Developing The Next Generation of Economics Citizens

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211
Developing the next generation of

economic citizens: financial inclusion
and education for children and youth
JEROO BILLIMORIA, JARED PENNER and
FLOOR KNOOTE
In order for young people to achieve their potential as empowered and engaged economic
citizens, they must have access to safe and appropriate financial services and quality
financial, social, and livelihoods education. The Child and Youth Finance Movement
is uniting government authorities, financial service providers, academics, and youth
serving organizations from across the world to advance financial inclusion and economic
citizenship education at the global, regional, and national level. This article explains the
central components of the child and youth finance movement, examines the evidence base
for the movement’s Theory of Change and explores how various partners and stakeholders
in the movement are working to create an ecosystem for the next generation of economic
citizens.
Keywords: financial inclusion, financial education, children, youth
It’s no secret that young people are affected by the current economic climate.
Poverty, debt, and unemployment all affect children and youth, sometimes at greater
levels than adults. The UN Department of Economic and Social Affairs concluded in
2011 that youth (defined by the UN as people aged 15–24) are highly vulnerable in
the labour market as they are often the ‘last in’ and ‘first out’ when unemployment
issues arise (UNDESA, 2011). Official global youth unemployment stands at 12.6
per cent on average, representing 73.4 million individuals, with youth being three
times more likely to be unemployed than adults (International Labour Office, 2013).
In order to overcome the marginalization of children and youth in the economic
sphere, the international community must move to support their inclusion in
financial systems and equip them with the skills needed for sustainable livelihoods.
Access to child and youth friendly banking products and quality financial, social,
and livelihoods education have been highlighted by a number of leading global
policy makers and practitioners as key to the socio-economic empowerment of
youth and the development of their sense of economic citizenship. In addition,
research findings suggest that access to savings can have a positive effect on children
and, overall, research on the effects of economic citizenship education for children
Jeroo Billimoria is the Managing Director of Child & Youth Finance International (CYFI). Jared Penner
(jared@childfinance.org) is the Head of the Education Division and Floor Knoote is the Research
Coordinator at CYFI.
© Practical Action Publishing, 2013, www.practicalactionpublishing.org
http://dx.doi.org/10.3362/1755-1986.2013.020, ISSN: 1755-1978 (print) 1755-1986 (online)
September 2013 Enterprise Development and Microfinance Vol. 24 No. 3

FINANCIAL INCLUSION AND EDUCATION FOR YOUNG PEOPLE 205
http://www.developmentbookshelf.com/doi/pdf/10.3362/1755-1986.2013.020 - Wednesday, February 14, 2018 6:40:23 AM - Universitat Autonoma de Barcelona IP Address:158.109.94.211
and youth is encouraging. In addition, research in this field has indicated there
could be additional benefits to combining access with education (Sherraden and
Ansong, 2013).
A Child and Youth Finance Movement has emerged, bringing together financial
regulators, education authorities, multilateral institutions, financial service
providers, civil society organizations, and academics, each committed to increasing
financial access and education for young people. These important stakeholders
recognize that children and youth are important economic actors that need to be
actively engaged in the development of policies, programmes, and financial products
intended for their benefit. Therefore, children and youth, undoubtedly, remain
central stakeholders in the Child and Youth Finance Movement. The movement
has one central objective: increase the economic citizenship of children and youth.
This means giving all young people the knowledge to make wise financial decisions,
the opportunity to accumulate savings, and the skills to find employment, earn
a livelihood, and ultimately break the cycle of poverty. Promoting economic
citizenship in children and youth is essential to ensuring a financially literate
population, capable of making well-informed decisions and of lowering financial
vulnerability and risk.
Child and Youth Finance International (CYFI) was established in 2011 and is
charged with furthering this vision of economic citizenship by creating and dissem-
inating materials and research as well as growing the movement’s global network
of partners and stakeholders. In the effort to reach all of the world’s children and
youth, the movement has set its first target to reach 100 million children and youth
through financial inclusion and economic citizenship education by the end of 2015.
Through the combined efforts of the official partners and supporters of CYFI, the
movement had reached over 18 million young people by 2012 (Children, Youth
and Finance, 2012b). In order to reach the movement’s ambitious goals, CYFI is
supporting actions at the following levels:
• Global platforms. Placing the economic rights and economic citizenship of children
and youth on global development agendas; supporting policy innovation and
knowledge sharing throughout the global CYFI network; holding the annual
CYFI Summit and Awards Ceremony to bring policy makers, practitioners, and
youth delegates together to learn from each other and inspire new activities.
• Regional platforms. Holding stakeholder meetings and workshops through
regional events that strengthen collaborations between regional actors and
increase exposure for the Movement at the regional level.
• Country platforms. Supporting the development of national financial inclusion
and education strategies for children and youth, and the formation of a national
platform that engages relevant government, private sector, and civil society
representatives; coordinating the roll-out of national action plans for Child and
Youth Finance activities and the annual celebration of Global Money Week.
CYFI has developed a methodology for catalysing a shift toward the model of
economic citizenship. In this article we will summarize the development of our
framework for economic citizenship education (ECE), demonstrate the importance
Enterprise Development and Microfinance Vol. 24 No. 3 September 2013

