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economic citizenship in your countrydeveloping child and youth finance initiatives at the national level

Economic Citizenship in Your Country Developing Child and Youth Finance Initiatives at the National Level

2 Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level

Acknowledgements This manual was created based on the inputs and experiences of national authorities and international authorities

contributing to the Child and Youth Finance Movement. We would like to thank the Child and Youth Finance

International Regulation Experts Council and the many other contributing authorities whose efforts are helping shape the

international Child and Youth Finance Movement. Continuing such global and collaborative efforts will ensure that the

Child and Youth Finance Movement moves towards it goal of reaching over 100 million children in 100 countries.

National Authorities whose inputs and experiences have helped shape this manual

Austrian Financial Market Authority European Banking Authority

Bank Indonesia European Central Bank

Bank Negara Malaysia Federal Reserve Bank of Chicago

Bank of Estonia Federal Reserve Bank San Francisco

Bank of Israel Federal Reserve Board

Bank of Italy Financial Services Agency of Japan

Bank of Namibia Bank of Namibia

Bank of Spain National bank of India

Banque de France National bank of Mexico

Central Bank of Brazil National Bank of Moldova

Central Bank of Egypt National Bank of Poland

Central Bank of France National Bank of Slovakia

Central Bank of India National Bank of the Republic of Kazakhstan

Central Bank of Malaysia National Bank of the Republic of Macedonia

Central Bank of the Philippines National Credit National authority - South Africa

Central Bank of the Russian Federation Netherlands Authority for the Financial Markets

Central Bank of Turkey Palestine Monetary Authority

China Banking National authority Commission Polish Financial Supervision Authority

Commission de Surveillance du Secteur Financier - Luxembourg Reserve Bank of India

Dutch Central Bank Reserve Bank of Malawi

US Treasury

Economic Citizenship Education in Your Country: Developing Child and Youth Finance Initiatives at the National Level

Child and Youth Finance International TM 2012 Jeroo Billimoria

This work may be reproduced and redistributed, in whole or in part, without alteration and without prior written

permission, for non-profit administrative or educational purposes providing all copies contain the following statement:

Copyright 2012, Child and Youth Finance International. This work is reproduced and distributed with the permission of

Child and Youth Finance International. No other use is permitted without the express prior written permission of Child

and Youth Finance International. For permission, contact [email protected]

Economic Citizenship in Your Country - Developing Child and Youth Finance Initiatives at the National Level 3

Core Principles of the Child and Youth Finance Movement The Core Principles of the Child and Youth Finance movement are focused firmly on increasing the financial protection

and empowerment of all children and youth across the world. The Movement works to ensure that the human rights,

and in particular the economic rights, of children and youth are respected at all times. It builds upon the United Nations

Convention on the Rights of the Child and The Universal Declaration of Human Rights.

To that end, the Movement encourages the creation of systems in which the interest of children and youth are pushed to

the forefront, in which children and youth are recognized as important stakeholders whose financial safety must be

secured, and in which their risks of financial exploitation are minimized.

Endorsers and contributors to the Child and Youth Finance Movement subscribe to the principles of the Movement as

outlined below:

1. All children and youth have basic human rights and economic rights which must be respected by all institutions and

individuals , and have the right to build their assets and build a livelihood

2. Institutions must conduct their business in such a way as to protect children and youth, safeguard them from all forms

of exploitation, particularly financial exploitation, and always promote the best interests of children and youth

3. All children and youth- regardless of their nationality, ethnicity, religion, environment, ability, gender or economic

situation- deserve to have access to safe, appropriate financial services and quality financial, social and livelihoods

education designed for their benefit. Institutions and policies must ensure their best effort to ensure all children and

youth are included in these efforts

4. The movement is committed to ensuring that the experience of children and youth in social and financial enterprises

remain a positive, safe and ethically responsible way of generating income, developing valuable skills and creating

social impact. The Movement aligns its position to that of the UNCRC’s position which states that “no child or youth

must be exposed to work that is likely to be hazardous or to interfere with the child’s education, or to be harmful to

the child’s health or physical, mental, spiritual, moral or social development”1

5. The Movement will remain open and collaborative to all stakeholders, including children and youth. Contributors

within the Movement will engage in experience-sharing and collaboration with other contributors within the

Movement to share innovations and strengthen activities and knowledge within the Movement

The Child and Youth Finance Movement is committed to creating policies and conducting activities that are in accordance

with these principles and which will respect the human rights and economic rights of children and youth at all times.

