2016 ─ Landscape Series: Research Evidence for CYFI Model of Economic Citizenship for Children Youth

Research Evidence for CYFI’s Model of Economic Citizenship for Children and Youth CYFI Landscape Series

The Child & Youth Finance International (CYFI) Landscape Series The CYFI Landscape Series consists of three documents that look at economic citizenship for children and youth from different perspectives.

Financial Inclusion for Children and Youth Financial Inclusion Landscape looks back on the developments of recent years in the areas of financial inclusion policies, innovative financial products for children and youth and practical models of implementation. It lists key players and initiatives and provides recommendations for policy makers and practitioners.

Economic Citizenship Education for Children and Youth Economic Citizenship Education Landscape follows the same structure, focusing on curriculum frameworks and innovative programs advancing financial, social and livelihoods education through government authorities, private sector and civil society.

Research Evidence for CYFI’s Model of Economic Citizenship for Children and Youth Research Evidence Landscape focuses on research evidence supporting CYFI’s model on economic citizenship. It provides a comprehensive and objective overview of the development of the literature on economic citizenship for children and youth.

It includes the conceptual development of the CYFI Theory of Change and lists additions to the literature since the conception of the Child and Youth Finance Movement in 2011. It also looks at the opportunities and challenges for future research.

Research Evidence for CYFI’s Model of Economic Citizenship for Children and Youth CYFI Landscape Series

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CONTENTS 1.

Executive Summary

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2.

Economic Citizenship for Children and Youth

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2.1

Introduction to Economic Citizenship

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2.2

The Concept of Economic Citizenship and its Components

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3.

Theory and Research on Economic Citizenship

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3.1

Research Baseline and Gaps

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3.1.1 Overview of the Research on Economic Citizenship until 2012

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3.1.2 Identified Gaps in the Research on Economic Citizenship in 2012

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3.2

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Research Updates and Needs

3.2.1 Economic Citizenship Education

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3.2.2 Financial Inclusion

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3.2.3 Current Research Gaps

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Implications and Recommendations

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4.1

Implications for the Conceptual Model of Economic Citizenship

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4.2

Opportunities and Challenges for Further Research

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Annex A: List of Acronyms

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Annex B: Glossary

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Annex C: Bibliography

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Child & Youth Finance International (CYFI) CYFI is a global system change organization working with partners in 132 countries. We have taken on the challenge of ensuring that everyone works together to reshape financial systems in order to economically and socially empower children and youth worldwide. CYFI has committed to three different roles: advocate, network connector & expert hub and network advisor.

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Acknowledgements CYFI would like to thank the following organizations and individuals that have provided valuable feedback on the CYFI Landscape Series: • The CYFI Supervisory Board • The financial institutions, civil society organizations and governments that provided information about their products and programs • Partners and Stakeholders in the CYFI Network:     

Aflatoun Arab Urban Development Institute Brookings Institute German Savings Bank Group Iowa State University

    

MyBnk OECD South African Banking Association Teach a Man to Fish The MasterCard Foundation

 Union of Arab Banks  United Nations Global Compact  United Nations Capital

Development Fund  Universiti Putra Malaysia  Women’s World Banking

CYFI would also like to thank our sponsors, whose contributions have made the CYFI Landscape Series possible:

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1. Executive Summary Child & Youth Finance International (CYFI) started on its mission to empower all children and youth worldwide by supporting them in realizing their potential as full economic citizens in 2011. CYFI developed its model of economic citizenship together with leading academics, multilaterals, and experts in the field. Economic citizenship empowers children and youth and builds their capabilities to be successful in life through three building blocks: financial education, social and livelihoods education, and financial inclusion. In 2011, a substantial amount of research on the benefits of financial inclusion and education for children was already available. During the past five years, that research has been complemented by numerous new studies on all components of economic citizenship.

This paper provides an overview of these additions to the literature in order to demonstrate the progress made in the field. It begins with a summary of the research baseline, which was created with CYFI’s Research White Paper in 2012, the latest document providing an extensive review of research available. It brings back the questions and suggestions for further research that were listed five years ago. They touch on topics such as: the definition of social education; the need for reliable data on financial inclusion; and understanding the individual and joint contributions of financial education and financial access. In the third chapter, recent contributions to the literature on financial education and inclusion and social and livelihoods education are introduced. A number of large-scale programs have greatly improved the knowledge of what influences account uptake by children and youth. The importance of digital solutions to problems of economic citizenship for children and youth is highlighted separately because of the strong, widely-shared interest in this topic. From this overview it becomes clear that some questions have been answered and suggestions for further research have been taken to heart. In particular, calls for experimental research using control groups and studies on the effectiveness of product and educational program design have been answered. However, some questions remain unanswered and new insights lead to further research areas to be explored. In the final chapter, this paper suggests a number of paths for further research to be picked up by actors within the Child and Youth Finance Movement. These paths include understanding the long term impact of economic citizenship interventions on behavior, studying the relevance of digital solutions for achieving financial access, and working on an optimal division of responsibilities and costs to ensure long term sustainable solutions for economic citizenship interventions. Another key topic that requires more attention still is the integrated approach to economic citizenship and how it contributes to asset building and reduced income poverty.

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2. Economic Citizenship for Children and Youth

2. Economic Citizenship for Children and Youth 2.1 Introduction to Economic Citizenship The mission of Child and Youth Finance International (CYFI) is to empower all children and youth around the world by increasing their financial capability, enhancing their awareness of their social and economic rights, and improving their access to safe and appropriate financial services and quality financial, social, and livelihoods education. Children and youth are the future economic agents whose financial decisions will dictate the future of the global economy. Providing young people with economic and social environments that facilitate prosperity, and the skills and competencies to thrive in them, impacts the lives of individuals and the communities in which they live. In 2012, CYFI published a White Paper on the existing body of research on the various components of economic citizenship.1 This current Research Landscape document provides an overview of related research developments from the past four years. It lists additional contributions to the literature on financial education, social education, entrepreneurship, financial inclusion, empowerment, and capability for children and youth. Furthermore, it assesses the implications that this research might have for CYFI’s model of economic citizenship and identifies opportunities for future research.

The objective of this Research Landscape is twofold: 1. Provide an overview of contributions to the literature on all components of economic citizenship for children and youth since the White Paper in 2012 and identify opportunities for further research 2. Assess the implications these contributions might have for the theoretical model of economic citizenship for children and youth.

It is important to keep the limitations of this research review in mind. Though the geographical scope is not restricted, the research review is limited to studies that are freely available in the English and Spanish languages.

2.2 The Concept of Economic Citizenship and its Components In 2011, CYFI established an Academic Working Group, bringing together leading academics in the field of financial literacy and children’s rights. These contributors combined their expertise to develop a detailed model of economic citizenship.2 CYFI defines economic citizenship as economic and civic engagement to promote a reduction in poverty, sustainable livelihoods, sustainable economic and financial well-being, and rights for self and others. It has the potential to improve economic and social well-being, increase economic and social engagement, enhance understanding of and respect for basic rights, reduce income and asset poverty, and lead to sustainable livelihoods for children and youth. The model of economic citizenship consists of three components: financial inclusion, financial education and social and livelihoods education.

These components are the building blocks of empowerment and financial capability that underpin economic citizenship for children and youth.

Economic Citizenship  Reduced income and asset poverty  Economic and social engagement  Sustainable livelihoods  Economic and social well-being  Rights for and responsibilities to self, family, and others

Figure 1. Child & Youth Finance International (CYFI) Model of Economic Citizenship

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CYFI (2012a) CYFI website

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CYFI defines a child as an individual under the age of 18, or under the age of majority as prescribed by national law, as defined by United Nations Convention on the Rights of the Child.3 Youth are persons between the ages of 15 and 24, as defined by the United Nations.4 Financial education includes instruction and/or materials designed to increase financial knowledge and skills. Social education is the provision of knowledge and skills that improve an individuals’ understanding and awareness of their rights and the rights of others. It also involves fostering of life skills such as problem solving, critical thinking, and interpersonal skills. Livelihoods education builds one’s ability to secure a sustainable livelihood through skills assessment and a balance between developing entrepreneurial and employability skills. Financial inclusion is access to safe, appropriate, and affordable financial services. Empowerment is the sense of confidence and efficacy experienced by children and youth through controlling their own lives, claiming their rights, and having empathy toward others. Financial capability combines a person’s ability to act with the opportunity to act. To be financially capable, people must have financial knowledge and skills as well as access to appropriate financial services to enhance social and economic well-being.

This means that financial capability has both individual and structural components.5 A number of frameworks and strategies support policymakers and practitioners in implementing the concept of economic citizenship. Economic Citizenship Education (ECE) combines financial, social, and livelihoods educations in a holistic learning framework, which was developed by the CYFI Education Working Group. 6 This provides a benchmark for curriculum developers and education providers throughout the world. Financial inclusion strategies can be defined as road maps or action plans, agreed upon and defined at the national or sub-national level. Ideally, they are prepared by the public sector in partnership with the private sector and/or civil society so as to encourage broad innovation and development in line with financial inclusion targets. 7 A national strategy for financial education/financial literacy is ‘a nationally coordinated approach to financial education that consists of an adapted framework or program, which, at the least, recognizes the importance of financial education/financial literacy. It should involve the cooperation of different stakeholders as well as the identification of a national leader or coordinating body/council. It should also establish a roadmap for achieving specific and predetermined objectives within a set period of time and provide guidance to be applied by individual programs in order to efficiently and appropriately contribute to the national strategy.’ 8 CYFI’s objectives with national strategies are to encourage greater integration between financial inclusion and financial literacy efforts and to include a specific focus on the unique social and economic needs of children and youth. Finally, the CYFI Child and Youth Friendly Banking Principles guides financial institutions in the design of financial products for children and youth that enable financial access in a safe an affordable manner. For more information on these principles, please consult the CYFI document, Banking a New Generation: Developing Responsible Retail Banking Products for Children and Youth.9

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UN website UN website 5 CYFI (2013b) 6 CYFI (2012b) 7 World Bank (2014) 8 OECD (2012) 9 The MasterCard Corporation & CYFI (2014) 4

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3. Theory and Research on Economic Citizenship

3. Theory and Research on Economic Citizenship In past years, additional research findings have further complemented the existing body of literature, providing new insights into the effectiveness of economic citizenship and the integrated offering of financial, social, and livelihoods education and financial inclusion. This section provides an overview of the development of the research on economic citizenship for children and youth since the publication of the initial CYFI Research White Paper in 2012.