206 J. BILLIMORIA ET AL.
of combining this holistic type of education with financial inclusion and finally
illustrate how the CYFI network creates a global platform to advance economic
citizenship for children and youth.
CYFI theory of change and the importance of economic citizenship

education (ECE)
Research has shown that financial services help young people best when these are
offered ‘in conjunction with non-financial services such as mentoring, financial
education, internship opportunities, health education, livelihood skills training,
and social asset building’ (SEEP Network, 2013). CYFI’s Theory of Change (Figure 1),
created through members of the CYFI Academic Working Group, combines financial
education with social and livelihoods education as well as financial inclusion in order
to increase the financial capability and socio-economic empowerment of children
and youth, ultimately leading to a greater sense of economic citizenship. Children
and youth are considered economically empowered when they have the knowledge
to make wise financial decisions, the opportunity to accumulate savings, and the
skills to find employment and earn a sustainable livelihood. ECE is therefore of the
utmost importance in ensuring young people have the means to improve their lives
and have access to financial services which may be beneficial for their development.
The CYFI Education Learning Framework for ECE was developed by the CYFI
Education Working Group, a network of international experts including the OECD,
UNESCO, UNICEF, Aflatoun, the Aga Khan Foundation, ChildFund International,
SURROUNDING ECOSYSTEM
Outcomes
• reduced poverty Economic
• sustainable economic citizenship
& social well-being
• sustainable livelihoods
• rights for self and others
Empowerment Socio-financial
capability
Financial Social and Financial

education livelihoods inclusion
education
Figure 1 CYFI Theory of Change

Children International, Junior Achievement, International Youth Foundation,

Making Cents International, Plan International, and World Vision. The Framework
provides a description of the essential attitudes, skills, and behaviours at various
levels of complexity in the development of children and youth, and is based on
the three main pillars of financial education, social education, and livelihoods
education. The central aim of the Learning Framework is to be used as a basis for
the development of curriculum content at the national level by either education
authorities or other youth-serving organizations offering educational programming.
Tables 1–3 provide a summary of the three interrelated modules of ECE.
Table 1 CYFI education learning framework for economic citizenship education: financial
education
Level Resources and Planning and Risk and reward Financial landscape
use budgeting
Level 1: Value of money, Prices and Consequences of Money in the
0–5 years saving and purchases of carelessness, saving community, under-
sharing things they want special items stand belongings
Level 2: Recognize Needs and The necessity of Choices on banks
6–9 years monetary wants, savings saving, rewards of and financial
symbols plan sharing services
Level 3: Different Budget for Risks and rewards Where to
10–14 years denominations, expenses, short- of various financial seek financial
be an informed vs. long-term products info, effects of
consumer planning advertising
Level 4: Financial Calculate Risk of default, Aware of financial
15+ years negotiations, spending impact of interest crimes, evaluate
purchasing capacity, rates, illicit activity FSPs, mobile
power financial goals banking
Source: CYFI, OECD Financial Literacy Framework 2012
Table 2 CYFI education learning framework for economic citizenship education: social/life skills
education
Level Cognitive skills Personal skills Interpersonal skills
Level 1: Identify emotions, Care for precious items, Express feelings,
0–5 years understand consequences basic health and safety understand compassion
Level 2: Basic children‘s rights, Can follow a daily plan, Respect for rules/
6–9 years respect diversity accepts responsibilities guidelines, listening skills
Level 3: Seeks information for Appreciation for Express opinions,
10–14 years independent thought lifelong learning, anger planning and teamwork
management
Level 4: Articulate rights, social Initiative in the Relationship building,
15+ years justice, community pursuit of goals, time leadership, negotiation
outlook management
Source: CYFI, UNICEF Life Skills Definitions 2011