Guided by these principles, endorsers of the Movement will work jointly to achieve the Movement’s goal of facilitating

financial inclusion and Child and Youth Finance Education for 100 million children and youth in 100 countries by 2015.

1 UNCRC (1990)


Executive Summary The Child and Youth Finance Movement was launched in April 2012 at the First CYFI Annual Summit with the

involvement of 346 senior level participants from 83 countries, including both adults and youth. The Movement was

created with one central objective: increase the economic citizenship of children and youth. This means giving all children

and youth aged 8- 18 the opportunity to make wise financial decisions, accumulate their savings, build a livelihood, find

employment and ultimately break the cycle of poverty. Having succeeded in spreading to over 100 countries and

reaching over 18 million children within a year of its launch, the Movement is well on its way to reaching its 2015 goal of

100 million children and youth and beyond.

Economic Citizenship in Your Country seeks to inspire how YOU as a national authority, governmental body, Ministry of

Finance, Ministry of Education, Central Bank, NGO, private-sector or concerned citizen can engage and collaborate with

other stakeholders in the effort to ensure that every child and youth becomes an empowered economic citizen of

tomorrow.

In the document you will find inspiring stories and examples from CYFI Partners and Network Participants from around

the world. These Partners explain how they got together to create national and regional platforms that raise awareness

and change policy and regulations that ensure no child is left behind. These stories demonstrate how schools, financial

service providers, governmental authorities, NGOs and other sector stakeholders all are taking the lead and participating

in diverse education and inclusion initiatives to teach children the skills and competences needed to become active

economic citizens.

This Document also outlines the resources available for you as a partner of the Movement, from the CYFI Secretariat.

There is a large pool of resources, publications, best practice frameworks, a pool of consultants, contacts and links to

NGOs and other partners which can help you evolve the activities you take in your country and communities.

The structure of this document is as follows:

Chapter 1: Introduction to Child and Youth Finance International: this chapter introduces you to the Child Youth Finance

Movement, including what it has achieved so far and its vision and mission for the future.

Chapter 2: Taking the Lead –this chapter is based on the power of partnerships and here, you will find case studies of

how stakeholders from various sectors around the world and how they are taking the lead in furthering Child and Youth

Finance initiatives. Learning from their experiences will hopefully help you shape your own ideas to start or evolve your

partnerships and programs.

Chapter 3: Child and Youth Finance Core Initiatives: this chapter outlines the core Child and Youth Finance initiatives

countries are currently undertaking and the best practice processes to take forward: A) Celebrating Global Money Week;

B) Creating a National Platform; C) Developing a National Child and Youth Finance Strategy; D) Integrating Economic

Citizen Education into the national curriculum; E) Financial Inclusion and access to financial products; F) Ensuring

Appropriate Regulatory Reform; G) Ensuring Technology Support; H) Establishing Academia Support.

Chapter 4: Moving Forward: this chapter provides a proposed framework for the implementation of Child and Youth

Finance Initiatives and an outline of the support provided by the CYFI Secretariat.

This document is the first in a series of publications which aim to facilitate all of you to reach the dream of every child

growing up to be an active economic citizen, it will be updated yearly to reflect accomplishments, highlight new

initiatives, and share success stories of the CYFI Movement.


Contents

Chapter 1 Introduction to Child and Youth Finance International 10

1.1 About Child and Youth Finance International 10 1.2 The Movement’s Roadmap 11 1.3 Activities within the Movement 12 1.4 Regional Platforms 18 1.5 Country Platforms 20 1.6 Innovation 20 1.7 Education and Inclusion 22 1.8 Publications 22

Chapter 2 Taking the Lead 26

2.1 The Power of Partnership 26 2.2 How You can be the change 28

Chapter 3 Core National Initiatives 34

3.1 Initiative A: Celebrating Global Money Week (GMW) 34 3.2 Initiative B: Creating a National Platform 37 3.3 Initiative C: Developing a National Child and Youth Finance Strategy 39 3.4 Initiative D: Integrating Economic Citizenship Education Into the National Curriculum 40 3.5 Initiative E: Financial Inclusion and Access to Financial Products 41 3.6 Initiative F: Ensuring Appropriate Regulatory Reform 42 3.7 Initiative G: Ensuring Technology Support 43 3.8 Initiative H: Establishing Academia Support 44

Chapter 4 Moving Forward 48

STEP 1: Mapping the Current State of the Art 48 STEP 2: Identify Intervention and Action Points 49 STEP 3: Creating the National Platform & Strategy 50 STEP 4: Implementation 50 STEP 5: Assessment & Review 51 STEP 6: Scale-up 51

