This November, Canada is talking about money!

This November, Canada is talking about money!

Did you know that November is Financial Literacy Month (FLM) in Canada? 

FLM 2013 is the perfect time to raise public awareness and promote the importance of greater financial literacy in Canada.

No matter how old you are, talking about money can be difficult. But many Canadians are accepting the challenge and participating in one of the many events taking place across Canada this November. This wide range of activities will allow them to build the knowledge, skills, and self-confidence they need to make smart financial decisions when making a budget, managing or paying back debts, planning for retirement, and investing.

The theme of this third annual FLM is “Financial Literacy across Generations.” The Financial Consumer Agency of Canada (FCAC) has once again partnered with different organizations to raise awareness about FLM and to encourage all ages to participate.

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Calendar of events

On its website, FCAC is offering Canadians a calendar of events where, in just a few clicks, organizations can promote the seminars, workshops or any other activity they are planning during FLM 2013, and where Canadians can see what’s going on in their own city and province.

Lights, camera… action!

To highlight young Canadian talent and raise youth awareness of the importance of financial literacy, FCAC is organizing another video contest this year. Canadians aged 13 to 19 are invited to produce a short video explaining how talking with someone about money helped them achieve a financial goal. Participants have until November 30 to submit a 30-second to 2-minute long video and to be entered to win an iPod Touch, an iPad or a MacBook Pro.

To learn more about the contest rules and regulations, or to find more information about Canada’s Financial Literacy Month, visit itpaystoknow.gc.ca/flm

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Youth presented Mr. Draghi with Financial Inclusion Champion award

Youth presented Mr. Draghi with Financial Inclusion Champion award

ECB President Mr. Draghi Financial Inclusion Champion for Europe and Central Asia

The Youth who participated in the Second Child and Youth Finance International Regional Meeting for Europe and Central Asia presented the European Central Bank President Mr. Draghi with an award as Champion for Financial Inclusion of Europe and Central Asia.

The youth chose to award Mr. Draghi as Champion for Financial Inclusion due to his commitment to listen to their proposals and to try to participate in Global Money Week 2014.

The proposals youth presented were the result of an online consultation the youth had with 100 000 young people from all over the world, and an intense dialogue between policymakers and youth over two days at the ECB. Based on this the youth presented their proposals on the three topics of Employment and Entrepreneurship, Financial Inclusion and Economic Citizenship Education: Introduce tax reduction and entrepreneurial training for youth

  • Every child graduating from primary-school should have the right to have a bank account
  • All school curriculum should include Economic Citizenship Education
  • Watch the recording of Mr. Draghi receive his award, give his closing speech and the youth proposals here

 

The Second Annual CYFI Regional Meeting for Europe and Central Asia brought together 135 participants from 39 countries, including three central bank governors, one central bank deputy governor, one central bank board member and one capital markets board chairman as well as delegates from ministries of education and finance.

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Daily Digest of the CYFI Regional Meeting for Europe & Central Asia at the ECB

Daily Digest of the CYFI Regional Meeting for Europe & Central Asia at the ECB

 

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Daily Digest: Day one from the CYFI Regional Meeting for Europe & Central Asia

 


The first day of the Second CYFI Annual Regional Meeting for Europe & Central Asia started off with a bang on Monday morning! We are very excited to share the day with you! With this Daily Digest of the meeting we would like to share the day in short with the rest of the Movement.


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Follow the Meeting on Social Media! The designated hashtag for the event is #CYFIEurope. 
 


Tuesday 2.30 p.m.
Join in for the live streaming of the closing speech
by ECB President Mr. Draghi 
here 

 


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Welcome Speech
European Central Bank (ECB) Vice-President Vítor Constâncio who opened the meeting with a welcome speech. In his speech Mr. Constâncio acknowledged the ECB’s role in ensuring financial inclusion to the European youth, and the ECB commitment to the issue:

“The European Central Bank plays a direct role in achieving the objectives of financial inclusion.” - Mr. Constâncio, Vice-President, ECB

Mr. Constâncio emphasized the long-term benefits for both youth and their communities to understand financial literacy & inclusion, as he argued that it will not only affect the lives of youth themselves, but also the financial stability and economic growth. At the same time he also addressed the challenges that are still to be overcome for youth financial inclusion. He also pointed out the opportunity to listen to the opinions of the 25 youth participants on the meeting. “It is rare for us to hear the opinion of youth, and I think we should listen carefully”. He continued saying: “Our children have enormous potential, we need to help them fulfill it”.
 