3.1 Research Baseline and Gaps This landscape paper intends to look back on the developments of the past five years. In order to understand and appreciate the progress made in the field of economic citizenship for children and youth, it is important to know the starting point. This section looks at the state of the field at the conception of the Child and Youth Finance Movement and the questions that existed back then.

3.1.1 Overview of the Research on Economic Citizenship until 2012 In 2012, a large body of literature pointed towards the various macro and micro level benefits of financial inclusion and financial and livelihoods education. Microeconomic evidence for adult populations showed that the use of financial products significantly affected the lives of the poor in the form of access to credit for housing and savings to help households manage and build working capital, thus boosting household welfare. Macroeconomic evidence demonstrated that financial inclusion is positively correlated with growth and employment. A number of studies suggested that children and youth benefit from financial inclusion, with a positive relation being found between owning a savings account and economic well-being, improved health, academic achievement, and expectations for the future.10 The logic of offering financial education to children and youth was generally accepted, but the evidence on its effectiveness was still limited. Research was encouraging, but could not provide conclusive results. Most studies could only show shortterm gains in knowledge and behaviors. Furthermore, most studies used non-experimental designs that lacked control or comparison groups.

Offering financial products and education together had positive results, leading to improved financial knowledge and skills.

However, there was no conclusive evidence on whether it increased the amount of savings. There was also limited evidence that people take up financial education when it is provided together with a financial product.

Most studies on financial capability examined a bundle of features that included financial inclusion, financial education, and other support measures, without isolating independent effects of each. They also tended to focus on savings mainly, leaving out other financial products and services such as loans and insurance. Finally, most research focused on adults, with only limited research on the effects on children and youth.11

3.1.2 Identified Gaps in the Research on Economic Citizenship in 2012 The most recent paper providing an overview of research evidence on economic citizenship was the Research White Paper published by Child and Youth Finance International in 2012. After conducting a review of the existing research on financial inclusion, education, and economic citizenship, the CYFI Academic Working Group listed a number of gaps and opportunities for further research.

In general, the working group called for more rigorous research on the independent and joint contributions to financial education and financial services for young people, while identifying ways to integrate them for optimal results. In regard to the building blocks of economic citizenship, clearly defining social education and determining how to integrate this with financial and livelihoods education was considered a priority. One of the key challenges identified was assessing the scope of the issue of financial exclusion for children and youth, due to the lack of reliable data measuring financial inclusion worldwide. It was considered imperative to better understand whether the effectiveness of building financial capabilities differed by type of education and type of financial products offered. It was also highlighted that greater attention should be given on measuring the long term impact of financial, social, and livelihoods education on financial attitudes and behaviors. Finally, relating to research methods, future research should be more experimental in nature, using control or comparison groups to truly be able to understand the impact of economic citizenship on children and youth.

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Omunjalu & Fondo (2014), Friedine (2014), Chiapa, Prina & Parker (2014), The MasterCard Foundation (2015) Summary of findings from CYFI (2012a)

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Identified gaps in the research on economic citizenship in 2012 1.

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Limited understanding of independent and joint contributions of financial access and education Need for a definition of social education and its relation to financial and livelihoods education Need for a way to measure financial inclusion for children and youth Limited understanding of the impact of product and education design on effectiveness of building financial capabilities Lack of experimental research projects

3.2 Research Updates and Needs This section provides an overview of updates to the literature on economic citizenship since the 2012 White Paper, including findings from a wide range of sources. It concludes by listing a number of research needs that have developed.

3.2.1 Economic Citizenship Education In addition to financial access, financial, social, and livelihoods educations form the other building blocks of economic citizenship, empowering children and youth and building their financial capabilities. Together they form the holistic learning framework of Economic Citizenship Education (ECE). This section provides an overview of the additions to the literature on economic citizenship education in recent years. The Landscape Paper on Economic Citizen Education goes into more depth by listing key players and initiatives in the field. It also provides recommendations for policy makers and practitioners on how to approach ECE going forward.

Child and Youth Finance International brought together international experts representing civil society, multilaterals, and youth-serving organizations to develop a global framework for ECE that was presented for the first time at the 2012 CYFI International Summit in Amsterdam. The ECE Learning Framework balances financial education (FE), social education (SE), and livelihoods education (LE) and is intended to guide the development and modification of related educational programming by listing learning outcomes for the various levels of complexity and suggested age parameters. The framework employs a rights-based approach and emphasizes building the knowledge, skills, and competencies of individuals for their economic, social, and personal well-being. It is applicable to both formal and non-formal learning environments. More information on the ECE Learning Framework can be found in A Guide to Economic Citizenship Education: Quality Financial, Social and Livelihoods Education for Children and Youth, 12 while a summary of the ECE Framework can be found in Figure 2.

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CYFI (2012b)

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Figure 2. Economic Citizenship Education Learning Framework (Summary)

Social education refers to the provision of knowledge and skills that provide young people with a clearer understanding and awareness of their rights and responsibilities. It also provides a greater sense of responsibility and respect towards society and the rights of others. Social education plays an important role in steering children away from financial behaviors and attitudes that may negatively affect not only personal well-being, but also that of the wider community. By doing so, social education contributes to the empowerment of children and youth by helping them understand the many opportunities that may improve their lives and further engage them in the world. Social education is particularly relevant to themes such as health and nutrition, sexual health, human rights, conflict resolution, and environmental sustainability.

Related skills include interpersonal communication, decision making, negotiation, stress management, and critical thinking.

Livelihoods education furthers the ability to plan for future well-being and to acquire skills in a way that secures a sustainable livelihood. This involves increasing the entrepreneurial and employability skills of children and youth so they can achieve sustainable livelihoods within their communities. According to UNICEF, livelihood skills include technical and vocational skills (carpentry, sewing, computer programming), research skills, interview skills, business management skills, entrepreneurial skills, and money-management skills.13 These skills can bolster their employability when they are joining the labor force. It is important to emphasize that not all children and youth go on to become successful entrepreneurs. The vast majority of children and youth require employable skills that make it both easier to secure a job in the short run and provide financial stability in the long run. Another essential element of sustainable livelihoods is social entrepreneurship.

Social enterprises are driven by mission-related social impacts rather than by profit generation. Children exposed to livelihood education are far more likely to undertake social entrepreneurship projects and thus positively influence their communities and possibly the larger world. Children can learn how to become inspired and successful social entrepreneurs who aim to solve important problems relating to issues such as HIV/AIDS, environmental protection, gender-based violence and discrimination, conflict mediation, lack of access to clean drinking water, lack of safe spaces for children, and food security.

Children and youth can benefit greatly from examining social issues alongside financial education. Such social issues could include the disparity between rich and poor, resource conflicts, the role of marketing and consumerism in modern society, the human and environmental impact of corporate irresponsibility, and the reality that moral behavior and economic success are not mutually exclusive. When financial education is combined with social education, it can help combat societal pressures to increase consumerism as a way to enhance self-worth. As a result, financial education should not be limited to simply teaching children and youth how to master financial systems, earn returns on investment, or start successful businesses, but should be also grounded in ethical behavior. While economic well-being and a sustainable livelihood are important outputs of financial capability, they should not come at the expense of social and environmental well-being.

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UNICEF website

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Financial education should involve and encompass the collective good in both the short and long term. Overall, the ECE Learning Framework should not be seen separately from access to financial products and services like savings accounts or credit to start a business. Research shows that children and youth retain their learnings better when education is complemented by opportunities to apply what is being taught.14 Interventions in recent years have often included a number of the building blocks of economic citizenship. However, none of them has looked at the integrated offering of financial inclusion and economic citizenship education. This section provides an overview of the developments of the individual components of economic citizenship education.

3.2.1.1 Financial Education Resources and Use Value of money, saving and sharing

Planning and Budgeting Prices and purchases of things they want

Level 2: 6 - 9 years

Recognize monetary symbols

Needs and wants, savings plan

Level 3: 10 - 14 years

Different denominations, be an informed consumer Financial negotiations, purchasing power

Level 1: 0-5 years

Level 4: 15+ years

Risk and Reward Consequences of carelessness, saving special items The necessity of saving, rewards of sharing

Financial Landscape Money in the community, understand belongings

Budget for expenses, short vs. long term planning

Risks and rewards of various financial products

Where to seek financial info, effects of advertising

Calculate spending capacity, financial goals

Risk of default, impact of interest rates, illicit activity

Aware of financial crimes, evaluate FSPs, mobile banking

Choices on banks and financial services

Figure 3. Financial Education Component of ECE Framework (Summary)

The OECD is a global leader in the promotion of financial literacy. Through its Program for International Student Assessment (PISA) it tests, amongst other topics, the financial literacy of 15-year-old students in OECD countries. Its 2012 survey revealed that large proportions of students have only basic skills in financial literacy. To be able to fully participate in economic life, these students will have to improve their financial literacy skills through increased exposure to financial education.15 Their latest survey was conducted in 2015 and the results are expected to be presented by mid-2016. The report will provide information on the development of financial literacy across OECD countries and how it is impacted by financial education, national financial education strategies, and interaction with financial access.

There is a range of recent studies that show the positive effects of financial education on financial literacy and knowledge of children and youth. This conclusion rings true for formal financial education in school and other forms of education such as short, one-off educational programs and radio awareness shows. Aflatoun conducted a systematic review of the effectiveness of 21 studies on a broad range of financial education programs. The review showed that financial education is effective in improving knowledge, attitudes and behaviors. Interventions that were found to be most successful were those combining financial education with another ECE component, targeting younger children, with shorter instructional timelines. Indeed, some features have been identified as potentially having a complementing effect, such as learning while doing, and soft skills building.16 These findings are supported by a number of other studies. It has to be noted that some of them still only include adults.

