumers, as are the risks attached. This trend is partly driven by the gradual withdrawal of the public sector as financier of social systems. As a consequence, consumers are increasingly being required to make important financial decisions for themselves and for their families in areas such as saving for the costs of their children’s education and for their own retirement. At the same time, financial products are becoming more and more sophisticated. The options for households are manifold. Just think of the wide variety of mortgage loans, life insurance policies or pension products available to consumers. However, as a great many surveys have brought home, not every consumer has an adequate understanding of the basic financial principles and products. According to one OECD survey, financial illiteracy is a common problem found throughout the world. This means that a lot of work needs to be done. For financial literacy not only ensures the financial well-being of households but, by preventing financial failures, also the smooth functioning of financial markets and the economy. Several events during the present financial crisis illustrate that problems might have been prevented or at least checked if financial illiteracy and financial knowledge had been more pervasive. It turned out that many consumers had bought financial products that carried risks they were barely aware of. Such as was the case with the residential mortgage loans which, especially in the United States, were issued at variable rates to households whose income was too low for repayment of those loans. Failed share leasing contracts and unit linked policies are another case in point. These examples underscore the importance of good financial education. The question arises where it is best to start with enhancing financial awareness? The answer to this question is clear-cut. It should start with children, for adult behaviour often goes back to behaviour

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learnt as a child. This goes for handling money as much as it goes for doing household chores or handling money. Research also shows that adults who had received a sound financial education when young, were better at managing their money than those who hadn’t. One way to enhance financial awareness is to improve access to financial products & services by children. Having access to safe and reliable financial products & services is a way for children to learn about ways to save, and get a feeling for financial planning. It provides our youngest generation with an opportunity to build the skills they need to improve their economic and financial position, and thus their social position. Especially in developing countries, financial awareness, taught along with social rights and responsibilities, will empower children to take charge of their own lives and to escape the poverty trap and thus to ensure their inclusion. Such financial products & services might take the form of child-friendly bank accounts that feature the same facilities as bank accounts for grown-ups. Something along the lines of the famous socalled Zilvervloot account, which every Dutch citizen over the age of 50 grew up with. One interesting feature of this account was that children at the age of 18 got a bonus of 10% on the total amount saved. This extra feature was introduced and paid by the Dutch government, to stimulate savings in the aftermath of World War II. As I said, such banking facilities for children would be very welcome today. Banking regulation should therefore be organised or reorganised in such a way that child friendly savings accounts are allowed and stimulated. What has happened in practice so far? While some progress has been made in this respect, I’d really applaud and further stimulate the willingness of the financial sector, at least in the Netherlands, to create child-friendly savings products, possibly with tax-friendly aspects. Here I’d also like to draw attention to the interests of the financial sector itself. Better financial awareness, starting with children, will reduce the probability of future financial failures, which is certainly in the interest of the financial sector. Connecting children to the bank may help foster a close customer-bank relation. And, finally, I’d also applaud initiatives by education organisations in many countries to develop financial education programmes at primary schools. So far, I’ve stood here as President of De Nederlandsche Bank. But I also happen to be a father, a father of an eight-year-old son and six-year-old daughter. My son, named Age, already possesses financial awareness, I’m proud to say. How this came about I’ll tell you right now. On the 30th of April, we celebrate our Queen’s birthday in this country. It’s a national holiday we always look forward to and which is celebrated outdoors, throughout the country. If you’d happen to be here on that day you would see the streets festooned in orange and people wearing orangecoloured clothing and funny hats and wigs. But for the present purpose, I’ll focus on one aspect of this special day. At the crack of dawn, literally tens of thousands of grown-ups and children, including my son, leave their homes armed with a carpet and carrying boxes and bags filled with all sorts of second-hand articles, varying from toys to comic books, from kitchen utensils to tools, you name it. For the better part of the day, they will be lining the streets in cities and villages, seated on carpets displaying those articles, trying to sell them all as soon as possible so as to be able to take part in the other festivities. By the end of the afternoon, my son will be the proud owner of some 40 to 50 euros. Incidentally, not for long, I’m afraid, for by the end of the day he’ll have spent most of it, if not all. But it’s not only the fact that he has earned his own money that I’d like to stress here. For, more than that, he has learned something about supply and demand, haggling about prices, social interaction, and

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Children And Youth Reshaping The Future Of Finance


being part of some sort of economy. He’ll have been part of a system, and he’ll have arranged this largely on his own as a free citizen. And this is what this conference is really about. Let’s remember that, eventually, financial awareness is not an end in itself, but an instrument to help citizens become an active member of society, in other words: to secure their inclusion. For nobody, should feel left out. This is why we, De Nederlandsche Bank, gladly support this initiative and praise Child and Youth Finance International for its tireless commitment to achieve its goal. CYFI is a unique organisation, an active and energetic group of people, which, as is proven in the past years, get things done. Such as convincing financial institutions, educational organisations and governmental bodies alike of the need for child and youth finance. And this support is borne out by the impressive list of participants I see CYFI has managed to drum up for this conference. I will leave you to your work now. One look at your comprehensive programme for these days tells me that this may well become a very fruitful conference. I wish you every possible success. Thank you.

Children And Youth Reshaping The Future Of Finance

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2012 - The First Annual Child and Youth Finance International Summit & Awards Ceremony 2012  

The Child and Youth Finance Summit in Amsterdam in April 2012 brought together 364 participants and 70 youth from 83 countries to share, inn...

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