Inaugural Session
At the Inaugural Session the governor from the National Bank of the Republic of Macedonia, Dimitar Bogov and the governor of Bank of Albania, Ardian Fullani, as well as UNICEF Director for Europe and Central Asia, Philippe Cori and the chairman of the Capital Markets Board of Turkey, Mr. Vahdettin Ertaş, took the stage together with CYFI founder and managing director Jeroo Billimoria. 

One of the great surprises of the morning was the announcement that the Republic of Macedonia will be hosting the next CYFI Regional Meeting for Europe and Central Asia in 2014. 

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The session also focused on sharing all the great commitments and initiatives that have been made by Albania, the Republic of Macedonia and Turkey. Mr. Ertaş, further stressed the importance of financial inclusion for Turkey, as well as four Europe and Central Asia as a region.

In addition to explaining the commitment to financial literacy and inclusion by the Bank of Albania, Mr. Fullani, shared his personal experiences with children and youth in Albania and how they have inspired the continuous engagement for such initiatives.

Mr. Cori from UNICEF further pointed out the UNICEF commitment to ‘social cohesion’ and the great importance of financial inclusion, connected to social inclusion, to make sure that children and youth grow up to be empowered adults. During his speech he proclaimed:

We need to invest in our youth today!” - Mr. Cori, UNICEF

He pointed out that we need to start considering youth stakeholders of our society. He also stated that children are drivers of change of our society, and the inclusion and empowerment of youth is, and will continue to be, a key priority of UNICEF and the UN.
 


Celebrating the Movement
The second session, ‘Celebrating the Movement’, was moderated by Mr. Koen Vermeltfoort, Partner at McKinsey & Company. During the session another great announcement was made. Mr. Joseph Falzon, Dean of the Faculty of Economics, Management and Accountancy who was representing the Ministry of Education from Malta, proclaimed the commitment of the Ministry of Education of Malta to fully support and collaborate with CYFI with promoting and implementing financial education.

He further addressed financial inclusion as a mean to make sure that all children and youth grow up with equal access to the tools to lead happy and successful lives, independent of their background or circumstances. Representing the Ministry of Education from Malta, Joseph Falzon, Dean of the Faculty of Economics, Management and Accountancy stated: “Inclusion means that we positively help all disadvantaged children and young people to be able to start the marathon of life at the same starting line.”

During the session Mr. Marin Molosag, First Deputy Governor, National Bank of Moldova stated his support of the Movement and of its goals. He ellaborated, stating that financial literacy is a form of wider self interest, promoting financial literacy is a public good. 

The returning topic of the day was the still present financial crisis and its effects on the European countries. But it was also raised as an important influence on the progress we now see for financial inclusion and financial education initiatives all over the region. Eva Zamrazilová, Board Member of the Czech National Bank described how the current financial crisis has brought about a mind shift regarding the importance of financial literacy and inclusion: “Before the crisis, many people considered financial literacy to be a topic of marginal importance. The crisis has changed many things, one of them being attitudes to financial literacy.”

Mr. Kornél Kisgergely, Deputy State Secretary for Financial Policy Affairs from the Ministry for National Economy in Hungary also referred to the financial crisis, and its affect on the Hungarian community. Referring to a quote from a professor in finance he also raised the need for financial literacy in order to make sound financial decisions: “If somebody tells you can make a fortune in financial markets without taking excessive risk – he is a fool, or he thinks that you are a fool.”

 


Creating an integrated policy for youth economic citizenship in Europe and Central Asia
The third session of the day was on how to create an integrated approach for youth economic citizenship. Moderated by Chris Sier, Director at Financial Services Knowledge Transfer Network, the session became a dynamic and interactive part of the morning where many of the delegates gave their views on financial education, inclusion and the complexity of integrating initiatives to policy.