Chapter 5 Conclusion 54

Glossary 55

Annexes 62

Annex A: Implementation Action Plan Framework 62 Annex B: Stakeholders Mapping and Evaluation Framework 64

Chapter 1

INTRODUCTION TO CHILD AND YOUTH FINANCE INTERNATIONAL


Chapter 1

Introduction to Child and Youth Finance International

1.1 About Child and Youth Finance International

Child and Youth Finance International (CYFI) leads the world’s largest Movement dedicated to enhancing the financial capabilities of children and youth. Launched in April 2012, the Movement has already spread to over 100 countries and has reached more than 18 million children.

The Movement leverages expertise and innovation from within its network of global organizations. Its partners and supporters include financial authorities and some of the world’s leading financial institutions, international NGOs, multilateral and bilateral organizations, foundations, renowned academics, and without a doubt, children and youth.

The Movement has one central objective: increase the economic citizenship of children and youth. This means giving all children and youth aged 8- 18 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.

1.1.1 RationaleChildren and youth are the future economic actors whose financial decisions will dictate the future of world economies. Providing young people with the economic and social environment to prosper and the competences (financial, social and livelihoods) to thrive has a meaningful impact on the lives of individuals and the communities in which they live.

Communities will benefit, as a new generation of financially capable children and youth grow up to be responsible investors and entrepreneurs. Such important skills and experiences of managing financial resources at an early age can allow for lessened financial vulnerability thereby reducing the risk of poverty caused by debt.

The recent financial crisis has highlighted the need for savings and prudent financial management for all persons. This is especially true for children and youth, who are a particularly vulnerable age group. Promoting a positive financial culture 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.

The Mission of Child and Youth Finance International is to empower all children and youth around the world, particularly those who are vulnerable and marginalized, by increasing their financial capability, enhancing their awareness of social and economic rights and improving their access to appropriate financial services so as to build their assets and invest in their own futures.

“Access to financial and social assets is essential to helping youth make their own economic decisions and escape poverty.” UN Secretary General Ban Ki-Moon in his letter to the First Annual Child and Youth Finance International Summit


1.2 The Movement’s Roadmap

Through a consultative process with the world’s experts in their respective fields, Child and Youth Finance International created a strategic roadmap to guide it towards fulfilling its goals and achieving its mission.

At the core of this roadmap are the different focus areas of the Movement. These reflect the Movement’s combined macro and micro levels focuses: building the necessary financial knowledge, skills on an individual level, and on reshaping systems on the macro level – systems including the financial, regulatory, educational, technological or otherwise.

The focus areas and the goals of each focus area are as follows:

Global Platforms Regional Platforms Country Platforms Innovations

Goal Place children and youth’s economic rights and economic citizenship on global agendas.

Goal Hold bi-annualregional meetings in order to increase collaboration among regional stakeholders.

Goal 100 countries have an action plan for Child and Youth Finance activities in their countries, and celebrate Global Money Week.

Goal Ensure the voices of children and youth are heard, and when possible, that their voices are spread through new and existing technologies.

Economic citizenship Education and Financial Inclusion

Goal 100 million children and youth have access to Economic Citizenship Education and appropriate financial products by 2015.

To ensure that these goals are achieved, partners of the Child and Youth Finance Movement have committed to create the necessary programs, provide necessary services and/or re-examine policies.


1.3 Activities within the Movement

1.3.1 Global PlatformsGlobal platforms refer to the activities of the Movement to coordinate global efforts and disseminate knowledge and expertise throughout the network, and leverage partnerships to reach maximum impact.

1.3.1.1 The 2013 Global SummitEvery year, Child & Youth Finance holds an annual Summit to bring together partners and stakeholders of the Movement. At these Summits, partners share experiences, create joint strategies and help shape the future direction of the Movement. The 2013 Child and Youth Finance Global Summit & Awards Ceremony was held in Istanbul and provided the Movement’s partners with the opportunity to reconvene and celebrate their accomplishments. 413 participants from 102 countries attended the Summit, including 101 children and youth.

The Summit served as a platform to explore emerging trends from the various regions, examine good practices, and develop collaborations that can drive the Movement forward. Crucially, the Summit provided a space for children and youth to voice their opinions on the financial issues most important to them, both in dialogue with each other and to policymakers. The Summit therefore proved to be an important milestone for the Movement, as it ensured the collaborative action and input necessary for the Movement to continue innovating to meet the needs of children and youth globally.