Whitebread and Bingham show that by the age of seven years, several basic concepts relating broadly to later ‘finance’ behaviors will typically have developed in children. 17 . Luhrmann, Sera-Garcia, and Winter, for example, examined the impact of a short financial education program on teenagers aged 13-15 in German high schools. They found that the program significantly increased teenagers' interest in financial matters, but did not have evidence of an impact on savings.

In addition, their financial knowledge improved, especially their ability to assess the risks related to financial assets. 18 Hospido, Villanueva, and Zamarro found that a 10-hour financial education program for 15-year-old students in Spanish high schools positively impacted the performance on financial literacy tests.19 In Brazil, Bruhn et al. found evidence of 14

CYFI (2012b) OECD website 16 O’Prey & Shephard (2014) 17 Whitebread & Bingham (2013) 18 Luhrmann, Sera-Garcia & Winter (2013) 19 Banco de España (2015) 15

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financial education’s positive impact on the financial knowledge of students and the likelihood of financial planning. It also increased the students’ savings for purchases and their participation in household financial decisions. Furthermore, the financial education program also impacted the children’s parents, who showed improvements in financial knowledge, savings, and spending behavior.20 Rodriguez, Sanchez, and Zamora demonstrated that Viva Seguro, a financial education program broadcasted via radio in Colombia covering topics that included risk and insurance management, positively impacted the financial knowledge of the audience. 21 There also appears to be a positive effect of financial education programs on long-term financial behavior. The Aflatoun review concluded that financial education has strong effects on knowledge gains and small, though significant, effects on attitudes and behavior. 22 Existing opportunities for parents, schools, and teachers to support a child’s financial capacities to defer gratification and to familiarize them with finance all aid the development of a child’s executive functions, underpinning their financial habits and behavior.23 Lynch, Fernandes, and Netemeyer challenged the impact that financial education can have by looking at the connection between financial literacy and the choices that people make about their finances. They found that the timing and amount of financial education affects the extent to which behavior is really changed in the long run. More importantly, the study shows that the impact is larger when education closely precedes a financial decision. Finally, following the previous point, they show that the impact of education on behavior diminishes over time.24 Contradicting this with data from the 2012 National Financial Capability Study in the United States, Wagner found significant impacts on long-term financial behavior like saving and retirement planning.25 Additionally, Brown et al. showed that individuals who received financial education are less likely to hold debt or maintain higher debt-income ratios.26 A study done in the US showed that financial literacy is a crucial factor in reducing food security among vulnerable households. 27 Taft et al. explored the relation between financial literacy and financial well-being and concerns of individuals. They found that financial literacy is important for a person’s successful participation in economic activities and improves financial well-being. Financial literacy also reduces financial concerns through the improved ability to balance income and expenses.28 3.2.1.2 Social Education

Level 1: 0-5 years Level 2: 6 - 9 years Level 3: 10 - 14 years

Cognitive Skills Identify emotions, understands consequences Basic children’s rights, respects diversity Seeks information for independent thought

Personal Skills Care for precious items, basic health and safety Can follow a daily plan, accepts responsibilities Appreciation for lifelong learning, anger management

Interpersonal Skills Express feelings, understands compassion Respect for rules/guidelines, listening skills Express opinions, planning and teamwork

Level 4: 15+ years

Articulate rights, social justice, community outlook

Initiative in the pursuit of goals, time management

Relationship building, leadership, negotiation

Figure 4. Social Education Component of ECE Learning Framework (Summary)

Social education, also known as life skills education, helps children develop critical thinking, builds their sense of personal worth and teaches them to interact with other people in a constructive and effective fashion.29 Limited research is available on the relation between social or life skills and educational attainment or employability. Based on prior research, Pellegrino and Hilton argue that effective programs for social education include a step-by-step approach, promote active forms of learning, focus specific time on skill training, and set clear goals.30 An intervention by BRAC in Uganda provided adolescent girls with life skills and vocational training. The life skills training was not school-based, but taught in ‘adolescent development clubs’ in the community, as the program also targeted girls who have dropped out of school. The social education included topics such as sexual and reproductive health, conflict resolution, and child marriage. The program

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Bruhn, Zia, Legovini & Marchelli (2013) Rodriguez, Sanchez and Zamora (2014) 22 O’Prey & Shephard (2014) 23 CYFI (2015) 24 Fernandes, Lynch & Netemeyer (2014) 25 Wagner (2015) 26 Federal Reserve Bank of New York (2015) 27 IZA (2015) 28 Taft et al. (2013) 29 UNICEF website 30 Pellegrino (2012) 21

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increased knowledge about HIV, pregnancy, and the use of condoms. Empowering adolescent girls also reduced the number of individuals having sex unwillingly. The vocational skills training in the BRAC program for adolescent girls in Uganda also consisted of a series of courses on income-generating activities, such as hairdressing, tailoring, and retailing.

In addition, participants received financial education on budgeting and accounting skills. These courses increased the likelihood of a girl being involved in at least one income-generating activity and increased engagement in self-employment activities. 31 The program’s results resonate with findings that a financial education program complemented by a life skills component has significant effects on financial behavior. Moreover, gender may play a role in the effect of combined interventions. A program run by the Population Council called ‘Save Smart Saving for Vulnerable Adolescent Girls’ provides a safe place for girls to come together, financial and social education, and access to a savings account. Participation increased self-esteem and was protective against gender-based violence and exploitation. Interestingly, this did not hold for girls that only received access to a savings account. On a small scale, there was evidence that girls who saved regularly were less likely to have received gifts or money in exchange for sex. Girls also had greater knowledge of HIV transmission methods and contraceptives.32 3.2.1.3 Livelihoods Education

Level 1& 2 12 years & under Level 3: 12 - 15 years Level 4: 15+ years

Career Counseling Express career interests, understand professions

Entrepreneurship Identify entrepreneurs in community, achieve goals

Securing Employment Initiative in performing tasks, problem solving

Retaining Employment Teamwork, following advice, avoid hazards

Assess skills and interests in related vocations

Identify opportunities, develop action plans

Self-discipline, personal hygiene, paths to employment

Perseverence, attention to detail, communication

Career goals, wages and salaries, networking

Entrepreneur or employee, capital needs, marketing

Requisite skills, preparing CVs, cope with change

Customer service, management skills

Figure 5. Livelihoods Education Component of ECE Learning Framework (Summary)

A number of programs focused on livelihoods education and the skills needed to earn a living. Cho and Honorati conducted a meta-analysis of multiple entrepreneurship programs. They discovered that the largest hurdle for youth is access to credit, and that business training can contribute to increase youth’s earnings. According to their analysis, training programs prove more effective by combining training with counseling and financing. They concluded that combinations of different intervention types matter for different beneficiaries under different contexts, and that the holistic approach proves to be more beneficial and has more impact on youth and highly educated individuals.33 Another program from the Population Council in South Africa, called ‘Siyakha Nentsha,’ combined social and livelihoods educations through the formal education system. Participants were split into two groups, with one group receiving only social education. Girls that received both components felt greater levels of social inclusion and boys were more likely to have undertaken income-generating activities. All participants demonstrated significant improvements in attitudes and behaviors, showed improved budgeting and planning skills, were more aware of grant criteria, and were more likely to have at least attempted to open a bank account.34 An entrepreneurship training in Tunisia proved effective in increasing self-employment among applicants, but that the effects are small in absolute terms.35 Recent research provided valuable insights into the benefits of financial, social, and livelihoods educations. In some studies, one or more of these components are combined with financial access in an integrated offering. For most studies, this integrated approach has more impact than focusing on a single component of economic citizenship. However, to date, there are still no studies that looked at the holistic approach toward economic citizenship, offering financial, social, and livelihoods education in an integrated fashion. There is a need to study the potential of this integrated approach and the individual contributions of all of the components.

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BRAC (2012) Population Council (2013) 33 Cho & Honerati (2013) 34 Population Council (2011) 35 Premand et al. (2012) 32

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3.2.2 Financial Inclusion Financial inclusion has been a hot topic in recent years. Governments, multilaterals, civil society, and financial institutions have been working together to implement policies and develop products to increase financial inclusion rates. The general focus is still primarily on adults, but large programs and practical initiatives for children and youth are also being undertaken. The Landscape Paper on Financial inclusion provides an overview of the key players and initiatives in the field of financial inclusion for children and youth. It also gives recommendations to policy makers and practitioners. The section in this paper focuses specifically on research relating to financial inclusion.

A key challenge for those in the Child and Youth Finance Movement has been the lack of data measuring financial inclusion in general and of children and youth in particular. The Global Findex database, launched by the World Bank in 2011, goes a long way in addressing this issue. It provides comparable indicators showing how people around the world save, borrow, and make payments. It was updated in 2014, enabling for the first time the analysis of the developments in financial inclusion. The Global Findex contains more than 100 indicators, including gender, household income and age. The indicators are based on interviews with about 150,000 nationally representative and randomly selected adults age 15 and above in more than 140 economies.36 Unfortunately, despite the inclusion of age, the use for understanding the status of financial inclusion for children and youth is limited as most of the data is only available for adults. In addition, it only looks at children aged 15 and above and therefore cannot provide insights into the inclusion of younger children. Nevertheless, the Global Findex confirms that a youth gap exists, meaning that young adults (ages 15-24) are between 15-50% less likely than older adults (age 25 and above) to have an account at a formal financial institution. This applies across all regions, but the relative gap is smallest in high income countries, East Asia, and the Pacific, at less than 15%. The gap is largest in the Middle East, where young adults are less than half as likely to have an account as older adults. Except for some minor regional changes, the overall gap in account ownership between adults and youth did not change between 2011 and 2014.37 Despite its clear value, the Global Findex should be enriched with a set of short- and long-term indicators focusing on financial inclusion for children and youth specifically. On a country basis, this could include:    

number of formal current and savings accounts number of formal financial institutions that offer an account to those under 18 usage of account level of control over the account

To complement the Global Findex data, CYFI has gathered data from national governments, financial institutions, and civil societies in order to better understand the efforts that are being undertaken by partners in the CYFI network to advance economic citizenship for children and youth. CYFI has collected this information through annual surveys. The data show that national authorities have become more responsive to questions on youth finance and economic citizenship. More partners in the CYFI network, particularly those in civil society, are integrating financial inclusion and educational services.