Panelists were Ms. Catherine Fagan, Chair of the International Association for Citizenship, Social and Economics Education at the University of Glasgow and Mr. Anatoly G. Gavrilenko, Chairman of Expert Group on Financial Education from the Russian Federation.

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Ms. Fagan opened the session by stating the importance of getting together and meeting face to face to connect, share and inspire each other to keep promoting further initiatives for financial inclusion and education. Mr. Gavrilenko shared the initiatives being made by the Russian Federation, and the increased awareness of the importance of such initiatives.

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As the delegates were able to pose their questions to the others in the room, a question regarding financial literacy to prevent the next financial crisis came up. This started a long discussion regarding the importance to not consider isolated parts as the single solution to a complex problem, such as the financial crisis. Even though many agreed on the importance of financial literacy to prevent irresponsible financial behavior, it became clear that education alone will not be the answer. Instead it need to be a integrated solution that not only make sure that youth grow up being financially literate but also have the values and understanding of their role in their community.


 


Workshops
During the remaining part of the day delegates were involved in Workshops moderated by McKinsey & Company. The workshops presented the delegates with the opportunity to actively engage in discussion and come up with questions on the topic at hand. The details of the topics and panelists of the workshops are presented below.


Integrating economic citizenship education into the school curriculum
Miroslava Salavcová, Head of Department of Pre-school, Basic and Basic Art Education, Ministry of Education, Youth and Sports, Czech Republic
Michaela Dlouhá, Head of the Financial Literacy Working Group, Ministry of Finance, Czech Republic Pranvera Kamani, Head of Sector for Curriculum and Textbooks, Ministry of Education, Albania
Besa Prela, Head of Communications, Bank of Albania

Enhancing financial capability: the value of combining financial education and financial inclusion
Michael Chapman, Senior Policy Expert on Consumer Protection, OECD
Mark Fiander, Strategy and Innovation Director, Money Advice Service, United Kingdom
Anna Zanghi, Head of Global Innovation and Product Development for Youth, Mastercard

Financial inclusion policies and regulation for young people: gaps and recommendations in the EU context
Maciej Berestecki, Policy Officer, European Commission Jürgen Klute, Member of European Parliament Sébastien de Brouwer, Executive Director, European Banking Federation
Armenuhi Mkrtchyan, Head of Consumer Protection and Market Conduct Division, Central Bank of Armenia

Teacher training capacity-building
Angela Cara, Coordinator, National Institute for Educational Sciences, Moldova
Vanessa Nowak, Teacher Training Expert, My Finance Coach

Innovative outreach models for economic citizenship education through formal and non-formal education Mustafa Özer, Financial Education Program Manager, Youth for Habitat, Turkey
Ligia Golosoiu, Counsellor, National Bank of Romania

Policies encouraging youth entrepreneurship: how to develop a greater entrepreneurial culture among young people in Europe
Darja Saar, Chief Executive Officer, Entrum Foundation, CENTRES, Estonia

 



The day ended with a dinner for all the participants, hosted by Ignazio Angeloni, Director General of the European Central Bank. Mr. Angeloni gave a warm welcoming speech were he spoke about ECB’s ambition to fight unfulfilled opportunities and talents of today’s youth through financial education.

The last day of the meeting, on Tuesday November 5th will focus on voicing the opinions and suggestions the 25 youth participants have been working on during Monday, celebrating Global Money Week, as well as have the honor of a closing speech from Mario Draghi, ECB President. 


Join us for the live streaming of the closing speech
by Mr. Mario Draghi, President ECB

 

 
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The European Case: Financial Inclusion & The Prevention of the Next Financial Crisis

The European Case: Financial Inclusion & The Prevention of the Next Financial Crisis

Just a few days ago we celebrated the World Savings Day. But there are still many people who are excluded from the formal financial services and bank accounts. According to a newly made study by MasterCard, the population of unbanked and underbanked totals 93 million people in Western Europe alone.

Other studies has shown that only 31.9% of youth in Europe between the ages of 15 – 25 hold an account at formal financial institutions. This means that almost two thirds of Europe’s youth are currently left out of the formal financial institution market.

As the financial services offered become increasingly complex, there is an even greater need to make sure that the people who will grow up to make the financial decisions, are educated and experienced enough to do so.