Key highlights of the 2nd annual Child and Youth Finance Summit and Awards Ceremony in Istanbul, Turkey included a letter of support from UN Secretary General Ban-Ki Moon, and speeches from distinguished leaders including the Deputy PM of the Republic of Turkey, H.E. Mr. Ali Babacan, the MasterCard Foundation’s Ms. Reeta Roy, and the Executive Secretary of the UN Capital Development Fund Mr. Mark Bichler, and UN Envoy on Youth, Mr. Ahmad Alhendawi.

In addition, young representatives of the Movement presented their recommendations to policymakers, and six categories of awards were presented to youth, organizations, and countries doing outstanding work in child and youth finance.Notable outcomes of the Summit included many commitments by participants in support of the Movement and its principles, as well as the sharing of best practices in Economic Citizenship Education, financial inclusion and Livelihood skills. Technological opportunities in the sector were discussed by experts, and the state of the Movement worldwide was presented by regional stakeholders. Regional sessions

were held to allow for the sharing of experiences and joint strategy-formulation by stakeholders from the same region. Regional meetings were planned as venues for the development of multi-stakeholder country and region platforms.

Crucially, international policy makers and leaders stressed the importance of supporting financial literacy and entrepreneurship to help both children and their communities.

1.3.1.2 Children and Youth’s Participation Linked to the annual Summit was the Children’s and Youth’s Meeting, which brought together 101 young people aged 8 to 18 from over 40 countries. Through a series of games and activities, they were able to share views about the financial issues that most mattered to them. They also had the opportunity to offer their own financial policy recommendations directly to leading policymakers.

The recommendations are outlined below:

1. Provide free financial education2. Schools and governments should help youth find appropriate work3. Follow existing models to promote savings4. Enable children and youth to save via mobile technology5. Support youth entrepreneurs

CYFI Summit 2012Representation by Region

Europe and Central Asia Latin America and the Caribbean Africa Asia and the Pacific Middle East and North Africa

4%13%

14%

22%

47%


CYFI Summit 2012 Representation by Sector

CYFI Children and Youth Summit 2012 Representation by Region

Financial Institutions/Banking Associations&Networks (I)NGOs National Authorities Bi- or Multilateral Institutions Researchers and Academics

Other

5%8%

10%

23%

26%

28%

6%

28%

14% 42%

28%

Global Money Week Celebrations

1.3.1.3 Global Money Week Global Money Week is a series of activities organized nationally and coordinated globally by the Child and Youth Finance Secretariat. The events raise awareness as to the importance of Economic Citizenship and actively engage children and youth on these issues. In 2012, 21 countries participated in Global Money Week, reaching 33,000 children. In 2013, the number

of countries taking part rose by 281% to 80 countries, reaching over 1 million children. 403 organizations were involved in organizing Global Money Week events. For many of the participating countries, the Global Money Week provided a platform for multi-sectorial national stakeholders to collaborate- many for the first time – on developing financial education and inclusion initiatives and policies in their countries.

Middle East and North Africa Latin America and the Caribbean Europe and Central Asia Asia and the Pacific Africa


Global Money Week Celebrations

Examples of activities that took place across the world during Global Money Week are described below:

Ringing of the NASDAQ stock exchange – Child and Youth Finance International was twice invited to ring the NASDAQ opening bell to celebrate Global Money Week in 2012 and 2013.

Visits to banks – Children and youth visited banks and other financial institutions to learn about how they work.

Visits to the stock exchange – Children and youth visited the stock exchange, with some of them ringing the opening bell to signal the beginning of trade!

Workshops and lessons in schools and centers – Children and youth enjoyed financial education lessons in schools and universities.

Talking to Central Bank Governors – Children shared their recommendations and opinions with the governors of their central banks.

(Web) Chat with policy makers – Children had the chance to discuss financial education and financial access with global policymakers.

Global web chat – Youngsters connected via web chats to share their experiences.

Debates – Debates on financial education, employment and enterprise took place in schools.

Visit to money museums – Money museums opened their doors to youngsters to teach them about money and its history.

Publications – Various publications to encourage children to learn about finance were made available in schools and libraries.

Contests and competitions – From poster-making contests to football competitions, children engaged in fun contests on topics of financial education and inclusion.

“ I have just realized that owning an account is not just for adults but for everyone who wants to have a secure future. I am going to open one so I can save all my coins for investment after school.” School-aged youth during Global Money Week


Theatre – youngsters expressed themselves through theatre and the arts on financial issues.

