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YouthSave project encourages savings among youth

YouthSave project encourages savings among youth

>> YouthSave project finding show young people could, will save if given opportunity

​BRUSSELS, 21 April 2015  – ​​​​​Findings from the YouthSave project, a five-year research project on youth savings, has shown that young people could and will save if given the opportunity to do so, according to a story that appeared on GhanaWeb news site

YouthSave, a project of the YouthSave Consortium led by Save the Children in partnership with the Mastercard Foundation, investigates the potential of savings accounts as a tool for youth development and financial inclusion in developing countries, particularly in Ghana, Kenya, Colombia and Nepal.

Rani Deshpande, Youthsave Project Director, presented a few days ago part of the results of this project in Ghana, within a multi-stakeholder conference on child and youth financial services. Although the skepticism among adults, 117,000 youth in the four countries have opened savings accounts, 55 per cent of them being girls. Nearly 40 per cent were living under the international poverty line, what it means to have less than US$2.5 per day, proving that they could save on a low income. 90 per cent declared it was his/her first savings account and 20 per cent of them it was the first bank account for their households.

In this way, Rani Deshpane has called on policy makers and central banks to reconsider the minimum age limit to allow young people to own and operate accounts on their own since they also value privacy and control. According to Mrs. Ruth Dueck-Mbeba, Programme Manager at MasterCard Foundation, “there can be no poverty reduction without economic growth but economic growth cannot achieve its full potential without everyone sharing in it and having access to the financial products and services they need to achieve their life goal”.

>> Read the full article that appeared on website GhanaWeb