However, products and services offered to children younger than ten years old are still limited.38 In recent years, a number of studies have confirmed the relevance of financial inclusion for children and youth. Youngsters want to save and do so when they get the opportunity. YouthSave is a consortium project led by Save the Children, supported by the MasterCard Foundation, and in partnership with Washington University, New America, and the Consultative Group to Assist the Poor (CGAP). 39 The YouthSave consortium supported local financial institutions and researchers in developing, delivering and testing savings products accessible to low-income youth in Colombia, Ghana, Kenya, and Nepal. The YouthSave experiment shows that, when given the opportunity, children want to save in formal savings accounts. The experiment also provides new insights into factors influencing the effectiveness of financial inclusion interventions. For example, account uptake is influenced by a number of factors:40

36

World Bank (2015) Idem 38 CYFI (2015) 39 YouthSave website 40 YouthSave Consortium (2015) 37

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1. Financial institutions reaching out to youth where they live and interact. In particular, outreach in schools led to a higher number of accounts being opened. The Banking on Change (BOC) program, a joint effort of Barclays, Plan International, and CARE, confirms this finding as well.41 It should be noted that most YouthSave account holders were in school, and that out-of-school youth require alternative outreach strategies.

2. The minimum age at which children can independently own and operate a bank account in a given country, and the level of flexibility in banking policies regarding co-signatories and identification requirements.

3. The terms and conditions of accounts, such as withdrawal restrictions and savings commitments, influence how the account is used and the stability of savings balances. Just providing children and youth with access to a bank account is of limited use when they do not actively use it after opening. The SEEP Network’s Youth and Financial Services Working Group also studied the reasons for dormancy in youth savings accounts. They recommend designing less restrictive financial products for children and youth, for example with the possibility to perform certain transactions for education or health expenses without parental approval.42 4. Sales incentives for financial institutions staff also showed to have a positive effect on the number of accounts.43 Whether financial and non-financial incentives can significantly influence account uptake remains to be seen. The fact that different incentives each have their own outcome, combined with conflicting research results, makes it more difficult to draw a general conclusion. Where earlier studies did not find a relationship between the presence of an initial opening deposit and savings outcomes, through the YouthSave program it became clear that the absence of an initial deposit led to accounts staying dormant. A quarter of all YouthSave participants in Nepal took advantage of the cash incentives offered to account holders, and these individuals developed significantly higher average monthly savings than participants who did not receive the incentives. 44 How the level of interest rates affects youth savings is still up for debate. While the YouthSave results could not provide conclusive evidence that a higher interest rate increased savings and account uptake, Kast, Meier, and Pomeranz found that youth do not respond favorably to higher interest rates.45 YouthSave showed that younger youth actually save more often than older youth, which strengthens the belief that it is important to introduce children to this topic at a younger age than is now common. It should be noted that this is partially due to the fact that younger savers withdraw less.46 This is confirmed by MEDA’s YouthInvest program. Supported by the MasterCard Foundation MEDA partnered with leading microfinance institutions in Morocco and Egypt to provide financial services for youth from 2008 until 2014. In addition, MEDA provided training for soft skills, entrepreneurship, and financial education. Evaluation of the program outcomes in Morocco showed that account ownership increased most in the younger age groups.47 Friedline et al. found that young people in the United States who have a savings account during adolescence and whose parents own assets are significantly more likely to have a savings account and save when they are young adults.48 Ashby, Schoon, and Webley proved that saving at age 16 is linked to saving at age 34.49 The role of parents and their level of financial inclusion has also become clearer. YouthSave showed that youth save more when the parents are cosignatories.50 Friedline, Elliot, and Chowa discovered that whether parents own a savings accounts for their child is a strong predictor for young adults’ savings account ownership. Young adults were almost three times more likely to own accounts when their parents had begun saving on their behalf seven years earlier, compared to young adults from families in which neither children nor parents had savings accounts.51 Financial institutions seem to be reluctant to offer financial products to children and youth. They believe youth are difficult and, more importantly, expensive to bank. The Consultative Group to Assist the Poor (CGAP) responded, through the YouthSave Consortium, by developing a business case framework that helps financial institutions understand under which conditions there might be a positive business case for serving children and youth. The framework, based on existing literature, macro-level data correlations, and interviews with financial service providers, looks at the various factors influencing the profitability of youth savings products.

41

Plan, Barclays and CARE (2013) The SEEP Network (2015) 43 YouthSave Consortium (2015) 44 Idem 45 IZA (2012) 46 YouthSave Consortium (2015) 47 MEDA (2012) 48 Friedline (2014) 49 Ashby, Schoon, Webley (2011) 50 YouthSave Consortium (2015) 51 Friedline,, Elliott, & Chowa (2013) 42

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Competition Market-Level Levers Regulation & Policy

Opportunity Cost Capacity & Infrastructure

Institutional Levers

Time Horizon

Youth Segments

Segment Specific Levers

Cost and Revenue Drivers: Business Areas

Profitability Drivers

Figure 6. CAGP Business Case Framework

The framework shows how influences at the market, institutional, and client segment level drive different cost and revenue streams. Moving from the bottom to the top, there are several so-called decision points that will eventually lead to the final decision of providing a youth product or not. The decision points and their considerations are listed below.

Lever

Decision point

Consideration

Market

How competitive is the environment?

Market

What are the regulatory parameters?

Institutional

What are the opportunity costs of offering youth savings instead of investing resources in other ventures?

What is the institution’s capacity and infrastructure to allocate resources to youth savings?

In highly competitive environments, capturing future clients early provides a competitive advantage. Competitiveness might vary between geographies and income groups.

When the minimum age for opening an account is lower and identification requirements less strict, the market potential is higher and costs of serving youth is likely to be lower.

For growing institutions or those in non-saturated markets, the opportunity costs can be substantial.

Institutional

Institutional

Over what time horizon does an institution expect (or require) profitability from youth savings?

Institutional

How strong of a motivating role do social mission and corporate social responsibility play?

Which client sub segment(s) should the institution target?

Segment

Table 1. Decision points in the CGAP Business Case Framework

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Capacity will be greater in mature institutions that are able to leverage an existing network of branches and information systems.

The business case for youth is most compelling when looked at from a long-term perspective. This is often more interesting for national than for multinational players.

A social motivation can justify a patient approach to the business case.

General segments are minors (below 18 years), students (age 18-25) and working youth (also age 18-25). Each segment requires its own level of investment and outreach.

In addition to these levers, the framework identifies cost and revenue drivers like marketing, product, delivery, operations, and credit and reputational risk.52 Like with any commercial business, understanding the cost and revenue drivers provides an opportunity to influence profitability. By using below-the-line marketing, targeting areas of high youth concentration like schools and community centers, and using youth friendly sales agents, cost efficiencies can be optimized. Standardizing operational processes and training efforts help to increase outreach numbers while keeping costs low. Cross-selling and product differentiation based on client segmentation are ways to generate revenue efficiencies. Investing in non-financial services and technology can boost profitability. The cost reduction from using alternative channels for account opening is not that significant, but technology does facilitate increased use of the products.53 Though formal savings are the main focus of this paper, there have also been some interesting additions to the literature on non-formal savings methods. YouthStart is a cooperation between the United Nations Capital Development Fund (UNCDF) and the MasterCard Foundation that is aimed at delivering financial services to low-income youth in eight countries. 54 Market research done as part of YouthStart shows that youth often save through non-formal savings mechanisms such as village savings groups or project-related savings. Reasons that children and youth give for saving through non-formal mechanisms include lack of access to formal financial services, convenience, mistrust of financial institutions, age restrictions, and costs.55 Kast, Meier, and Pomeranz found that self-help peer groups increase the number of deposits and almost double the savings balances.56 The Banking on Change consortium stresses that youth savings groups should be seen as a way to give young people access to financial services. They can also play an important role in linking non-formal to formal financial services and providing financial education.57 In The State of Linkage Report, Barclays, Plan, and CARE show that most linkage products are found in Sub-Saharan Africa, which is not surprising given the scale of savings groups in that region. Increasingly, financial institutions, mainly retail banks, are offering group savings and loans products.58 More general evidence on the macroeconomic level shows that financial inclusion is positively correlated with growth and employment; researchers by and large believe in an underlying causal effect. The main mechanisms underlying this include increasingly lower transaction costs and a better distribution of capital and risk across an economy.59 The Corporation for Enterprise Development (CFED) compiled an overview of research on assets and their effect on financial stability and economic opportunity. From this research, a number of general trends emerge.     