Financial education games – Team games took place for a fun way of learning about finance.

Radio talk shows – Radio was used as a medium to share about financial education and inclusion.

Book bank – Special book banks were set up to share publications on finance for children.

Folk Stories – Telling stories has always been an effective means of teaching. It was no difference with teaching financial matters.

Exhibitions – Youngsters had the opportunity to display their artwork and projects in interactive exhibitions.

Cartoons – Cartoons and comic books were used to communicate key messages to children and youth.

Youth budget to parliament – Children and youth presented their recommendations and input into the youth budgets of their countries.

Ensuring inclusion – All children were in included in financial education activities – no matter if they were street children, children in juvenile correctional centres or children from care homes.

Learning from the market – Children and youth carried out their own enterprises, with some presenting them to the central bank governor.

Other innovations and fun activities from across the world included jigsaw puzzles of banknotes, money magicians, face painting, financial mimes and famous bands singing about the importance of saving.

“ I couldn’t believe that we were talking to children in a different country who were doing the same things we were doing here! Even though I didn’t understand some of their words, I realized that they were learning about saving and money and that kind of stuff just like us here. I liked that we looked like we were on a TV show.” 6th grade girl, referring to the videoconference with children from Peru


1.3.2 Research and Policy

1.3.2.1 Support from the UN Secretary GeneralThe Child and Youth Finance Movement has enjoyed the support of the UN Secretary General. In his letter to the CYFI Annual Summit 2013, the UN Secretary General wrote: “Access to financial and social assets is essential to helping youth make their own economic decisions and escape poverty. I join you in celebrating the milestone of the Child and Youth Finance International movement now operating in 100 countries. I encourage you to exceed your target of providing 100 million children and youth with financial services that are both responsive to their needs and protective of their rights.”

1.3.2.2 Working with the G-20The Movement has also worked closely with the Mexican G20 Presidency on emphasizing the importance of financial access for children and youth. Paragraph 53 of the G-20 leaders declaration states “We recognize the need for women and youth to gain access to financial services and financial education.”

CYFI also played a facilitative role at the Y20 event in which children and youth also expressed their desire for increased financial education and financial inclusion.

1.3.2.3 Children, Youth and Finance Children Youth and Finance is the organization’s annual flagship document. It compiles data gathered from within the network to document the state of the Movement and provides an analysis of current trends and gaps which need be addressed. In its first edition for 2011, the document provided the baseline upon which the Movement’s outreach and impact will be measured in future years. In this first ever compilation, the data gathered showed that the Child and Youth Finance Movement had reached 18 million children in 2011.

1.3.2.4 Academic Documents In April of 2012 the Secretariat launched the academics-led review of literature examining the links between economic citizenship education and inclusion and how these impact empowerment of children and youth and their financial capability. The results of the review were encouraging and outlined the areas of work where further academic review and research must be undertaken. Successively, CYFI and the Centre for Social Development (CSD) published two research briefs on the Conceptual Development of the CYFI Model of Children and Youth as Economic Citizens and on Research Evidence on the CYFI Model of Children and Youth as

Economic Citizens , highlighting a clear mandate for moving forward the area of child and youth finance and recommending areas of future academic research.

1.3.2.5 Creating An Online Platform CYFI’s website was launched in 2012 and serves as a hub of information on activities, organizations and resources on financial topics for children and youth. The website currently houses over 600 resources ranging from academic papers, policy documents, discussion papers and news articles. Over 120 organizations are listed on the website, with details on the programs and services they offer which are designed to increase financial education and inclusion for children and youth. The website also features country pages. Displayed on each country page are CYFI’s partnering organizations who are working in that specific country, as well as information on the country’s policies on financial inclusion and education.

Recognition for the Movement

• Child and Youth Finance International spread the messages of the Movement by ringing the NASDAQ opening bell for two consecutive years to mark Global Money Week. This year’s bell-ringing ceremony was celebrated in collaboration with UNCDF.

• In 2012, Child and Youth Finance International’s Managing Director Jeroo Billimoria was awarded by the Union of Arab Banks for the achievements of the Child and Youth Finance Movement. Among the other awardees was Managing Director of the IMF Christine Lagarde.

• Child and Youth Finance International was listed in the Top 100 NGO list published by the Global Journal. It was also given the honor of “most promising NGO”.