Coming up next week, 4-5 November, is the Second CYFI Regional Meeting for Europe & Central Asia. The meeting will take place at the European Central Bank and is a great opportunity to inspire and inform others of the great social and financial winnings attached to making sure that our next generation of adults are financially included and educated.

The recent financial crisis has shown us that the decisions made by the adults of today will affect the financial landscape of the future. It is our responsibility to make sure that our children, who will be the adults of tomorrow, are well prepared and educated to make sustainable and favorable decisions for themselves and their countries.

But how do we prepare them to make the ‘right’ decisions?

The Child and Youth Finance Movement promote two things to make this happen: education and inclusion. We need to make sure that young people have sufficient and proper education on financial matters. But the Child and Youth Finance Movement also believe that we need to make sure that the education is connected to inclusion, to create good habits at an early stage.

So what does it really mean, Financial Inclusion? It is about being included, not excluded. Being empowered. Having access. We need to make sure that our children and teens are a part of the financial services and system that will be the venue for some of the most important financial and life decisions they will ever make. We need to make sure that the habit of saving instead of lending, earning interest on savings instead of keeping your money at home, are things that will affect their lives and those of others in many ways.

This has been, and continues to be, one of our greatest challenges. Giving all children access to a bank savings account and safe financial services should be part of the fabric of our financial systems. Financial institutions should recognize this is their role in the financial system, their corporate social responsibility, and simply the right thing to do. Facing the issues of financial inclusion in Europe and Central Asia constitutes a challenge in itself.

Since the European and Central Asian region consists of such a diverse group of countries, there are specific challenges and opportunities within each country that needs to be approached in the local context. There is no ‘fix all’ solution that can be applied to all the countries of the region. Instead there is a need to move together as one, but keep the solutions and efforts on a local level to meet the local needs.

And this is what the Child & Youth Finance Movement is trying to do. Since we launched our Global Movement in 2012, we have already spread to 100 countries and reach 18 million children with financial inclusion and education. This great progress has been made possible through aligning the efforts of countries and organizations to work together toward the same goal: increase the economic citizenship and financial inclusion of children and youth all over the world.

The Child Finance Movement builds on the notion that by aligning and supporting the efforts being made by isolated actors we can achieve great change in a short amount of time.

One part of aligning these efforts is through our Regional Meetings were we bring together policymakers and leaders of the region with young people to discuss and take action for the future generation of their countries. With the current situation and all time high statistics in the European and Central Asian region, it seems as though this year’s meeting is as relevant as ever.

There is a need for nations to join together to build change within their local context, but also cross borders. In order to change the future of our youth we need to start working together. We need to start learning from each other, as well as support and inspire others to make changes that go beyond the actions themselves.

Like the rings that spread over the water, we can make great things happen if we only drop a stone big enough. It is our goal to make sure that every child and youngster in Europe and Central Asia are included, a part of, their own financial landscape and are educated to be so. Are your ready to help us pick up the stone and spread the rings?

 

Follow the Meeting via #CYFIEurope, and tune in for the live streamed closing speech by Mr. Mario Draghi, European Central Bank President.

 

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Financial Football Brought Policymakers and Youth together in Bogotá

Financial Football Brought Policymakers and Youth together in Bogotá

BOGOTÁ, COLOMBIAFinancial Football was one of the items on the agenda as the first day of the Fourth Latin American Congress of Financial Education by FELABAN /Second CYFI Regional Meeting for the Americas and the Caribbean took off. Leaders and policymakers from a variety of sectors got together to share innovations, ideas and collaborate on financial education and inclusion for children and youth. Some of the topics discussed where how to promote responsible consumption and sustainability for the next generation.

It was with an electric atmosphere that the first day of the Fourth Latin American Congress of Financial Education by FELABAN and Second CYFI Regional Meeting for the Americas and the Caribbean came to an end. Participants from a wide arrange of sectors in the region, such as financial institutions, Ministries of Finance and Education, NGO’s, foundations as well as leading researchers got together in Bogotá, Colombia. Topics discussed during the day included Responsible Consumption and Sustainability, Behavioral Economics, the Landscape of Financial Education and the role Mass Media can play in this as well as experiences on Financial Education. The participants had gathered to network, collaborate and share innovations and opinions on the topics of financial education.