Table 3 CYFI education learning framework for economic citizenship education: livelihoods
education
Level Career Entrepreneurship Securing Retaining
counselling employment employment
Level 1 & 2: Express career Identify Initiative in Teamwork,
<12 years interests, entrepreneurs performing following advice,
understand in community, tasks, problem avoid hazards
professions achieve goals solving
Level 3: Assess skills Identify Self-discipline, Perseverance
12–15 years and interests in opportunities, personal attention
related vocations develop action hygiene, paths to to detail,
plans employment communication
Level 4: Career goals, Entrepreneur Requisite skills, Customer
15+ years wages and or employee, preparing CVs, service,
salaries, capital needs, cope with management
networking marketing change skills
Social education (SE) is necessary to ensure young people are provided with the
knowledge and skills that will give them a clearer understanding and awareness
of their rights, as well as foster life skills. This way, SE not only helps to increase
financial capability among children, but also instils social values that help combat
the financial and social challenges young people face as they mature. Children
and youth can also benefit greatly by examining social issues alongside financial
education, such as the disparity between rich and poor, resource conflicts, the role
of marketing and consumerism in modern society, the human and environmental
impact of corporate irresponsibility, and the reality that moral behaviour and
economic success are not mutually exclusive.
Livelihoods education, on the other hand, focuses mostly on increasing entre-
preneurial and employability skills so young people can achieve sustainable
livelihoods in their communities. According to UNICEF, livelihood skills can
assist children with ‘income generation and may include: technical/vocational
skills (carpentry, sewing, computer programming), research skills, interview skills,
business management skills, entrepreneurial skills, and skills in managing money’
(UNICEF, 2011). These skills can bolster their employability when they are ready
to seek work.
Impact of ECE and future directions of research in the Child and Youth
Finance Movement
Even though financial literacy programmes have become increasingly popular
over the last several decades, the number of programmes and initiatives dwarfs
the existing research evaluating the results of these activities. In a Citi Foundation-
sponsored literature review of programming and research for child and youth
financial education and capability, the authors found that current programming

is most often characterized by paired financial products or services, utilization of a

variety of media, and integration with other development efforts such as microen-
terprise, life skills, or gender empowerment (CYFI, 2012a).
An essential question for the Child and Youth Finance Movement is, what effect
does economic citizenship education have on the standard of living for children
and youth? Standard of living can be broken down into general themes of outcome
variables including income poverty, asset poverty, economic engagement, social
engagement, sustainable livelihoods, social well-being, perception of rights, and
perception of responsibilities to others. These themes are then broken down into
specific outcome variables, such as career choice, academic achievement, savings,
confidence, and employment.
Financial education has been shown to have short-term benefits for children and
youth. Short-term adolescent effects of financial education on financial literacy,
financial decision making, earning and income, saving attitude and investing,
credit scores, and use of financial services, how to avoid debt, open a bank account,
write a cheque, and plan a budget have been identified, yet the methods used to
assess outcomes and the types of interventions varied in the studies (CYFI, 2012a).
In addition, research showed that a combination of social and financial education
has shown a significant impact on savings behaviour and savings attitude, such
as increasing savings rate, increased risk averseness, and a greater drive to become
financially independent (Berry et al., 2013).
By adding a dimension of development programming focused on social or
life-skills education, children can begin to see how their financial decisions and
economic issues fit within the community. The goal is to help them understand
the effects of marketing, consumerism, conflict over shared resources, economic
disparities, and other community concerns. In-depth programming on citizenship
and community responsibility is key to giving children and youth the vision of how
their actions can influence society and the economy.
However, the CYFI Academic Working Group acknowledges that work is needed
to clearly define and conceptualize, what is meant by social or life-skills education.
Additional studies are needed to examine the ways in which children successfully
develop a thorough understanding and active acknowledgement of their rights
and responsibilities, as well as those of their families and members of their larger
communities. Likewise, though it is an integral component of the ECE Learning
Framework, impact studies of livelihoods education for children and youth are still
scarce (CYFI, 2012a).
In addition, several methodological issues emerge when assessing the current body
of research on this field. Studies that evaluate these types of programmes often do
not separate the effects of multi-pronged approaches (such as those paired products
and services) and additionally focus heavily on the effects of savings accounts.
Also, these evaluations often lack rigorous study designs, such as random sampling.
Despite the weaknesses in the existing research, findings suggest positive and wide-
ranging correlative effects with financial education programmes. Similarly, financial
inclusion, or access to savings, has shown positive correlations with variables such