• CYFI was a semi-finalist of the Mexico G20 Financial Inclusion Challenge: Innovative Solutions for Unlocking Access in the G20 competition. CYFI’s proposal, Schoolbank, was among the top 12 of 257 entries from 62 countries. As a semi- finalist, CYFI was invited to attend the high-level delegation meeting organized by G20 to mark the conclusion of Mexico’s Presidency of the G20.


Regional Breakdown at CYFI Regional Meetings

Europe and Central Asia Asia and the Pacific Americas and the Caribbean Africa Middle East and North Africa

15%

16%

16% 19%

34%

Industry Representation at CYFI Regional Meetings

(I)NGOs Financial Institutions/Banking Associations Bi- or Multilateral Institution & Foundations National Authorities Other Researchers and Academics

MENA

Europe & Central Asia

Asia

Americas

Africa

0% 20% 40% 60% 80% 100%


1.4 Regional Platforms From October to December 2012, Regional Meetings were held at the request of participants of the Child and Youth Finance Annual Summit. The meetings served to bring together diverse stakeholders from within each region to exchange expertise, form collaborations and bring forward regional-specific child and youth finance issues. Five meetings were held for each of the five regions in which the Movement works. In total, the Regional Meetings brought together over 800 senior level participants from 105 countries in the different areas of the world. The Meetings took place in Mexico, Belgium, Nigeria, Lebanon and the Philippines. Youth representatives were present at all the meetings and shared their feedback directly with the participants.

1.4.1 Americas and the Caribbean This meeting for the Americas and the Caribbean took place in Mexico in October 2012 as one of the activities within the framework of the Mexican G20 presidency. It brought together 132 participants from 17 countries. The Meeting was inaugurated by Mexican Minister for Youth Mr.Miguel Ángel Carreón and the Mexican Minister of Education Mr.José Angel Córdova Villalobos.

Key issues for the region included: Financial education for out-of-school children, the role of civil society in disseminating financial education, strategies for increasing financial access for children and youth and undertaking research and impact assessment on these issues.

1.4.2 Europe and Central AsiaThe meeting was held in Belgium in November 2012 and was hosted by the Financial Services Regulatory Authority of Belgium (FSMA). It brought together 130 participants from 36 countries. The meeting was inaugurated by HRH Princess Mathilde of Belgium. Giving introductory addresses were The Vice-Prime Minister and Minister of Finance of Belgium Mr. Steven Vanackere, and the Chairman of the Belgian Financial Services and Markets Authority, Mr. Jean-Paul Servais. President of the European Council, Mr. Herman van Rompuy, shared a video message in which he highlighted his support for the Movement.

Key issues for the region included: Tackling youth unemployment, integrating financial education into national curricula and creating pan-European strategies for financial inclusion and education for youngsters.

Europe and Central Asia AfricaAmericas and the Caribbean


1.4.3 Africa The first CYFI Regional Meeting for Africa took place in Nigeria in October 2012, under the patronage of Mr Mallam Sanusi Lamido Sanusi, the Governor of the Central Bank of Nigeria. CYFI’s Meeting was inaugurated by Deputy Governor of the Central Bank of Nigeria, Mr Tunde Lemo. The CYFI regional meeting brought 145 participants from 17 African countries.

Key issues for the region included: promoting youth entrepreneurship, increasing financial literacy in formal and informal education centers and stimulating increased financial inclusion for youngsters.

1.4.4 MENA The first Child and Youth Finance Regional Meeting for the Middle East & North Africa took place in Lebanon on November 2012, . The meeting was held as an integrated agenda with the Annual Summit of the Union of Arab Banks. The Regional Meeting was inaugurated by the Lebanese Prime Minister Mr. Najib Mikati and Minister of Justice in Lebanon, Mr. Shakib Kortbawi. The meeting brought together 350 participants from 15 countries to focus on expanding the Child and Youth FinanceMovement in the region.

Key issues for the region included: spurring economic growth and stability through tackling youth unemployment and increasing financial literacy at secondary schools, primary schools and universities.

1.4.5 Asia and the Pacific The Meeting for Asia and Pacific took place in The Philippines in December 2012 at the offices of the Central Bank of Philippines, where it was inaugurated by Mr. Amando M.Tetangco, Jr., Governor of Bangko Sentral ng Pilipinas. 90 Representatives from 20 countries were present at the meeting.

Key issues for the region in included: An emphasis on financial access through formal and informal banking, a desire for technological solutions to overcoming financial barriers and a focus on creating the necessary regulation for facilitating these efforts.

