CYFI joins Canadians in Celebrating Financial Literacy Month

November is Financial Literacy Month in Canada with activities for people of all ages happening across the country to promote financial responsibility and financial well-being. Each week has a dedicated theme related to budgeting, saving, living within your means and knowing your financial rights and responsibilities.

Initiated by Canada’s Financial Literacy Action Group in 2011, Financial Literacy Month has now been established as an annual event by the Canadian Government. Last year, Financial Literacy Month involved hundreds of organizations by holding nearly 1500 seminars, workshops and other promotional events. Information about all of the events that are taking place, as well as the leading financial education resources available to all Canadians, can be found on the Canadian Financial Literacy Database. Many events are taking place over the month, including the Financial Literacy Research Symposium in Moncton

Supporting Financial Literacy

CYFI supports national initiatives to promote financial literacy and intergenerational dialogue on money matters, sustainable livelihoods and economic citizenship. This is done through Global Money Week our international conferences, workshops and publications. We are pleased to see the momentum that is building each year in Canada around Financial Literacy Month, involving many participants from the public sector, private sector and civil society. The themes that are promoted throughout the month are very much in line with CYFI’s thematic priorities in Economic Citizenship Education: planning and budgeting, understanding financial services, prioritizing spending needs and consumer protection.

Since 2012, CYFI has maintained strong relationships with the Financial Consumer Agency of Canada (FCAC) and the Canadian Foundation for Economic Education (CFEE), both members of Canada’s Financial Literacy Steering Committee. CYFI was honoured to take part in the Financial Literacy Conference in 2014 in Vancouver where Canada’s new Financial Literacy Strategy “Count me in, Canada” was officially launched, including a specific focus on tending to the financial needs of young Canadians.

Canada will also be well represented at the upcoming Global Inclusion Awards 2016, with FCAC nominated as a finalist for the CYFI Country Award – America’s & The Caribbean and CFEE and Care Canada each nominated as finalists for the CYFI Civil Society Achievement Award.

CYFI wishes Canadians much success during Financial Literacy Month and looks forward to continuing to support and document the exciting initiatives that are happening in the country to bolster financial literacy and further development the next generation of economic citizens.

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CYFI supports supports financial literacy in Colombia with YouthSave

Child & Youth Finance International was invited by the YouthSave consortium to present on SchoolBank during the official presentation of the YouthSave Colombia results.

CYFI’s Network Advisory Manager for Latin America and the Caribbean, Doran Oirbons, presented ways forward for Colombia to financially educate and include young people in the country. The YouthSave offers an outstanding occasion to engage the total financial sector in Colombia. The presentation and SchoolBank were well-recevied during the YouthSave event and CYFI are delighted to work with YouthSave on such a great opportunity.

The role of YouthSave

YouthSave was a five-year initiative to design and test the impact of youth savings accounts in Colombia, Ghana, Kenya, and Nepal. Between 2012 and 2015, over 130,000 youth aged 12-18 opened tailored savings accounts at YouthSave’s four partner banks - accumulating almost $US 1 million in savings. In addition, over 44,000 youth received direct financial education and 48,000 individuals were reached through community-level events.

In Nepal, a radio drama on savings reached an estimated listenership of 660,000. The project was an initiative of the YouthSave Consortium, created in partnership with The MasterCard Foundation, and led by Save the Children together with the Center for Social Development at Washington University in St. Louis, New America, and the Consultative Group to Assist the Poor (CGAP).

Analysing youth savings behaviour

To understand how young people saved over time and what influenced their savings behavior, YouthSave assembled the largest known database of demographic and transactional data on youth savers. The project also implemented the largest longitudinal, experimental study of its kind, examining the impact of the opportunity to open an account on the financial capability, cognitive functioning, health, and educational outcomes of young people.

Additionally, YouthSave analyzed the results of its financial education work in terms of changes in participants’ knowledge, attitudes, and behaviors related to saving, and used qualitative methodologies to explore young account holders’ subjective experiences of saving in order to identify what facilitated savings or presented obstacles. Aside from the multiple benefits related to youth financial inclusion and development goals, YouthSave also examined the business case for youth savings accounts from the perspective of financial institutions.

Read the full event report and find out more about YoutSave here.
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Children and the Financial Regulatory Landscape in Latin America

We are pleased to release the final version of the report on “Children and the Financial Regulatory Landscape in Latin America”, by Nohora Forero Ramírez, Floor Knoote & Sofía Ortega, of the Central Bank of Colombia and Child and Youth Finance International (resp.).

This document presents and analyses the findings of a survey released by CYFI in the first semester of 2014, which was disseminated among the regulatory authorities in the region of Latin America. It gathers information on countries in the region, on financial inclusion policies and financial and consumer protection regulation targeted towards children and youth. Results suggest that there is a great diversity in approaches to financial service regulation the lower age segments in the region and young people are rarely seen as independent economic actors. This study is a collaboration between CYFI, Association of Supervisors of Banks of the Americas and Banco de la República (Central Bank of Colombia). CYFI aims to replicate this study in the other regions in order to present a global analysis.

You can view the full publication here.
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