Assets create a financial buffer to weather emergencies Assets can promote success in the labor market Assets can promote long-term thinking, planning and psychological well-being Assets can enhance the well-being and life chances of children Assets can increase the likelihood of going to and succeeding in college.60

Access to financial services allows the poor to invest in assets and education, thereby reducing income inequality and contributing to economic growth. Han and Melecky suggested that broader financial inclusion could lead to increased financial stability, because a broader funding base makes banks more resilient. 61 Another World Bank Research Paper showed a convincing link between financial development and economic development. Looking at African countries, the researchers concludes that limited access to financial services in low population density areas leads to a less developed financial sector, which in turn negatively impacts economic growth.62 A study by Martinez identified access to finance as an essential tool employed by governments to fight poverty and stimulate growth through the productive allocation of resources and the reduction of capital cost.63 A study done in Nigeria indicated a positive significant relationship between financial inclusion and economic growth. A significant relationship was also identified between financial inclusion and the economic wellbeing of the Nigerian citizens.64 52

CGAP (2014) The MasterCard Foundation (2015) 54 YouthStart website 55 UNCDF (2011) 56 IZA (2012) 57 Plan, Barclays and CARE (2016a) 58 Plan, Barclays and CARE (2016b) 59 CGAP (2014) 60 CFED (2013) 61 World Bank (2013a) 62 World Bank (2013b) 63 Martinez (2011) 64 Onaolapo (2015) 53

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Among others, the YouthStart and YouthSave programs contributed greatly to the existing body of literature on how to achieve financial inclusion for children and youth and their preferences when using financial products and services. Recent years also saw interesting additions to the literature on how financial inclusion impacts the lives and well-being of young people over the long term. However, many interventions combine aspects of financial inclusion and financial education, which makes it difficult to separate the individual effects of each component. Microeconomic evidence shows that savings make households more resilient to economic shocks and helps to smoothen consumption patterns and build working capital. The benefits can be divided over the following categories: 1.

2.

3.

4.

Economic and financial well-being Financial knowledge and skills Health Educational achievement

A number of studies have revealed the impact of access to financial services on financial well-being. Based on the experience with the programs it runs with its partners, the MasterCard Foundation observed that access to savings accounts helps young people grow their assets. This enables them to smoothen consumption and become more resilient to economic shocks.65 Omunjalu and Fondo found that access to micro-financing influenced economic status, decisionmaking power, and financial knowledge, and could therefore improve the living standards of poor youth. 66 Access to financial services enables asset accumulation and transaction management in a safe manner. Friendline, Elliot and Chowa support this idea when they conclude that policies in place to increase asset building and early access to savings accounts may improve savings outcomes for young people, potentially providing them with the economic means to lead a more productive life.67 Participants in the YouthSave experiment in Ghana, where an in-depth study was done, experienced a slight increase in financial capability, including awareness, skills, and behaviors.68 The opportunity to open a savings account alone is not enough to guarantee that financial knowledge and skills of children will increase. The MasterCard Foundation argues that, though not a perfect proxy, increases in savings balances seem to suggest that youth are using the products and services and are learning how to save and make transactions. They show that saving groups play an important role in this, with their structured, peer-driven approach.69 The effect of financial inclusion on health has been the topic of a number of studies. Dupas and Robinson found that providing individuals with simple, non-formal savings opportunities can substantially increase investment in preventative health and reduce vulnerability to health shocks. Providing a safe place to keep money was sufficient to increase health savings by 66 percent.70 YouthSave noted a modest effect on health outcomes, like condom use and awareness of HIV risks, but it was not statistically significant. 71 The Safe Smart Savings program run by the Population Council provided adolescent girls in Kenya and Uganda with access to savings groups and various educational components. The girls mentioned that ‘having a savings account helped to reduce risks and vulnerability, by enabling them to refuse sexual advances from men, allowing them to be less dependent on men’.72 Research into the impact of household possessions on the academic achievement of youth has also been conducted.

Chiapa, Prina, and Parker performed a field experiment in Nepal and found that offering a savings account increased the educational attainment of girls, as well as the educational aspirations and expectations of parents for these girls.

Households that were offered a bank account spent 20 percent more on education and households with school-age children spent 30-40 percent more on educational expenditures.73 In recent years, new insights related to youth financial capability have arisen. Financial capability occurs when young people are personally empowered, gain access to appropriate financial products and services, and have the opportunity to practice using these services.74 OECD research on financial literacy performance shows that, after accounting for socioeconomic status, students with a bank account score higher on financial literacy tests than students that do not have a 65

The MasterCard Foundation (2015) Omunjalu & Fondo (2014) 67 Friedline, Elliott & Chowa (2013) 68 YouthSave Consortium (2015) 69 The MasterCard Foundation (2015) 70 Dupas & Robinson (2013) 71 YouthSave Consortium (2015) 72 Population Council (2013) 73 Chiapa, Prina & Parker (2014) 74 CYFI (2013b) 66

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bank account. In contrast, the findings do not show a relationship between having a prepaid debit card and higher levels of financial literacy.75 Recent research by the Center for Enterprise Development confirms that students do learn more when given an opportunity to apply their financial education. Students that had access to a bank account showed greater knowledge gains than those without.76 The YouthSave experiment in Ghana supports this: the more familiar participants became with saving, the more savings techniques they developed.77 Consumer protection is strongly related to the concept of financial capability. Adequate consumer protection frameworks are key to consumer confidence, and trust in a well-functioning market for financial services promotes financial stability, growth, efficiency, and innovation over the long term. Consumer protection deals with topics such as product design and delivery, transparency, responsible pricing, and recourse mechanisms. 78 The G20 High Level Principles on Consumer Protection and the World Bank’s Good Practices for Financial Consumer Protection are key source documents for both policymakers and practitioners in developing and implementing consumer protection on a national level.

The literature on consumer protection for children and youth is limited. For a number of years, it has been listed as one of the key areas for further research at CYFI Annual Summits. Financial consumer protection frameworks should apply to all clients, independent of gender, economic status, ethnicity, or age. However, it is widely accepted that some clients are more vulnerable than others and this is most certainly the case for children and youth. Findings from YouthStart show there to be two reasons. Firstly, financial services providers have limited experience serving youth, which can lead to misconceptions about, or unwarranted biases against, young clients. Secondly, youth have little experience using financial services, which means they rely on adults to help them in managing their money.79 In addition, consumer protection efforts for children and youth should be tailored to their needs, interests, and most importantly, level of comprehension.

A recent study performed in 14 Latin American countries points out deficiencies in terms of inclusion of children´s rights in consumer protection frameworks. In some cases it identified total exclusion of this segment in consumer protection laws across the region.80 A case that stands out is Costa Rica, where although there is not a specific mention of children and youth in the consumer protection law, the child protection law does make a reference to child and youth finance issues.

The results of this mapping exercise also suggest that:  There is great diversity in approaches to financial service regulation for children and youth in the region;  the policies or intentions of national authorities do not always resonate in regulation or implementation;  and young people are not often seen as independent economic actors within the regulatory frameworks.

Another major study published in 2015 by the New America Foundation contextualizes the barriers faced by youth to owning and operating savings accounts at financial institutions, as well as the factors that collectively shape the regulatory environments in the developing world. 81 The study addresses two primary barriers to facilitating access to savings accounts: account holder identity requirements and account control. The study emphasizes that, if universal financial inclusion of youth is to be achieved, the development of robust regulatory frameworks that cater to this segment’s needs and vulnerabilities is a necessity.

75

OECD (2014) CFED (2014) 77 YouthSave Consortium (2015) 78 OECD (2011) 79 UNCDF (2015) 80 Forero, Knoote, & Ortega-Tineo (2015) 81 New America Foundation (2015) 76

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Youth and Technology The rise of fin-tech companies and the increasing use of digital solutions by financial service providers is a hot topic these days. Developments in the field outpace research on how digitization of financial products and services can contribute to economic citizenship. In Kenya, the M-PESA mobile money service for sending and receiving money reached 80 percent of all households within four years. Another study showed that texted reminders increased savings in Bolivia, Peru, and the Philippines by up to 16 percent. The benefits include extending the reach of financial institutions, enabling people without a bank account to save and lend money, lowering the cost of transactions and building credit history (World Bank, 2014). Mobile technology seems to be particularly appealing as a solution to the issue of financial inclusion for children and youth. Several studies have mentioned its potential to reach youth in the most remote rural areas, and it is expected to be more commercially sustainable than current products and services (CYFI 2016, New America 2013).

Yemen’s Al-Amal Microfinance Bank allows youth clients to use SMS to make payments and access their savings account (New America 2013). In Kenya, M-Shwari is a mobile savings and loans product that can be set up and accessed from any mobile handset. It does not have a minimum balance requirement and costs for the user are low.

Unfortunately, its accessibility for children and youth remains low to date because minors in Kenya cannot own a SIM card. There are other challenges, like unreliable infrastructure, cost and usage of mobile phones by children, consumer protection concerns, and youth and regulation hurdles such as SIM card ownership or minimum age requirements (GSMA 2015, New America 2013).

Digital solutions are not only of interest to financial service providers; they can also change the way financial education is taught. Interactive tools, online games, and messaging services can be personalized and delivered quickly. Telecom provider PAMECAS in Senegal found that, although not a full substitute for financial education by their staff, SMS can be used successfully to engage and retain their younger customers. A review of financial education programs revealed that media driven interventions resulted in higher knowledge gains than traditional classroom-based programs (O’Prey and Shepard, 2014).

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There have been valuable additions to the body of literature on financial inclusion and financial education. The concept of financial capability even introduces a combined approach and shows clear benefits. However, there remains a gap when it comes to further complementing financial capability with social and livelihoods education. The holistic approach to economic citizenship remains a challenge.

The table below summarizes the insights from this chapter. It links the research gaps that existed five years ago with key insights from new studies since then. Most of the gaps have been filled with at least some new insights. It is encouraging to see that a wide range of actors is involved in this. However, some of the answers only raised new questions. Now that there is a better understanding of the benefits of the integrated offering of financial access and financial education, it is important to improve our idea of how adding social and livelihoods education impacts children and youth. The next chapter looks more closely at these opportunities for further research.