Africa Mena Asia and the Pacific


1.5 Country Platforms

CYFI facilitates collaborations between national stakeholders with the aim of creating national policies for advancing the financial capabilities of children and youth. As Economic Citizenship encompasses different groups of stakeholders, areas of expertise, and initiatives, developing a comprehensive approach which encompasses the various stakeholders involved is a difficult task for any government.

To help governments respond to these concerns, Child & Youth Finance International has developed the National Implementation Plan. This is the world’s first comprehensive plan on good practices of economic citizenship for children and youth, drawn from the experience of CYFI and CYFI partners. It offers a structured approach, in which objectives are set, concrete building blocks are chosen and a detailed implementation plan is developed to meet country-specific needs and circumstances for children and youth.

A National Implementation Plan ensures a centralized approach for the provision of Economic Citizenship. The Plan is also instrumental in involving multiple stakeholders and streamlining vision, efforts and resources. Examples of these collaborations in different countries include:

Chile- Prior to working with CYFI, representatives from various stakeholder groups in Chile were conducting separate efforts to address the different areas of financial education and financial inclusion for children and youth. During the CYFI Regional Meeting for the

Americas, the different stakeholders saw the opportunity to combine their efforts. They successfully carried out a Global Money Week event and created a national working group. The purpose of this working group is to create national and coordinated efforts for financial inclusion and access for children and youth in Chile.

Latvia - Representatives from the Central Bank of Latvia and the Financial and Capital Markets Commission decided to collaborate when they met at the CYFI regional meeting for Europe. They joined forces to reach out to the Ministry of Education and Science. Today, all are working collaboratively to create a national strategy for financial education and inclusion for children and youth.

Morocco - Representatives of national authorities in Morocco attended the first CYFI Working Group Meetings and were inspired to include Child and Youth Finance topics into their national strategy for education and inclusion. They formed a multi-stakeholder committee and organized Global Money Week activities. They went on to create a dedicated foundation for the development of a national strategy for Economic Citizenship Education.

Nepal - The Central Bank of Nepal attended the CYFI Annual Summit in 2012, where they had the opportunity to explore the activities of other countries in the region. As a result, the Central Bank of Nepal, in collaboration with UNICEF and UNCDF, organized a national multi-

“ What some of us don’t notice is that some parents aren’t even trying to teach usabout money. I think 8 is the right age for a child to have money. If a bankteaches a child to save that will grow our economy.” Child aged 16, participantat the Child and Youth Finance Annual Summit


stakeholder meeting to address Child and Youth Finance issues. Children were also invited to this meeting. The stakeholders launched a project to collect data on all banking products available to children in Nepal.

Zambia - In Zambia, the Financial Sector Development Plan was developed by the Central Bank and the Ministry of Finance to address financial education and inclusion for youth. In collaboration with Child and Youth Finance international, they also organized a national Global Money Week event which will become a yearly celebration in Zambia.

1.6 Innovation

1.6.1 Child and Youth Engagement As a Movement dedicated to children and youth, CYFI ensures that youth are offered a platform through which they can offer their inputs on the strategic direction and priorities of the Movement. The participation of children and youth is ensured through their attendance at the Annual Summits, as well as through CYFI’s dedicated platform financeandme.org . Through this, they are able to share their stories on entrepreneurship, employment and the other manners in which finance affects their day

“What some of us don’t notice is that some parents aren’t even trying to teach us about money. I think 8 is the right age for a child to have money. If a bank teaches a child to save that will grow our economy.” Child aged 16, participant at the Child and Youth Finance Annual

Summit to day life. Through social media platforms, they are also invited to share their opinions and thoughts, through direct interaction, polls and surveys. In 2012, children and youth offered feedback to the Basel Committee’s Core Principles on Banking Supervision through the online consultation process. This involved youth from 12 countries.

1.6.2 Technology Through technology, CYFI is examining how existing, new and innovative technology can be used to disseminate Economic Citizenship Education and facilitate financial access for children and youth. One such initiative is CYFI’s SchoolBank project. The project aims to provide safe, low cost and structured ways of saving for children and youth. It advocates applying mobile banking technology or branchless banking technology in creating access to formal channels of saving and using schools (or community centers, non-formal education organizations, etc.) in facilitating the provision of financial access and financial education.