One of the most memorable sessions of the first day was the “Financial Football”; a game of questions between two countries, played in the atmosphere of a football game. Two teams squared off: Columbia (the host country) and Chile (who not coincidentally will be facing off again Columbia today for a World Cup qualifying match). After a succession of questions; “What is the role of the World Bank?” and “What is the difference between fixed and variable interest rates?” Chile was poised for a shot. After a quick response Chile’s shot was on target but a correct response to another difficult question about derivatives by the Columbian Goalkeeper kept the ball out of the net.

The Columbians started the second half with the ball and, after a series of correct answers were in the Chilean box. An excellent shot based on currency fluctuations was on goal, and while the shot appeared to be blocked by the Chilean goalkeeper, a controversial goal was nonetheless awarded. The game ended with a 1-0 Columbia win. There was much good natured taunting and ribbing by the winning team and the teams left to Plenary room together in smiles. It was a fantastic match.

The meeting serves as a true milestone for youth financial inclusion and economic citizenship in the region of the Americas and Caribbean.  With the collaboration between FELABAN, ASOBANCARIA and CYFI, this unique meeting is 2013’s biggest event dedicated to youth financial education in the region. The meeting gives children and youth the opportunity to express their own opinions and needs to the attending high level policy makers and leaders.  

About the FELABAN Latin American Congress on Financial Education

The Latin American Congress of Financial Education is an initiative of the Latin American Banking Federation (FELABAN), which in 2013 has the support of the Association of Banks of Colombia (ASOBANCARIA). In 2013 FELABAN, ASOBANCARIA and Child and Youth Finance International decided to join efforts to host a joint event which represents the largest regional gathering of its kind. The objective of the CLEF 2013 is to allow stakeholders to share knowledge on public-and private partnerships and multilateral organizations approach financial education and the challenges posed by technological innovations in financial products and services to deepen financial penetration and reduce informality. 

 

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'Partnerships Against Poverty' goes beyond Summit as CYFI Partner with Microcredit Summit Campaign

'Partnerships Against Poverty' goes beyond Summit as CYFI Partner with Microcredit Summit Campaign

Microcredit Summit Campaign and Child & Youth Finance International Partner to Fight Poverty and Promote Financial Inclusion for Millions

11 October 2013

AMSTERDAM, THE NETHERLANDS/WASHINGTON, D.C., THE UNITED STATES – In a commitment to bring about financial inclusion and facilitate the journey out of poverty of children, youth and their families in some of the world’s most vulnerable communities, Microcredit Summit Campaign and Child and Youth Finance International (CYFI) are entering a partnership. The partnership acts to strengthen the work of both organizations, and together they aim to give families and their children and youth the tools to lift themselves out of severe poverty and indebtedness. The two organizations have separate, but complementing, goals of financial inclusion and poverty alleviation. 

The objective of a partnership between Microcredit Summit Campaign and CYFI is to strengthen the goals of both organizations and make microfinance more inclusive to children, youth and families; identify and reach out to children in the most vulnerable communities; and combine both organizations’ resources to reach out to as many young people and their families as possible. 

Jeroo Billimoria, Founder and Managing Director at CYFI, expressed her enthusiasm for the partnership declaring:

“We are eager to join this global movement to demonstrate with others the power of partnerships against poverty and also to inspire new collaborations with those committed to supporting the movement of millions out of severe poverty.”

Microfinance Summit Campaign Director Larry Reed was equally enthused, stating:

“I am pleased to confirm that the Microcredit Summit Campaign supports the core values of Child and Youth Finance International (CYFI). With this commitment, we express our intent to advance these principles within our sphere of influence, and will make a clear statement of this commitment to our stakeholders and the general public.”

The similarities between the organizations and their respective goals make them natural partners and their partnership allows a combining of innovations and resources to achieve their ultimate goal of helping vulnerable children and youth. The Microcredit Summit Campaign’s two goals are to reach 175 million of the world’s poorest families (defined as those who live on less than US$1.25/day) with microfinance and to help 100 million families lift themselves out of severe poverty. Similarly, CYFI recognizes that, “1 billion of the world’s children are living in poverty. Repercussions of poverty are decreasing education and healthcare and increasing instances of homelessness and abuse.” To tackle this issue, CYFI aims to reach 100 million children and youth in 100 countries with access to financial education and appropriate financial services by 2015.