as expectations for the future, academic achievement, and even health outcomes
(CYFI, 2012a).
The movement must further assess the relative effectiveness of programmes
offering all three components of ECE, combined with financial inclusion.
Organizations like Junior Achievement (JA) Worldwide and Aflatoun provide an
example of developmentally appropriate materials that combine financial, social,
and livelihoods elements, using participatory methods to practise financial lessons.
JA emphasizes financial education coupled with entrepreneurship. For example,
the elementary school programmes have six sequential themes that help students
understand business and economics. Students begin the programme by learning
about the biography of the volunteers; then continue with the role of individuals
in the local economy; interdependent roles of workers in a community; careers
and how businesses contribute to a city; spending, sharing, and saving money;
relationship between the natural, human, and capital resources found in different
regions; practical information about businesses’ need for individuals who can
meet the demands of the job market; and finish with globalization of businesses
(JA, 2012).
Similarly, Aflatoun develops and disseminates their educational materials to
partner organizations and allows them to customize the materials and programmes
for their specific communities. This approach recognizes that a one-size-fits-all
model will not appropriately prepare children to engage with their local economies.
However, by delegating ownership, Aflatoun is able to maintain high standards for
the educational programming while supporting regional needs and customization.
Aflatoun’s method has enabled over 1.3 million children in 101 countries to receive
tailored financial and social education (Aflatoun, 2013).
Financial inclusion and capacity development

Combining livelihood, financial, and social education is a capacity-building
framework for a more empowering type of financial literacy. With it, children and
youth will understand economic issues in the context of their daily lives and will
be able to make more informed choices. However, this is only the foundation of
economic citizenship. Young people still need products and institutions that respect
their agency and knowledge.
The next step toward economic citizenship is to shape the economy such that
children and youth have the opportunity to put their lessons into practice in
an environment that is supportive and protective. Today, children, when taking
initiative for their financial future, face obstacles from both the commercial and
government sectors such as a lack of appropriate financial services, the risk of
exploitation, and legal independence. If the law or financial service providers do
not understand or support the unique financial access needs of children and youth,
young people will not be able to utilize their financial knowledge.
In the private sector, only a small minority of banks have comprehensive financial
access policies for children and youth, others mostly offer simple savings accounts.

This is often due to the challenges faced within the regulatory environment and
in the increasingly complex and competitive banking industry. According to CYFI
banking survey in 2011, the most frequently identified barrier to offering financial
services to young people was the existing regulatory environment (51 per cent),
incongruence of their strategic agendas (21 per cent), and a lack of financial support
(11 per cent) (CYFI, 2012b).
From government to government, the legal and regulatory landscape contains a
great deal of variety. In many cases, children are excluded from financial products
strictly based on their age and the laws regarding contracts. Of 33 countries studied
by CYFI and Clifford Chance, 21 countries had a minimum age requirement to open
an independent account of 18 or older. Such regulatory restrictions on opening bank
accounts leave millions of children and youth unbanked and saving non-formally.
Strict legal restrictions limit children’s access or alienate the youngest clientele
altogether. From that same investigation, 11 nations allow minors (generally 18
and under) to open independent bank accounts only with parental consent. These
countries represent a range of economies and include the United Kingdom, Sri
Lanka, India, Romania, and Russia (CYFI, 2010).
In addition to overt exclusion, policies that are initially intended to protect
children or protect against fraud may have unintended exclusionary consequences.
A common example is illustrated in an investigation done by Making Cents
International. They profile a child-accessible savings product that has ID require-
ments to ensure that adults weren’t abusing the system. However, the identification
scheme prevented young potential clients from accessing financial products and
services because most children and youth do not have IDs or birth certificates
(Making Cents, 2012).
Outside of government and the private sector, some regional complexities can act
as an obstacle to inclusion. According to the CYFI Banking Survey 2011 it was clear
that financial products were made accessible mostly through physical branches
(CYFI, 2012b). The lack of commercial banks in areas with poor infrastructure poses
a major obstacle to the financial participation of children and youth. The vast
majority of unbanked and impoverished young people live in rural areas where
there are no physical branches within walking distance. In such cases stakeholders
may need to invest in specific alternative solutions. With a simple change in service,
such as mobile banking, financial service providers can reach out to a larger number
of children and youth, particularly in distant areas, and potentially lower overhead
costs.
Fortunately, government officials and policy makers around the world are
recognizing the impact of early savings and financial education programmes on the
health of the economy and continue to push agendas for nationwide initiatives.
There are several brilliant examples that prove when banks and governments work
together it is possible to grow youth participation in a safe and supportive fashion.
Some banks in developing countries have created programmes that link children
and youth to financial services and begin building trusting relationships with the
younger generation.