Research Gap

New Insights

Sources

1. Limited understanding of independent and joint contributions of financial access and education

 Children and youth with access to a bank account show greater knowledge gains

OECD Center for Enterprise Development YouthSave

2. Need for a definition of social education and its relation to financial and livelihoods education

 The Economic Citizenship Education Learning Framework integrates financial, social, and livelihoods education

Child & Youth Finance International Aflatoun

3. Need for a way to measure financial inclusion for children and youth

 The Global Findex provides general data on financial inclusion  This data is complemented by survey data gathered by Child, Youth and Finance International on financial inclusion and economic citizenship education

World Bank Child & Youth Finance International

4. Limited understanding of the impact of product and education design on effectiveness of building financial capabilities

 Product design and dissemination influences account uptake and usage  Educational programs that are most effective combine financial education with another component  Target younger children and have short timelines

YouthSave YouthStart Kast, Meier, Pomeranz (IZA) Aflatoun

5. Lack of experimental research projects

 A number of experimental research programs, making use of control and comparison groups show the effect of financial inclusion

YouthSave YouthStart IPA BRAC

Table 2. Overview of source to key research questions from 2012

3.2.3 Current Research Gaps Valuable contributions to the literature in the past five years have answered some of the questions posed at the start of the Child and Youth Finance Movement, but some questions remain and new questions have arisen. As it was five years ago, research is still catching up with the fast-paced development of the field of financial inclusion and ECE. This means that financial products, services, and educational programs are being developed, but their designs are only partially informed by research on what works well and what does not. As a result, many intervention programs remain temporary solutions that lack sustainable, large-scale impacts. Answering the following questions will substantially target thought and action regarding a successful approach to economic citizenship for children and youth.

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1. What is the effect of providing financial inclusion and economic citizenship education in a fully integrated offering?

2. What needs to be changed in the governance model of projects and the business case framework for financial institutions to guarantee sustainable outcomes?

3. What is the most efficient way to scale up economic citizenship education and financial inclusion efforts and ensure maximum impact on target demographics?

4. How do current learnings affect other financial products and services such as loans and insurance for young clients?

A range of stakeholders are, and should be, involved in promoting economic citizenship for children and youth: governments, central banks, financial institutions, and civil society. All parties have to come to an agreement on which components of economic citizenship should be provided by whom in order to ensure a comprehensive and integrated offering of both education and financial access. Research efforts should support this discussion by demonstrating what works well and what does not. In addition to new programs expanding the reach of financial and educational products, researchers can also focus on existing products and services, assessing their effectiveness, and suggesting improvements for optimization.

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4. Implications and Recommendations

4. Implications and Recommendations 4.1 Implications for the Conceptual Model of Economic Citizenship CYFI developed its original model of economic citizenship in 2011, based on consultation with a broad range of stakeholders, including academics and practitioners. At the time of presenting, the focus of both the Child and Youth Finance Movement and any research done in that area was still very much on financial inclusion and financial education for children and youth. With the model for economic citizenship, and the increased attention for youth employability and entrepreneurship, the social and livelihoods education components gained momentum. The need for further study was clearly expressed in the White Paper, and the development of the ECE Learning Framework marked an important step forward. In the current version of the model of economic citizenship, social and livelihoods educations are combined in one building block. However, with the further development of both social and livelihoods educations, and more examples of the practical implementation of both, literature and practice seem to support the claim that they deserve to be seen as a building blocks in their own right. This is already reflected in the Economic Citizenship Education Learning Framework.

Social education, on the one hand, focuses strongly on cognitive and (inter)personal skills related to functioning as an individual and within a community. Livelihoods education, on the other hand, includes developing personal and practical skills related to functioning as an individual in a working or entrepreneurial environment. Separating both means that instead of the current three, the conceptual model will have four foundational blocks: financial education, social education, livelihoods education and financial inclusion. This would also allow for a wider range of entrepreneurial support to be included under the livelihoods education block.

Another aspect to consider is the increased call for greater emphasis on consumer protection for children and youth within the framework of economic citizenship. One option is to include a greater emphasis on consumer protection within financial education, while another would be to recognize it as its own unique block within the model itself. For the sake of simplifying the model, CYFI proposes to keep consumer protection within the financial education block, with a strong recommendation that this is upheld by policy makers and practitioners working to advance economic citizenship for children and youth.

Figure 7. Updated conceptual model of economic citizenship

Currently, every individual component of the conceptual model seems to have proven valid, though the back up for this claim is perhaps stronger for financial inclusion and financial education than for social and livelihoods education. The validity of the integrated concept of economic citizenship remains unchallenged, though it has to be said that there also has not yet been any final validation through extensive research involving each component together. More and more programs successfully combine two or more of the components, which seems to confirm that providing the building blocks in isolation does not render the most optimal effect. The role of financial inclusion and Economic Citizenship Education in empowering children and increasing their financial capabilities is crucial. By providing children with both the knowledge about and ability to save, children are given the opportunity to take control of their own lives and improve their quality of life.

Landscape Series - Research 33

4.2 Opportunities and Challenges for Further Research Considering the research gaps listed in the previous section, it is clear that room exists for further research on the topic of economic citizenship for children and youth. Financial inclusion is settled firmly on the international development agenda, with the topic of financial education not far behind. Components of social and livelihoods educations form part of many intervention programs. However, there is still limited evidence of the long-term impacts of this offering on well-being, skills, and behavior. This can be obtained by monitoring intervention participants for a longer period of time than the actual duration of the intervention through longitudinal studies. To make a lasting change for the better to these people’s lives requires an understanding of the approaches that are effective in achieving long-term behavior change.

While the effect of integrated offerings of education and access to financial services is slowly becoming a topic of interest, the majority of studies focuses only on a few of the components of economic citizenship. Most interventions combine either financial access and education, sometimes even complemented by social education, but to date there is no research available that assesses the effect of promoting economic citizenship in its fully integrated form. So, while the effect of the individual components is becoming clearer, research should now focus on the effect of the bundle compared to offering the individual components. Government authorities, donor agencies, and multilateral institutions should be prepared to fund such research about the fully integrated model of economic citizenship for children and youth.

The transition from developing national strategies on financial inclusion and education to actually implementing these strategies seems a challenge in many countries, often due to conflicting agendas or lack of sufficient resources. Even large interventions such as YouthStart are challenged by achieving sustainable impact, with many financial service providers hesitant to continue once donor money stops flowing in. In addition, when financial, social, and livelihoods educations are not integrated in the national education curriculum, or at least part of standard educational programs, the risk of discontinuation persists. One possible explanation that requires further evidence is that, in many cases, the division of responsibilities amongst national stakeholders have not been optimized. Bringing all relevant stakeholders together, hesitation to implement financial education and financial inclusion programs in parallel, and difficulties in securing resources are a few of the challenges mentioned to CYFI by policymakers and practitioners.82 Instead of donors being the sole provider of funds, and civil society providing education and financial services as part of an intervention, provision of access and education should be firmly grounded in the regular governance structure of a country. The optimal division of responsibilities between national governments and financial institutions can be explored by studying governance models in various countries and looking at the relation between inputs and outputs of economic citizenship efforts. Beyond governance, the balance between cost and impact should always be taken into account. Low cost initiatives with a limited scale are unlikely to be scaled up sustainably without an understanding of the relation between cost and impact.

Like in many other areas, digital solutions are presented as a panacea for all issues regarding economic citizenship and financial inclusion in particular. And it seems that mobile technology holds great potential to bank many more people in a short period of time, including children and youth. However, there are challenges and concerns, and further research is required to better understand them. Such research should focus on the impact of introducing youngsters to financial services outside of the physical banking environment and how to overcome the legal and regulatory barriers preventing children from accessing mobile services. It would also be helpful to better understand how technology can be leveraged to offer commercially sustainable financial services and products, as well as how they can help reduce the costs of providing financial education. Furthermore, future research can provide insights into how products and educational programs should be designed to be most effective, making use of message reminders, online games and tools, or even interactive voice response-based testing. Only with a better understanding in this area can the innovations to be used to everyone’s advantage.

From the beginning of the Child and Youth Finance Movement, it was suggested that research should not just focus on financial access and education related to savings, but also on a full suite of other financial products such as online payment, cash transfers, loans and insurance. The many lessons learned in the past five years regarding what works well when providing savings products combined with financial education should also be tested for other financial products appropriate for differ youth client segments. For loans this can be extended beyond just financial education to also include livelihoods education focusing on responsible ways to earn a living, of which the topics of business loans and debt form a substantial part. Now that it has been re-confirmed that children and youth do save, and that this makes them more resilient to economic shocks, what is the role that (micro) insurance can play in further increasing that resilience? To understand this, future research can focus on outcomes in terms of economic well-being, skills and behavior when combining access to loans and insurance with ECE.

82

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CYFI (2014)

Landscape Series - Research

Future Research Opportunities 1.

2.

3.

4.

5.

6.

Long-term impact of financial inclusion and economic citizenship education on knowledge and behavior Effect of integrated offering of full ECE and financial access Optimal division of responsibilities and cost to ensure sustainable outcomes Opportunity of using digital solutions to lower the cost of financial inclusion and ECE The connection between financial education and financial products other than savings: i.e. loans and insurance Involvement of youth in all aspects of research, including the design of studies, the collection of data, and the analysis of results

Landscape Series - Research 35

Annexes

Annex A: List of Acronyms Acronym ACSI ADENI AFI AMV APCEIU ASIC BCB BMGF BOC BoM BRAC BYB CARE CBT CFED CFI CGAP CONEF CRBP CSFE CVM CYFI DFID ECE EDC ELA ELF ENEF EPSS ESD FE FEEP FINCA FI2020 FLW FOGACOOP FOGAFIN FSP FUCEC GAP GCED GEFI GPFI HNB HSBC ICRW ICT INFE ILO