In addition to a shared commitment to combine innovations and resources, both organizations will streamline dimensions of their data collection to build a globally integrated data set. The Campaign will incorporate child and youth-inclusive indicators in the Institutional Action Plan, through which the Campaign collects client outreach data each year, and will make that data available to CYFI. In exchange, CYFI will include the collection of client poverty measurement data from partners in its annual data collection process and share the data with the Campaign. 

Partnership Officially Declared During “2013 Partnerships against Poverty Summit”

The partnership will be solidified through CYFI’s involvement in the 2013 Partnerships against Poverty Summit, co-hosted by the Microcredit Summit Campaign and the Microfinance Council of the Philippines, Inc., which will take place in Manila, Philippines, October 9-11. The Summit event will specifically focus on cross-sector collaboration, a topic well in line with CYFI efforts. During the Summit, CYFI will be leading two sessions on “How Can Microfinance Be More Inclusive to Children and Youth?” and “Child and Youth Finance as a Catalyst to National Collaboration.” The first session looks at the deeper burning issues in child and youth microfinance and supplies participants with concrete case studies on effective child and youth finance programs. The second CYFI session will focus on presenting a structured way to achieve integrated national-level initiatives on the importance of economic citizenship education, financial education, and livelihood skills as well as sharing best practices and cross-sector strategies for future regulatory synergy for financially inclusive initiatives. 

 

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About the Microcredit Summit Campaign

The Microcredit Summit Campaign (the “Campaign”),  a project of RESULTS Educational Fund, is the largest global network of institutions and individuals involved in microfinance and is committed to two important goals: 1) reaching 175 million of the world’s poorest families with microfinance and 2) helping 100 million families lift themselves out of severe poverty. The Campaign convenes a broad array of actors involved with microfinance to promote best practices in the field, to stimulate the exchange of knowledge and to work towards alleviating world poverty through microfinance.

About Child and Youth Finance International (CYFI) and the Movement

CYFI is a non-profit organization that aims to increase financial inclusion and financial education for children and youth, and ultimately break the cycle of poverty and indebtedness. The global Movement of CYFI was launched in 2012 and targets to reach 100 million children in 100 countries by 2015 with access to appropriate financial services in combination with the knowledge and skills to operate these through financial and social education. Together with over 1000 partners and stakeholders the CYFI Movement works towards reducing financial vulnerability, increasing financial responsibility and make sure that the adults of tomorrow are equipped to lead financially stable and responsible lives. 

 

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Raising to Reshape Finance! CYFI in Skoll Social Entrepreneurship Fundraising Challenge

Raising to Reshape Finance! CYFI in Skoll Social Entrepreneurship Fundraising Challenge

Today, September 30th at 12 PM EST (4 PM UTC) is the start of the Skoll Social Entrepreneurship Fundraising Challenge and we are very excited to announce that Child and Youth Finance will be participating with our own fundraiser. By entering this challenge we hope to raise funds to further us and our partners in our work towards bringing the Child and Youth Finance Movement to our goal: increasing economic citizenship and financial inclusion for 100 million children and youth in 100 countries by 2015, and ultimately reshape finance and break the cycle of poverty. We want to ask you to help us Raise to empower funds for the Skoll Challenge - Every contribution makes a difference! We urge you to spread the message of the Challenge through your network to support the Movement in its efforts to reach 100 million children and youth with our cause.

Visit our fundraiser here

What is it?

The Challenge is a fundraising campaign being launched by the Skoll Foundation. The Challenge is held in partnership with The Huffington Post, and is committed to strengthening the fundraising capacity and growing the profiles of social entrepreneurs participating. The challenge is being held via CrowdRise, an online fundraising platform. It makes it extra exciting that The Skoll Social Entrepreneur Fundraising Challenge it is the biggest CrowdRise Challenge ever! 

