CYFI News & Blog

Latest news and articles from Child & Youth Finance and the CYF Movement Network

CYFI and EFSE DF publish joint study on financial behaviour and knowledge of youth in South-Eastern Europe

CYFI and the Development Facility of the European Fund for Southeast Europe (EFSE DF) have published the final report of the study about financial behaviour and knowledge of young people in 7 countries of South-Eastern Europe (Albania, Croatia, Kosovo, Macedonia, Moldova, Montenegro and Serbia). 

Financed by EFSE DF, the study was conducted in the second quarter of 2016 and included in-depth focus groups and interviews with children and youth between 10 and 24 years old, as well as wide quantitative study of more than 2,000 children and youth people across 7 countries.

The study has showed that the level of financial literacy of youth is quite low, mainly related to a low understanding of traditional products, and the fact that the main sources of information and understanding of finances are derived from family and household experiences.

In the region as a whole, children and young people reported a positive saving behaviour. Having a piggy bank and using it as the primary source for saving money was the most popular way of saving across the region.

The study also revealed the experience of children and youth with various financial products, and some positive effects have been noticed in the results. Youth that have personal experience with owning and using their own bank account was found to be stronger with money management and saving habits, showed better perceptions of the importance of savings, and had deeper knowledge about financial products and formal financial education. The full report can be accessed here.

CYFI would like to thank the representatives of the Central Bank of Montenegro, Association of Serbian Banks, Ministry of Education and Science of Serbia, Institute of Educational Sciences of Moldova, Centre for Conflict Resolution – Macedonia for supporting the organization of data collection for the study. We would also like to thank Bank of Albania, National Bank of the Republic of Macedonia, Central Bank of Montenegro, Central Bank of the Republic of Kosovo, National Bank of Serbia and the National Bank of Moldova for their contributions and support.

For more information about the methodological setup of the study and for dissemination of the results, please contact CYFI Secretariat for further support.

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CYFI, CBK and KBA hold stakeholder workshop on financial education in Pristina

In collaboration with the Central Bank of Kosovo (CBK) and Kosovo Banking Association (KBA), Child & Youth Finance International (CYFI) organized a stakeholder workshop on the national approach to financial education in the capital Pristina on 22-23 November 2016.

The workshop was hosted and held by the initiative of the Central Bank of the Republic of Kosovo and became the first national-level event on financial education in the country. The workshop was aimed at increasing awareness on financial education among national stakeholders, the roles that different stakeholders and organizations from various sectors can play in promoting financial education in Kosovo, and at determining ways of cooperation between public, private and civil society institutions in this sphere.

The workshop covered various aspects that can assist countries in fostering the development of the nationally coordinated approach to financial education, stakeholders' management, integration of financial education in the school curriculum, piloting SchoolBank project, best practices examples of financial education programs for youth and adults and many more. Moreover, the workshop also featured sharing the experience by experts from Bank of Albania, one of the most successful institutions in the region in promoting financial education, as well as provided a platform for local government, private and civil society institutions to share their experiences in financial education in Kosovo so far.

At the end of the workshop CBK and other stakeholders expressed the readiness to form a national platform for financial education in Kosovo, and cooperate closely on developing new educational programmes and campaigns, including Global Money Week campaign 2017. The platform would have an objective to serve as a space to exchange best practices, experiences and streamline and coordinate financial education initiatives in the country.


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3 events - 1 platform for young entrepreneurs!

CYFI initiative, Ye! community, has been busy working with young entrepreneurs all over the world! With events in Ukraine, Kenya, and India, the sky's the limit for the fastest growing online platform for young entrepreneurs!

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Successful culmination of Flagship Visegrad project – Experience exchange between Central and Eastern Europe

In October 2016 CYFI and its 9 project partners have successfully concluded the project, supported by the V4EaP Program of International Visegrad Fund, aimed at experience exchange between Central European (Visegrad) countries and Eastern European (Visegrad Partnership) countries in financial education strategies and programmes for young people.

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nimbl – the future of financial inclusion through fintech

In a recent survey of 6,000 parents in the UK, 7 in 10 agreed that their children do not understand the value of money in the way that they did when they were the same age. The survey, commissioned by nimbl, the prepaid MasterCard® debit card and smartphone app for children aged 8-18, found that 80% of parents believe that children spend money too easily. 2 in 3 parents also believe that the growth of digital money makes it harder for children to learn about spending.