Box 1 Case study: FeC, Paraguay and Kiddie Account Program, Philippines
FeC
Financiera El Comercio (FeC) is a financial institution which focuses on rural markets that, as
part of a joint effort with Aflatoun and Plan International (PI), has taken a leading role in the
development of financial education and inclusion initiatives for children and youth in Paraguay.
FeC has been a key stakeholder in coordinating efforts towards implementing a national
Paraguayan plan for financial education by working to involve the national Ministry of Education
and Culture and the Central Bank of Paraguay. In 2009, FeC and the Ministry of Education and
Culture of Paraguay signed a cooperative agreement that outlines a plan to implement a pilot
project in the Guaira Department. Together, these institutions have reached 30 public schools
and more than 2,000 children to date. The cooperative agreement was recently extended to
2015, with the aim of reaching 8,000 children and youth, 70 schools, 30 curriculum development
experts and more than 500 facilitators. The content of this pilot programme, which consists of
financial and social education components, was guided by Aflatoun and implemented by PI.
The goal of this project is to integrate, with the support of the Paraguayan Ministry of Education
and Culture, Aflatoun’s financial education and inclusion curriculum into Paraguay’s existing
national curriculum.
As part of their corporate social responsibility strategy, FeC and Aflatoun-PI have also
launched a weekly newsletter dedicated to the financial education of children and youth in
collaboration with Paraguay’s national newspaper, Diario ABC Color. This newsletter has a
circulation of over 40,000 copies a week, and therefore represents a valuable new resource
for the promotion and support of financial education and inclusion for children and youth in
Paraguay (CYFI, 2013).
Kiddie Account Program

In 2011, Bangko Sentral ng Pilipinas (BSP – the Central Bank of the Philippines) Governor
Amando Tetangco, Jr. launched the ‘Kiddie Account Program’ to promote the habit of saving
regularly among the 12 million Pilipino schoolchildren under the age of 13.
Because financial education is already integrated as part of the school curriculum, the
programme welcomes schoolchildren to open accounts specially designed by the BSP and
marketed by each bank participating in the programme. The account requires an initial deposit
of P100.00 (equivalent to US$2.50) and below at any of the banks’ head offices or 3,000
branches. The Banking Marketing Association of the Philippines collaborated with the BSP in the
development of this example of successful collaboration between public and private financial
actors. Each participating financial institution agrees to abide by a Code of Conduct. This Code
was drafted by the BSP, which is also responsible for ensuring compliance (CYFI, 2013).
Examples of this type are isolated, but they do not need to remain so. Moving
forward, we must work to establish national platforms to create policies that will
improve the development of financial programmes for children and youth while
ensuring the products are safe and child-friendly. Creating networks of financial
regulators, governmental and nongovernmental bodies interested in improving
financial literacy and participation, we can raise the standard across the board and
foster their growth globally.
Ecosystem for economic citizenship

It is welcome news to many that organizations and governments worldwide have
begun to serve children and youth through financial products and services, financial

literacy programmes, and youth entrepreneurship opportunities. The range of

initiatives alone demonstrates that economic development for children is a multi-
faceted issue where a variety of parties have something important to contribute. As
the number of initiatives multiplies, the time is right to unify the efforts of grassroots
and governmental organizations to make this a global policy issue.
Today CYFI works to mobilize and coordinate an array of organizations into a
child-centric ecosystem that supports economic citizenship education and partici-
pation. An ecosystems framework, in this sense, incorporates the broader atmosphere
within which children operate. The ecosystem approach includes economic
elements of Michael Porter’s economic ecosystem approach (Porter, 1980, in Bloom
and Dees, 2008) from the Harvard Business School but adds potential other players
from political, physical, and cultural environments (Bloom and Dees, 2008). For
that reason, CYFI’s partners include NGOs, government agencies, academics, and
financial service providers. Using a layered engagement methodology (Figure 2),
CYFI aims to ensure that the rights and interests of children and youth are protected
and that successes can be expanded to a wider audience.
Immediately surrounding the children and youth are the NGOs and educators
which are engaged in direct service provision. Through compiling, reviewing, and
analysing the theory and practice of direct services, these positive outcomes can
be replicated and used as inspiration for others to launch remodelled programmes
based on regional needs. To that end, CYFI promotes education materials, research,
and best practices in implementation. In order to assist with the development of
National and international