 

General information 

The Challenge will go on from September 30th until November 22nd and several bonus challenges will be announced during its course. Stay tuned on our social media channels Facebook and Twitter for updates about these.

Payments - Donations can be made using a Visa, MasterCard or Amex and all donations are processed in US dollars. Conversion to local currency from international donors is done automatically in the processing of the credit card. There are no extra charges that we or the credit card processors charge. It's all built in and doesn't change depending on card type. Every donor gets an email receipt after they donate and that receipt meets all IRS requirements as a record of a donation (US).

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Youth Spoke to Leaders and Policymakers during last day of CYFI Africa Meeting

Youth Spoke to Leaders and Policymakers during last day of CYFI Africa Meeting

The last day of the CYFI Regional Meeting for Africa started off with celebratory spirit as Global Money Week, and how to celebrate it was presented. Global Money Week is a global event of national initiatives coordinated by CYFI focused on engaging children in learning how money works, how to save, creating a livelihood, gaining employment, and becoming an entrepreneur. CYFI shared a toolkit for supporting national stakeholders that outlines the details of joining, designing and organizing initiatives for the upcoming Global Money Week celebrations in March 2014. The session was followed by workshops on the topics of Economic Citizenship Education, Sustainable Livelihoods and Youth Employment as well as Financial and Educational Services. 

A very inspiring and rewarding session of the day was the Child, Youth & Adult Policy Dialogue. The session focused on voicing the opinions of the youth participants from the region and gave the present leaders and policymakers first hand feedback on what the youth of the region really want and need with regards to child and youth finance.  The youth participants stepped up on stage in front of the African leaders and policymakers attending the meeting to present their own recommendations that they had during the course of the meeting in reference to three topics; the importance of encouraging savings habits, supporting youth entrepreneurship and the need for career guidance.

The first topic addressed was the importance and need for children and youth to have access to savings accounts and develop responsible money management skills. Their recommendations included the integration of economic citizenship education in the school curriculum, to help children and youth learn about how to manage money as well as the need for specially developed child and youth friendly savings products. For sparking and supporting the African youth entrepreneurial spirit, the second topic of the session, they suggested dedicating funds for financing youth enterprises, introducing and reviewing employment policies for youth on a national level, as well as developing youth-enterprise competitions at schools. Lastly, the need for career guidance was addressed. The youth participants asked for schools to develop career guidance’s programs for advising youth in shaping their career path as well as organization of career days, involving universities and labor associations. 

The meeting was concluded with a closing ceremony. The chair of the ceremony was Dr. E.D. Wala Chabala, CEO of the Securities and Exchange Commission (SEC). Mr. Daniele Scauso spoke on behalf of CYFI, stressing the hope that CYFI will be able to call stakeholders from Africa to develop collaboration and actions towards Economic Citizenship Education and Financial Inclusion for the children and youth of Africa. On behalf of the Zambian Minister of Education, Mrs. Christine Mayondi, Deputy Permanent Secretary - Ministry of Education rounded off the two-day meeting by ensuring Zambia’s steps in building a population of capable economic citizens, which includes developing a national strategy that includes Economic Citizenship Education in school curriculums.

 

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Press Release: CYFI Regional Meeting for Africa

Press Release:  CYFI Regional Meeting for Africa

18 September 2013

FOR IMMEDIATE RELEASE

AFRICAN LEADERS, POLICYMAKERS AND YOUTH ASSEMBLE, TO ‘RESHAPE THE FUTURE OF FINANCE’ IN LIVINGSTONE, ZAMBIA ON SEPTEMBER 19-20 AT THE SECOND CHILD AND YOUTH FINANCE INTERNATIONAL REGIONAL MEETING FOR AFRICA

LIVINGSTONE, ZAMBIA - On 19-20 September the Second Child and Youth Finance Regional Meeting for Africa will be held in Livingstone, Zambia. The meeting will gather some of Africa’s top leaders and policymakers in financial inclusion and economic citizenship education as well as youth representatives. The leaders are expected to address cutting-edge and high-impact financial inclusion and economic citizenship education strategies and initiatives as well as to get insights from young people from across the region, under the theme of the meeting: “Reshaping the Future of Finance”.