Description Amhara Credit and Savings Institutions Association pour la Defense des Enfants du Niger (Association for the Defense of Children in Niger) Alliance for Financial Inclusion Self-regulating Institution of the Stock Market Asia Pacific Centre of Education for International Understanding Australian Securities and Investments Commission Central Bank of Brazil Bill and Melinda Gates Foundation Banking on Change Bank of Mongolia Building Resources Around Communities Build Your Business Programme Cooperative for Assistance and Relief Everywhere Computer Based Training Corporation for Enterprise Development Center for Financial Inclusion Consultative Group to Assist Poor National Financial Education Committee Children’s Rights and Business Principles Child social and financial education Securities and Exchange Commission of Brazil Child and Youth Finance International Department for International Development Economic Citizenship Education Education Development Centre Empowerment and Livelihood for Adolescents Education Learning Framework National Strategy for Financial Education Electronic Performance Support System Education for Sustainable Development Financial Education Financial Education and Protection Partnership Foundation for International Community Assistance Financial Inclusion 2020 Financial Literacy Working Group Cooperative Companies Guarantees Fund Financial Institutions Guarantee Fund Financial Service Provider Faîtière des Unités Coopératives d'Epargne et de Crédit (Cooperative Savings and Credit Umbrella Units) Global Action Programme Global Citizenship Education Global Education First Initiative Global Partnership for Financial Inclusion Hatton National Bank Hong Kong and Shanghai Banking Corporation International Center for Research on Women Information and Communications Technology International Network for Financial Education International Labor Organization

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Acronym IYF J$FFE J$TTA KYK LI MCI MDGs MEA MEDA (M)FI MGIEP NEET NFIT NGO OECD OIBM PAMECAS PISA PLF Previc PTA RBF SBS SDGs SE SEEP SEFCU SFE SME SOFEA Susep UNCDF UNESCO UNFPA UNICEF UNRCR UN USAID VSLAs WBT YE

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Description International Youth Foundation Jump$tart Financial Foundations for Educators Jump$tart Teacher Training Alliance Know Your Customer Livelihood Education Making Cents International Millennium Development Goals Mongolian Education Alliance MicroEnterprise Development Association (Micro) Finance Institution Mahatma Gandhi Institute of Education for Peace and Sustainable Development Not in Education, Employment or Training National Financial Inclusion Task Force Non-Governmental Organization Organization for Economic Co-operation and Development Opportunity International Bank of Malawi Partenariat pour la Mobilisation de l'Epargne et le Crédit Au Sénégal (Partnership for Mobilizing Savings and Credit in Senegal) Programme for International Student Assessment Peer Learning Facilitation National Superintendence of Pension Funds Parents and Teachers Association Reserve Bank of Fiji Superintendent of Banks Sustainable Development Goals Social Education Small Enterprise Education and Promotion State Employee Federal Credit Union Social and Financial Inclusion Small and Medium Enterprise Social and Financial Empowerment of Adolescents Superintendence of Private Insurance United Nations Capital Development Fund United Nations Educational, Scientific and Cultural Organization United Nations Population Fund United Nations Children’s Emergency Fund United Nations Committee on the Rights of the Child United Nations United States Agency for International Development Village Savings and Loans Associations Web Based Training Young Entrepreneurs

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Annex B: Glossary Note: Unless otherwise indicated, terms contained in this glossary derive from the CYFI Secretariat in conjunction with the CYFI Academics Working Group Term Banking Product

Definition Any product offered by a Financial Service Provider

Child

CYFI adopts the UN definition of a Child: “An individual under the age of 18, or under the age of majority as prescribed by national law” (Office of the High Commissioner for Human Rights (1990), ‘The Convention on the Rights of the Child’)

Child & Youth Finance International (CYFI)

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

CYFI Secretariat (CYFI)

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

CYFI Supervisory Board

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

Child and Youth Finance Activities

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

CYFI Annual Summit & Award Ceremony

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

Child and Youth Finance Movement (the Movement)

An international, inclusive, multi-stakeholder movement comprising CYFI Partners and stakeholders supporting: the creation and strengthening of systems, structures and policies which provide children with choices; informs them of their rights; instills values in them; empowers them to make sound financial decisions, build their assets and invest in their own futures The theoretical base upon which the Child and Youth Finance Movement stands and which outlines how the various interventions of the Child and Youth Finance Network lead to the Movement’s desired outcomes

Child and Youth Finance Movement Theory of Change CYFI Network

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

Child and Youth Friendly Banking

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

Child and Youth Friendly Banking Product Certificate

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

Child and Youth Friendly Banking Product

Savings and current accounts which meet a set of minimum standards as defined by the CYFI Regulation and Inclusion Working Group. These standards ensure that banking products remain inclusive and appropriate, and are designed in the best interest of the child

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Economic Citizenship

Economic and civic engagement to promote: reduction in poverty, sustainable livelihoods, sustainable economic and financial well-being and rights for self and others

Economic Citizenship Education

An education curriculum combining the three modules of financial education, social education, and livelihoods education for children and youth as defined in the CYFI Education Learning Framework

CYFI Education Learning Framework (ELF)

The structured set of desired learning outcomes and competences in economic citizenship education as defined by the CYFI Education working Group

Empowerment

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

Entrepreneurship

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

Financial Access

A means of safely accumulating, controlling and acquiring assets

Financial Education

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

OECD (2005). Recommendation on Principles and Good Practices for Financial Education and Awareness

Financial Capability

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

Financial Inclusion

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

Financial Institution

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

Financial Literacy

CYFI adopts the OECD definition of Financial Literacy: “Financial concepts, and the skills, motivation and confidence to apply such knowledge and understanding in order to make effective decisions across a range of financial contexts, to improve financial wellbeing of individuals and the society; and to enable participation in economic life,” OECD (2012). PISA 2012 Financial Literacy Framework

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Financial Services

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

Financial Service Provider (FSP)

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

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Global Money Week (GMW)

A week dedicated to the promotion and awareness of financial inclusion and economic citizenship education for children and youth around the globe, coordinated by CYFI

National/Regional/Glo bal Platforms

Activities and structures to catalyze national, regional, and global collaboration advancing the objectives of the Child and Youth Finance Movement

Livelihoods Education

Programs aimed at developing employability skills and entrepreneurial behavior

Livelihood Skills

CYFI adopts the UNICEF definition of Livelihood Skills: “Capabilities, resources and opportunities to pursue individual and household economic goals. Livelihood skills relate to income generation and may include technical / vocational skills, job seeking skills, business management skills, entrepreneurial skills and money management skills.”

UNICEF (2011) Life skills Definition of Terms

Minimum standards for Child and Youth Friendly Banking Products Social Education

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

Social Entrepreneurship

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

Socio-Financial Capability

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

CYFI Working Groups

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

Young People

CYFI adopts the UN definition of Young People: “Anyone between the ages of 10 and 24” United Nations. Definition of Youth

Youth

CYFI adopts the UN definition of Youth: “An individual between the ages of 15 and 24” United Nations. Definition of Youth

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

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Annex C: Bibliography Ashby, J. S., Schoon, I., & Webley, P. (2011), 'Save now save later? Linkages between saving behaviour in adolescence and adulthood', European Psychologist, 16, 227-237.

Banco De Espana (2015), 'Finance for All: The Impact of Financial Literacy Training in Compulsory Secondary Education in Spain’. Retrieved from: http://ftp.iza.org/dp8902.pdf Bernheim, B.D., Garrett, D.M. & Maki, D.M. (1997), 'Education and Saving: the Long-Term Effects of High School Curriculum Mandates'. Retrieved from: http://www.faircredit.org/files/72.pdf.

Berry, J., Karlan, D. & Pradhan, M. (2015), 'The Impact of Financial Education for Youth in Ghana '. Retrieved from: http://papers.tinbergen.nl/15043.pdf.

Beverly, S.G. & Burkhalter, E.K. (2005), 'Improving the financial literacy and practices of youths', Children & Schools, 27(2), 121-124. Retrieved from: http://cs.oxfordjournals.org/content/27/2/121.extract.

BRAC (2012), 'Annual Report 2012'. Retrieved from: https://brac.net/sites/default/files/BRAC-Annual-Report-2012e.pdf.

Bruhn, M., de Souza Leão, L., Legovini, A., Marchetti, R. & Zia, B. (2013), 'The Impact of High School Financial Education Experimental Evidence from Brazil', Policy Research Working Paper 6723. Retrieved from: http://wwwwds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/12/12/000158349_20131212094211/Rendere d/PDF/WPS6723.pdf.

Center for Social Development, George Warren Brown School of Social Work (2012), 'The Impact of Household Possessions on Youth’s Academic Achievement in the Ghana YouthSave Experiment, A Propensity Score Analysis'.

Retrieved from: http://csd.wustl.edu/Publications/Documents/WP12-17.pdf.

Center for Social Development, George Warren Brown School of Social Work (2013), 'Research evidence on the CYFI model of children and youth as economic citizen'. Retrieved from: http://www.bu.edu/bucflp/files/2014/06/CYFIResearch-Brief-Research-Evidence-on-the-child-and-youth-finance-model-of-economic-citizenship-2.pdf.

Center for Social Development, George Warren Brown School of Social Work (2013), 'Savings Patterns and Performance in Colombia, Ghana, Kenya, and Nepal, YouthSave Research Report 2013 '. Retrieved from: http://csd.wustl.edu/publications/documents/rr13-18.pdf.

CFED (2013), ‘Why assets matter: An overview of research on assets and their effect on financial stability and economic opportunity’. Retrieved from: http://cfed.org/assets/pdfs/WhyAssetsMatter_2013updates.pdf.

CFED (2014), 'Financial Education & Account Access Among Elementary Students, Findings from the Assessing Financial Capability Outcomes (AFCO) Youth Pilot'. Retrieved from: http://cfed.org/assets/pdfs/AFCO_Youth_Full_Report_Final.pdf.

CGAP (2012), 'Emerging Perspectives on Youth Savings'. Retrieved from: https://www.cgap.org/sites/default/files/CGAPFocus-Note-Emerging-Perspectives-on-Youth-Savings-Aug-2012.pdf.

CGAP (2014), 'The Business Case for Youth Savings: A Framework'. Retrieved from: http://www.cgap.org/sites/default/files/Focus-Note-Business-Case-for-Youth-Savings-A-Framework-Jul-2014.pdf.

Chiapa, C., Prina, S. & Parker, A. (2014), 'The Effects of Financial Inclusion on Children’s Schooling, and Parental Aspirations and Expectations'.

Cho, Y. & Honerati, M. (2013), 'Entrepreneurship Programs in Developing Countries: A Meta Regression Analysis'.