policy impact
Joint efforts
Direct service
Children and youth
Figure 2 CYFI ecosystem model for economic citizenship

economic citizenship programming, CYFI houses a database of curricula and assists

organizations with the selection and implementation of appropriate programming.
In the next layer, we partner with joint organizations to bring leadership to
the movement. Organizations like the OECD, the Mastercard Corporation, and
UNICEF as well as academic communities can provide guidance on developing and
promulgating a better pedagogical model, thus improving the impact of financial
inclusion and economic citizenship education implementations. For instance, we
have worked with this group to develop the CYFI Education Learning Framework
for ECE and the Child and Youth Friendly Banking Standards. The criteria for these
standards can be found below:
Child-friendly financial product requirements

Minimum institutional requirements:
• The financial institution is licensed under appropriate national laws and

regulations. The institution is in good standing with its national regulatory
authority.
• The institution is covered by a deposit guarantee scheme, if applicable, in the
country.
• The institution has a code of conduct with respect to children including staff
training and development programmes on how to interact with children.
Minimum product requirements:
• Non-discriminatory access to products.

• Maximum control by the child within the national legal and regulatory
framework.
• Net positive financial return received by the child.
• No penalty in case of withdrawals.
• No or minimal requirements with respect to initial opening deposits.
• No credit facilities (including overdrafts) related to product.
• Child-friendly (simple and transparent) communication surrounding the
product.
• Financial education component to the product.
In the last layer we find governmental and intergovernmental bodies. This sector
is charged with putting the goals of economic citizenship on national and interna-
tional agendas and subsequently establishing best practices across the world. Almost
all countries house financial initiatives for youth in some capacity and the first step
toward raising their profile within the country and region is to engage the national
authority to evaluate the efforts using a common framework. CYFI provides survey
materials to evaluate the child friendliness of products and services as well as
educational programming in accordance with the model of economic citizenship.
Once an evaluation of current programming has been completed, CYFI works
with the national authority to plan and implement a number of national initiatives,
including Global Money Week events and a national advisory committee to further

Box 2 Case study: Colombia

During Global Money Week 2013 in Colombia, more than 41,000 children and youth in 29
cities participated in a wide variety of educational and recreational activities related to saving,
such as workshops, theatrical plays, storytelling, graffiti art, music and dance, film, and savings
competitions. Events were held across the country, in schools, shopping centres, private sector
bank branches, and cultural agencies of Banco de la República.
Brian S.E. Mosquera, age 10, shared his experience as a workshop participant:
I am excited because Bancolombia came to school today, and that bank is good because you
can save money and record many checks.
Children and youth had the opportunity to open bank accounts with a 0 pesos minimum
initial deposit, guaranteeing their commitment to financial inclusion. A School Savings Bank was
opened in the classroom; at this bank, 9th grade students started saving coins daily, receiving a
certificate for each deposit. Rodolfo, the mascot of Banco de la República, also took part in the
celebrations by teaching children and youth about counterfeit money (CYFI 2013).
Box 3 Case study: Morocco

In 2012, Bank al-Maghrib (Moroccan Central Bank) launched a Global Money Week with
the theme of ‘Our Children Discovering Finance’ aimed at children aged 8 to 17 years. The
pedagogical materials covered the themes of insurance, banks, stocks, savings, money, and
regulators in simple language. The list of collaborators included the central bank’s governor,
Moroccan Federation of Insurance Companies, Board of Ethics for Securities, Ministry of
Economy and Finances, and CYFI. Together they were able to carry out activities in 16 regions
of Morocco and mobilize 300 trainers and 200 speakers. In total, they reached 20,000 children
from primary and secondary schools. Events like this are great catalysts for changing the
national dialogue (CYFI 2013).
advance projects within the country. Global Money Week is a cornerstone event,
the purpose of which is to bring national stakeholders together to discuss the topic
of child and youth financial access and education, as well as create awareness and
engagement with the general public, including children and youth.
It is essential that children and youth have a stake in this process as well. One
of the most dynamic opportunities for children and youth to voice their opinions
regarding economic issues is at the annual Y20 Youth Summits. These events are
premier international youth conferences that bring together young leaders repre-
senting the G8 and G20 nations to facilitate discussions of international affairs,
promote cross-cultural understanding, and build global ties. Organizations
contributed to the effectiveness and importance of financial inclusion through
speaking engagements and agendas during the Y20 in Mexico in 2012 and Russia
in 2013. Y20 delegates share their suggestions and overview with the G20 leaders to
further the Y20 Summit agenda. Granting such dialogue and participation, young
leaders can have the possibility to influence the G20 final Leaders’ Declaration.
At the most recent CYFI Youth Summit, which took place in May 2013 in Istanbul,
children and youth from across the world participated together in activities and
workshops on economic citizenship and finance. In total, 101 youth participants
were present from over 40 countries, ranging from 8 to 25 years of age. These

