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Childrens Saving Accounts

Event Summary: Financing College Success

May 31, 2012
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Thursday, May 31, the Asset Building Program hosted an event Financing College Success: Innovations to Promote Readiness, Access, and Completion. We were particularly excited to host Martha Kanter, Under Secretary at the U.S.

Special Announcement: ED to Fund College Accounts for Low-Income Kids

May 31, 2012
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The Education Department just announced a new College Savings Account Research Demonstration Project, which will be implemented within the GEAR UP Program. The demonstration will test the effectiveness of pairing federally-supported college savings accounts with GEAR UP activities against just GEAR UP activities. They will initially allocate $8.7 million worth of funds that are already appropriated to support the demonstration.

Event Thursday: Financing College Success (with Special Guest Speakers)

May 30, 2012

While a lot of people are off relaxing for the Memorial Day week, we’re in the midst of one of our busiest weeks in a while. Hot on the heels of today’s inequality event we’re really pleased to be hosting another exciting event tomorrow, May 31st.

Building Communities of Practice – the recent “Innovations in Youth Savings” workshop in Colombo, Sri Lanka

May 30, 2012
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By: Ryan Newton, Women’s World Banking; Oshala Bandara, Hatton National Bank

Cross-posted on YouthSave.org

Around the world, girls as young as 10 years old accumulate money regularly, manage it actively, and want a safe place to save it. Unfortunately, financial institutions are traditionally oriented towards adults as customers and do not see youth as a viable target market. In an effort to shift the status quo, Women’s World Banking (WWB) joined 12 financial institutions in Sri Lanka last month to ensure that youth have access to comprehensive savings programs during its first international “Innovations in Youth Savings” workshop. Mary Ellen Iskenderian, President and CEO of Women’s World Banking, says that, “girls have been left behind in so many ways, including not having a way to build savings in their own name.” To address this issue, Ms. Iskenderian mentioned that, “Women’s World Banking is committed to helping financial institutions design savings products for young women and girls because we know that the development of saving and financial management skills will lead to an increased tendency among girls to pursue higher education, create businesses of their own, marry at a later age, or become property owners – all of which have broader implications for reducing poverty.”

EVENT: Making Savings Work for the Poor - What We Know, What We Don't, and Where We're Headed

May 31, 2012
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On Tuesday, June 5th, the Global Assets Project (GAP) will be part of a three day discussion on savings for the poor. The webinar, hosted by Microlinks will address three questions that are at the heart of the savings field: where are we now? What is working and why? Where are we headed?

The Case for Extending Financial Inclusion to Children

  • By
  • Terri Friedline,
  • New America Foundation
June 1, 2012

Children are significantly more likely to maintain a relationship with financial institutions and have greater financial assets later in life when they own a savings account earlier in life. However, some children gain access to savings accounts while others do not—an inequity that tends to be based on parents’ socio-economic status. This paper explores the case for extending financial inclusion to children by improving access to basic financial services.

Towards a New Model for International Research Collaboration: Reflections on the April YouthSave Research Advisory Council Convening and Symposium

May 16, 2012
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By Julia Stevens and Li Zou, Center for Social Development

Cross posted on YouthSave.org

On April 17, 2012, a Symposium on International Research and Innovation at Washington University in St. Louis highlighted the experiences and insights of the international research partners in YouthSave. The event, which was hosted by the Center for Social Development at Washington University’s Brown School, drew an engaged audience of students, researchers, and program representatives with interests in international research and collaboration.

Savings Song Launches YouthSave's Financial Education Workshops in Colombia

May 11, 2012
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By Alejandra Montes Saenz, Save the Children Colombia

Cross-posted on YouthSave.org

As part of the overall Financial Capability strategy for Colombia, Save the Children has conducted several launch events in the same schools where the implementation of the financial capability workshops will take place. The overall goal of these events is to gather the students, teachers and school staff and encourage them to start thinking about the importance of saving as a mechanism for young people to achieve their goals and dreams. We used ‘edutainment’ strategies—different forms of entertainment to deliver educational messages—to develop a fun and interactive design for the youths’ first encounter to financial capability topics, so that positive expectations could be built around the upcoming financial capability workshops.

Summarizing the Research: The Impact of Student Loans on College Graduation

May 9, 2012
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The topic of student loans is being debated in the Senate this week, with lawmakers on both sides of the aisle hoping to pass legislation that would curb rising interest rates. Without legislation, interest rates on federal student loans will double from their current rate of 3.4% to 6.8% beginning on July 1st. A recent article in the New York Times provides a good summary of this debate.

Evaluating School-Based Financial Education Programs: What Can We Learn from Field Evidence?

May 4, 2012
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Recently, I attended “Conversations that Build and Strengthen Youth Economic Opportunities” hosted by Making Cents International. The event featured Hidde van der Veer of Aflatoun, a Dutch NGO providing social and financial education to children, and Aishwarya Lakshmi Ratan of  Innovations for Poverty Action (IPA), an organization dedicated to discovering what works for the world’s poor. The speakers shared the preliminary results of their RCT evaluation of the efficacy of school-based financial education programs in Ghana, a country where YouthSave also operates. While their research measured only the short-term effects of these interventions, it nonetheless offers valuable insights into youth labor market participation, risk taking, and most importantly, savings behaviors and attitudes.

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