Children and youth in sub-Saharan Africa make up 47.30% of its population. However, only 16.8% of those between ages 15-25 hold accounts at formal financial institutions. Similarly, many children in the region lack access to financial education creating cyclical patterns of uninformed financial practices.
The Second Child and Youth Finance Regional Meeting for Africa will bring together some of Africa’s finest leaders of government institutions, international and regional bodies, academia and research, the IT sector, civil society, and non-governmental organizations to show their support for financial inclusion and economic citizenship education, and help the Child and Youth Finance movement’s progress. The meeting will have 165 participants from 22 countries. It is organized by Child and Youth Finance International (CYFI) and the Bank of Zambia, in collaboration with Security and Exchange Commission (SEC), Pensions and Insurance Authority (PIA) and CareersExpo Zambia.

The theme of the meeting is ‘Reshaping the Future of Finance’. In addition to the distinguished keynote speakers, action-oriented workshops and plenary sessions that will take place, a unique feature of the meeting will be the active participation of children and youth. Young people from across the continent will come to share their views on Child and Youth Finance issues and engage with delegates in panel sessions.

The event hashtag for the Second Child and Youth Finance Regional Meeting for Africa is #CYFIZambia .

Previous CYFI Regional Meetings in Africa

The First Annual CYFI Regional Meeting for Africa took place in Abuja, Nigeria, in October 2012. It was held under the distinguished patronage of Mallam Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria, and jointly organized by the CYFI Secretariat, the Central Bank of Nigeria and the German Development Cooperation (GIZ), Nigeria. Participants from 19 African countries participated in this groundbreaking event.

About the Child and Youth Finance Movement

CYFI is a non-profit organization established in July 2011 in Amsterdam, The Netherlands. It launched the global movement in April 2012. CYFI focuses on increasing financial inclusion and financial education for children and youth, so that every child can graduate from primary school with financial education and a savings account which they can own and operate. Its target is to reach 100 million children in 100 countries by 2015.


More information about CYFI is available via  www.childfinanceinternational.org


Media contact information
For more information contact:
Robin Willing
Director of Communications
Child & Youth Finance International
+ 31 20 520 3900
This email address is being protected from spambots. You need JavaScript enabled to view it.

You can also visit the CYFI social media channels and the dedicated CYFI Africa Regional Meeting website for the latest updates and information.


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Young people: access to finance using branchless banking


Walk down any street in Nairobi, Dar-Es-Salam, or Cairo or in a small African town it seems everyone, including teenagers, has a phone to their ear.  Indeed, for those 18 and under, few have known a world without mobiles. Not surprising school age boys and girls (5-14), teens (14-18), or young people entering the labor force or tertiary education (over 18), are seen as a potential new market for the provision of financial services.  While recent experimentation in this space has focused on savings, there is growing consensus that young people should be able to access a full range of financial services, with the priorities changing as they advance in their life cycle. Not only are youth savings and youth financial education hot topics in the financial services space but there is also a growing recognition that young people have money, and technology based financial services offer a gateway for their financial inclusion. 

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On Financial Knowledge and Financial Behaviour: Why we need the courage to walk the extra mile

Imagine you teach your child how to ride a bike. You will tell her or him what to do: Keep the balance, push the pedals, and steer into the right direction. If your kid has understood this information she will in theory know how to ride a bike, but it is very likely that she will try and fall a couple of times before finally making their first hundred meters safe and sound.

 

Learning how to deal with personal finances works in a similar way like learning how to ride a bike. The mere knowledge about how to handle money... 

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Newsletter February 2013

Let's take a look on CYFI's activities last month and see what exciting events are going to happen during March ! 

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Newsletter January 2013

What an eventful year 2012 has been for the Child and Youth Finance Movement!
Let’s take a look at some of the highlights from last year...

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Welcome to your monthly update from Child and Youth Finance International (CYFI)

Volume 3, Issue 1

   

A Look Back at 2012

What an eventful year 2012 has been for the Child and Youth Finance Movement! Many thanks to our partners and supporters who have helped us complete a successful year and brought us much closer to reaching our target of 100 million children in 100 countries by 2015!

Let’s take a look at some of the highlights from last year...

Child and Youth Finance Day and Week

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