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CYFI conducts workshop on active learning methods in Moldova

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Workshop on active learning methods and product development workshop for child and youth friendly banking products in Azerbaijan

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KIESA, ICK and Ye! Join Hands in Boosting Young Entrepreneurs

On September 9, 2016 eight emerging young Kosovo entrepreneur stars pitched their business ideas to policy makers, angel investors, financial sector representatives and successful entrepreneurs during a high-level pitching event hosted by the Kosovo Investment and Enterprise Support Agency (KIESA). At the event, Mrina Godanca from “Architecture for Humans”, won the “Ye! Young Entrepreneur of the Year” Prize. The 2nd place goes to Mendim Avdyli (Sumthesun) and 3rd place to Lum Kryeziu (Spartments). The two entrepreneurs received interest-free loans provided by TEB Bank to further develop their business ideas.

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Workshop on youth empowerment at the Annual MFC Conference 2016

Child & Youth Finance International (CYFI) was once again leading the discussion on the youth segment at the annual conference of its strategic partner – at the 19th Microfinance Centre Conference that took place 23-24 June 2016 in Tirana, Albania.

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CYFI collaborates on workshop on financial inclusion for young people in Ukraine

CYFI together with its project partner University of Banking and the National Bank of Ukraine held a seminar in Kyiv on July 8th on the role of public-private partnerships and the role of the private and civil society sectors in improving financial literacy and access to basic financial services for young people in Ukraine.

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CYFI joins ParentPay to launch financial awareness solution for youth

On 14 June, Child and Youth Finance International (CYFI) joined Network partner, ParentPay, the market-leading online payment service for schools and families, for their launch of nimbl, a new financial platform aimed at encouraging financial awareness and independence amongst young people via the use of a prepaid MasterCard® debit card and smartphone app.

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International seminar on curriculum integration & teacher training in Minsk – Visegrad project

Within the framework of the project supported by Visegrad 4 Eastern Partnership Program – Flagship projects of the International Visegrad Fund, CYFI together with the National Bank of the Republic of Belarus, hosted a seminar on 25 May 2016, in Minsk devoted to the integration of Financial and Economic Citizenship Education content in the school curriculum in Belarus, presenting internationally accepted models and experiences from other countries.

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Towards the national approach to financial literacy of young people in Bulgaria

CYFI network partner Financial Literacy Initiative Foundation in Bulgaria has been keeping busy, organizing activities and widening its network in order to increase financial literacy for young people in Bulgaria.

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Keeping an EYE on the financial future of youth!

CYFI was delighted to be taking part in the second European Youth Event (EYE)! The EYE took place at the European Parliament in Strasbourg from 20-21 May 2016 and offered a unique opportunity for thousands of young Europeans to make their voices heard.

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Conference on public-private partnership in financial education in Moscow

The international conference on the potential and opportunities for public-private partnership in financial education, organized by the Ministry of Finance of Russian Federation, took place in Moscow, Russia on May 19th.

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National Financial Education Strategies Training for CYFI South-Eastern European Working Group

Another meeting of CYFI South-East European Working Group for Child and Youth Financial Education and Financial Inclusion took place in Podgorica, Montenegro, on 6-8 April 2016, hosted by the Central Bank of Montenegro. The intensive three-day training was conducted for the members of the Working Group specifically on the process of the development of national financial education strategies. More than 25 participants from central banks, financial regulatory authorities, ministries of education from 8 countries of the region (Albania, Croatia, Kosovo, Macedonia, Moldova, Montenegro, Romania, Slovenia) took part in the training.

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Training and Experience sharing between Central and Eastern European partners

Within the framework of the project supported by Visegrad 4 Eastern Partnership Program of International Visegrad Fund, CYFI together with the National Youth and Children’s Palace (Georgia) hosted a three-day Training of Trainers on 13-15 April 2016 in Tbilisi, Georgia.

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Potential partnership opportunity for distribution of financial literacy materials!

Today, children and teenagers are exposed to financial informational noise in disproportionately larger volumes compared to just a few decades ago. The world is asking them to think quicker, learn quicker, make effective decisions on the go. Development of financial literacy is one of the main keys to obtaining vital life skills.

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“Children & Finance” project in Russia

A research has been conducted in Russia to access the level of financial knowledge among the country’s children and youth. This research was initiated by National Agency for Financial Studies (NAFI), under the project called ‘Children and Finance’.

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Mapping the Regional Landscape of Youth Bank Accounts in Central and Eastern Europe

CYFI are pleased to release the final version of the report “The Regional Financial Inclusion Landscape of Youth Bank Accounts: Selected country cases from Central and Eastern Europe”, written by Karina Avakyan, Bianca Isaincu and Floor Knoote.

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