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Citi Foundation (2015), 'Accelerating Pathways, Global Youth Survey 2015, Youth Voices on Economic Empowerment in Today’s Global Economy'. Retrieved from: http://www.citi.com/citi/foundation/programs/pathways-toprogress/accelerating-pathways/downloads/Citi-Foundation-Accelerating-Pathways-Global-Youth-Survey-2015.pdf.

CYFI (2012a), 'Children & Youth as Economic Citizens: Review of Research on Financial Capability, Financial Inclusion, and Financial Education'. Retrieved from: http://childfinanceinternational.org/index.php?option=com_mtree&task=att_download&link_id=374&cf_id=200.

CYFI (2012b), 'A Guide to Economic Citizenship Education, Quality Financial, Social and Livelihoods Education for Children and Youth'. Retrieved from: http://childfinanceinternational.org/library/cyfi-publications/A-Guide-to-EconomicCitizenship-Education-Quality-Financial-Social-and-Livelihoods-Education-for-Children-and-Youth-CYFI-2013.pdf.

CYFI (2013a), 'Children, Youth & Finance: From Momentum to Action'. Retrieved from: http://childfinanceinternational.org/resources/publications/children-youth-finance-from-momentum-to-action.pdf.

CYFI (2013b), 'Conceptual Development of CYFI model of Children and Youth as Economic Citizens'. Retrieved from: http://www.childfinanceinternational.org/index.php?option=com_mtree&task=att_download&link_id=1523&cf_id=200.

CYFI (2014), 'Children, Youth & Finance 2014, Action for Sustainable Outreach'. Retrieved from: http://childfinanceinternational.org/resources/publications/2014-children-youth-and-finance.pdf.

CYFI (2015), 'Children, Youth & Finance 2015'. Retrieved from: http://www.childfinanceinternational.org/resources/publications/children-youth-finance-2015.pdf.

CYFI (2016), 'The Regional Financial Inclusion Landscape of Youth Bank Accounts: Selected Country Cases from Central and Eastern Europe'. Retrieved from: http://childfinanceinternational.org/resources/publications/CYFI-Regional-FILandscape-Central-Eastern-Europe.pdf.

DFID (2012), 'Department for International Development Annual Report and Accounts 2011–12'. Retrieved from: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/67353/Annual-report-accounts-201112.pdf.

Dupas, P. & Robinson, J. (2013), 'Why Don't the Poor Save More? Evidence from Health Savings Experiments', American Economic Review, 103(4), 1138-1171. Retrieved from: http://web.stanford.edu/~pdupas/DupasRobinson_HealthSavings.pdf.

Federal Reserve Bank of New York (2015), 'Financial Education and the Debt Behavior of the Young'. Retrieved from: https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr634.pdf.

Fernandes, D., Lynch, J.G. & Netemeyer, R.G. (2014), 'Financial Literacy, Financial Education and Downstream Financial Behaviors', Management Science. Retrieved from: http://ssrn.com/abstract=2333898.

Friedline, T. (2014), 'The Independent Effects of Savings Accounts in Children’s Names on Their Savings Outcomes in Young Adulthood ', Journal of Financial Counseling and Planning, 25(1). Retrieved from: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2466561.

Friedline, T., Elliott, W., & Chowa, G. (2013), 'Testing an asset building approach for young people: Early access to predict later savings', Economics of Education Review, Special Issue: Assets and educational attainment: Theory and evidence, 33, 31-51.

IPA (Innovations for Poverty Actions) (2015), 'Building Evidence on Financial Services'. Retrieved from: http://www.poverty-action.org/sites/default/files/publications/building_evidence_sav_payments.pdf.

IZA (Institute for the Study of Labour) (2012), 'Under-savers anonymous: Evidence on self-help groups and peer pressure as a savings commitment device'. Retrieved from: http://www.nber.org/papers/w18417.pdf.

IZA (Institute for the Study of Labour) (2015), ‘Financial Literacy and Food Security in Extremely Vulnerable Households’.

Retrieved from: http://ftp.iza.org/dp9103.pdf.

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Johnson, L., Lee, Y., Ansong, D., Sherraden, M., Sherraden, M., Chowa, G., Ssewamala, F. & Zou, L. (2015), 'Youth Savings Patterns and Performance in Colombia, Ghana, Kenya, and Nepal', YouthSave Research Report 2015, CSD Publication 1501. Retrieved from: http://csd.wustl.edu/Publications/Documents/RR15-01.pdf.

Lucey, T. A (2007), 'The Art of Relating Moral Education to Financial Education: An Equity Imperative', Social Studies Research and Practice, 2 (3), 486–500. Retrieved from: http://www.socstrpr.org/files/Vol%202/Issue%203%20%20Winter,%202007/Practice/2.3.15.pdf.

Lührmann, M., Serra-Garcia, M. & Winter, J. (2013), 'Teaching teenagers in finance: does it work?', Munich Discussion Paper No. 2012-24. Retrieved from: https://epub.ub.unimuenchen.de/14101/1/Luhrmann%20et%20al%20Teaching%20teenagers_december2013.pdf.

Lusardi, A., Mitchell O.S & Curto, V. (2011), 'Financial Literacy among the Young', The Journal of Consumer Affairs, Vol 44, No. 2, pp. 358-380. Retrieved from: http://www.nber.org/papers/w15352.pdf.

Mandell, L. (2009), 'Starting Younger: Evidence Supporting the Effectiveness of Personal Financial Education for Pre-High School Students'. Retrieved from: http://www.nationaltheatre.com/ntccom/pdfs/financialliteracy.pdf.

Martinez, M.V. (2011), 'The Political Economy of Increased Financial Access'. Retrieved from: https://repository.library.georgetown.edu/bitstream/handle/10822/553824/martinezMonicaV.pdf?sequence=1&isAllow ed=y.

MEDA (2014), 'Youth Savings Behaviour, Assessing the Impact of MEDA’s YouthInvest Programming in Morocco'.

Retrieved from: http://www.meda.org.in/files/01-youth-savings-study.pdf.

National Research Council (2012), 'Education for Life and Work, Developing Transferable Knowledge and Skills in the 21st Century'. Retrieved from: http://www.nap.edu/read/13398/chapter/1#xiii.

New America Foundation (2013), 'Beyond the Buzz, The Allure and Challenge of Using Mobile Phones to Increase Youth Financial Inclusion'. Retrieved from: https://docs.google.com/viewerng/viewer?url=http://communitywealth.org/sites/clone.community-wealth.org/files/downloads/paper-zimmerman-et-al_0.pdf.

New America Foundation (2014), 'Investing in Children: Child Development Accounts as an Early Childhood Intervention'.

Retrieved from: https://www.newamerica.org/downloads/Friedline-SchuetzCDAs_as_Early_Childhood_Intervention.pdf.

O Prey, L. & Shephard, D. (2014), 'Financial Education for Children and Youth: A Systematic Review and Meta-analysis', Aflatoun Working Paper 2014-C. Retrieved from: http://www.aflatoun.org/docs/default-source/aflatoun-secretariatevaluation/financial-education-for-children-and-youth---systematic-review-and-meta-analysis.pdf?sfvrsn=10.

OECD (2011), 'G20 High-level principles on consumer protection'.

OECD (2012), 'OECD/INFE High-Level Principles on National Strategies for Financial Education'. Retrieved from: http://www.oecd.org/finance/financialeducation/OECD_INFE_High_Level_Principles_National_Strategies_Financial_Education_APEC.pdf.

OECD (2014), 'PISA 2012 Results: Students and Money: Financial Literacy Skills for the 21st Century '. Retrieved from: https://www.oecd.org/pisa/keyfindings/PISA-2012-results-volume-vi.pdf.

Omunjalu, B.S. & Fondo, F. (2014), 'The Role of Microfinance in Economic Empowerment of the Youth', IOSR Journal of Business and Management, 16(5), 26-32. Retrieved from: http://www.iosrjournals.org/iosr-jbm/papers/Vol16issue5/Version-1/E016512632.pdf.

Onaolapo, A.R. (2015), 'Effects of financial inclusion on the economic growth of Nigeria (1982-2012)', International Journal of Business and Management Review, 3(8), 18-25. Retrieved from: http://www.eajournals.org/wpcontent/uploads/Effects-of-Financial-Inclusion-on-the-Economic-Growth-of-Nigeria-1982-2012.pdf.

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O'Prey, L. & Shepard, D. (2014), 'Financial Education for Children and Youth: A Systematic Review and Meta-analysis', Aflatoun Working Paper 2014.1C . Retrieved from: http://www.aflatoun.org/docs/default-source/aflatoun-secretariatevaluation/financial-education-for-children-and-youth---systematic-review-and-meta-analysis.pdf?sfvrsn=10.

Plan, Barclays, CARE (2013), 'Banking on Change: Breaking the Barriers to Financial Inclusion'. Retrieved from: https://www.home.barclays/content/dam/barclayspublic/docs/Citizenship/banking-on-change.pdf.

Plan, Barclays, CARE (2016), 'The Banking on Change Youth Savings Group Model: From Saving and Learning to Banking and Earning'. Retrieved from: http://www.planuk.org/assets/Documents/pdf/Banking_on_Change_Youth_Savings_Group_Model.pdf.

Plan, Barclays, CARE (2016), 'The State of Linkage Report, The first global mapping of savings group linkage'. Retrieved from: http://insights.careinternational.org.uk/media/k2/attachments/The-State-of-Linkage-Report-2016.pdf.

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Population Council (2013), 'Safe and smart saving products for vulnerable adolescent girls in Kenya and Uganda'.

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The MasterCard Foundation (2015), 'Financial Services for Young People: Prospects and challenges'. Retrieved from: http://www.issuelab.org/requester/sdgs/id/22257.

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The SEEP Network (2015), 'Usage and Dormancy'. Retrieved from: http://www.seepnetwork.org/filebin/pdf/resources/YFS-Usage_and_Dormancy-Final.pdf.

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