youngsters were given the exciting opportunity to speak directly to top-level

executives and government officials on the financial topics that matter most to
them, including: financial education, banking services, employment, entrepre-
neurship, and communications and technology. The youth participants presented
a number of policy recommendations to key stakeholders and policy makers in an
effort to change the financial reality for children and youth worldwide. Additionally,
a CYFI Youth Committee was formed during the Summit, which will be led by peer
regional representatives, to continue collaboration on finance-related activities and
engagement across the world.
Conclusion
Overall, this layered methodology aims to harmonize the efforts of all of the players
in the financial ecosystem of children and youth. Economic citizenship education
will not have traction without child-friendly products and services. Financial
products and services will not support the rights of children without effective
policy and research. Research and policy will not bear fruit without examples of
successful programme implementations. All of the players impacting the financial
ecosystem of young people as well as young people themselves must work together
on constructing a greater ecosystem for economic citizenship. The international
dialogue through partners and stakeholders in the CYFI network is the final step
in the process of making economic citizenship a reality for children and youth.
If young people can be empowered and equipped to take charge of their financial
futures, we anticipate a much brighter future for all ages.
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http://www.developmentbookshelf.com/doi/pdf/10.3362/1755-1986.2013.020 - Wednesday, February 14, 2018 6:40:23 AM - Universitat Autonoma de Barcelona IP Address:158.109.94.

Developing the next generation of

Keywords: financial inclusion, financial education, children, youth

September 2013 Enterprise Development and Microfinance Vol. 24 No. 3

Enterprise Development and Microfinance Vol. 24 No. 3 September 2013

CYFI theory of change and the importance of economic citizenship

Financial Social and Financial

Figure 1 CYFI Theory of Change

September 2013 Enterprise Development and Microfinance Vol. 24 No. 3

Children International, Junior Achievement, International Youth Foundation,

Enterprise Development and Microfinance Vol. 24 No. 3 September 2013

September 2013 Enterprise Development and Microfinance Vol. 24 No. 3

is most often characterized by paired financial products or services, utilization of a

Enterprise Development and Microfinance Vol. 24 No. 3 September 2013

Financial inclusion and capacity development

September 2013 Enterprise Development and Microfinance Vol. 24 No. 3

Enterprise Development and Microfinance Vol. 24 No. 3 September 2013

Kiddie Account Program

Ecosystem for economic citizenship

September 2013 Enterprise Development and Microfinance Vol. 24 No. 3

literacy programmes, and youth entrepreneurship opportunities. The range of

National and international

Children and youth

Figure 2 CYFI ecosystem model for economic citizenship

Enterprise Development and Microfinance Vol. 24 No. 3 September 2013

economic citizenship programming, CYFI houses a database of curricula and assists

Child-friendly financial product requirements

• The financial institution is licensed under appropriate national laws and

Minimum product requirements:

• Non-discriminatory access to products.

September 2013 Enterprise Development and Microfinance Vol. 24 No. 3

Box 2 Case study: Colombia

Box 3 Case study: Morocco

Enterprise Development and Microfinance Vol. 24 No. 3 September 2013

youngsters were given the exciting opportunity to speak directly to top-level

September 2013 Enterprise Development and Microfinance Vol. 24 No. 3

Junior Achievement (2012) ‘Elementary School Programs: Overview’ [website] <www.ja.org/

OECD (2012) ‘PISA 2012 Financial Literacy Framework’, [online] <www.oecd.org/pisa/

Enterprise Development and Microfinance Vol. 24 No. 3 September 2013

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