1.7 Education and Inclusion

Financial inclusion and Economic Citizenship education are two themes which run across all the activities of CYFI. Financial inclusion refers to the Movement’s efforts to increase access to appropriate financial services for children and youth. Economic Citizenship has been defined by Movement partners as an education which combines social, financial and livelihoods components. CYFI places a great emphasis on ensuring that financial education and financial inclusion are simultaneously provided to young individuals in order for them to gain both the knowledge and experience of financial realities. 1.7.1 Child and Youth Friendly Banking ProductsCYFI brought together representatives from financial regulatory authorities and financial institutions to create the criteria for Child and Youth Friendly banking products. From these criteria, a product prototype can be created, which can be further modified by interested financial institutions. To date, 12 financial institutions have used these product criteria to create financial products for youth, mostly savings accounts.

The criteria are also used to assess the levels to which financial products are child and youth friendly. Those products which meet the criteria are provided a Child and Youth Friendly Banking Product Certification.

Additionally, via the Schoolbank project, CYFI is working with telecommunication agencies and mobile operators to explore the creation of web-based products that will allow the Movement to reach out to even the most marginalized child.

1.7.2 Economic Citizenship Education As a result of working group input, Economic Citizenship Education is defined by the Child and Youth Finance Movement as an education which combines:

• social education• financial education and• livelihoods education

The term “Economic Citizenship” emerged as a suggestion from members of the United Nations Committee on the Rights of the Child.

This concept evolved with the active participation of over 50 NGOs and Education Service Providers. Members of the CYFI Education Working Group, chaired by UNICEF and OECD, pooled their knowledge and shared their expertise to create the concept of Economic Citizenship Education. They have also created the

Economic Citizenship Learning Framework which details key learning outcomes that should be seen in various life stages of children and youth. This framework is used to:

• Guide governments, NGOs, schools and other service providers who wish to create curricula and programs of social, financial and livelihoods education.

• Allow for organizations who have existing programs to map their learning outcomes against those which are set out by the framework.

With these efforts, the Movement is ensuring a coordinated collaboration and a unified approach to Economic Citizenship Education globally.

1.8 Publications

In collaboration with partners within its network, CYFI has created a series of publications that help inform and guide the different efforts within the Movement.

1.8.1 National Implementation Plan A National Implementation Plan for Economic Citizenship for children and youth helps national stakeholders design the implementation of a joint strategy to increase Economic Citizenship for children and youth at the national level. The value of the Plan lies in its emphasis on initiative actualization at the national level, creating a multiplier which extends the scope of its benefits. Through a 6-step approach objectives are set, concrete building blocks are chosen and a detailed implementation plan is developed to address country-specific needs and circumstances for children and youth.

1.8.2 Economic Citizenship in Your Country This manual acts as a guiding toolkit for national authorities, governmental bodies, Ministries of Finance, Ministries of Education, Central Banks, NGOs or concerned citizens to engage and collaborate with other stakeholders in the effort to ensure that every child and youth becomes an empowered economic citizen. The document offers inspiring stories and examples from CYFI Partners and Network Participants from around the world about how they came together to create regional and national platforms that raise awareness and change policy and regulations to ensure no child is left behind.

1.8.3 A Guide to Economic Citizenship EducationThis guidebook features the Economic Citizenship Education Framework to guide the creation and assessment of education programs and curricula which are designed to increase the social, financial and livelihoods skills of youngsters. This Guidebook was


Coordinating this global Movement is the work of a dedicated Secretariat, based in Amsterdam. The Secretariat is responsible for promoting and furthering the Child and Youth Finance Movement by involving an increasing number of partners and contributors to the Network. It provides technical assistance for organizations wishing to implement or develop financial programs and services in their countries. The CYFI Secretariat does so by leveraging the expertise from within its network. Other duties of the Secretariat include certification of Child and Youth Friendly banking products, as well as Economic Citizenship Education assessment.

The Secretariat is made up of a young team, lead by leading social entrepreneur Jeroo Billimoria.

created for governments, NGOs, schools and other service providers to create curricula and programs of social, financial and livelihoods education.

1.8.4 Child and Youth Friendly Banking Discussion PaperUNICEF and CYFI co-produced a discussion paper titled “Beyond the Promotional Piggybank: Towards Children as Stakeholders.” The paper outlines some of the key challenges, opportunities and risks that major retail financial institutions in OECD countries can encounter when dealing with the segments of children and youth. The paper uses case studies to highlight the various facets of how a Child Rights Integration in Retail Banking could look like.

1.8.5 The Child and Youth Friendly Banking Product CertificateThe Child and Youth Finance Movement advocates for increased access to appropriate financial products for children and youth. This Certification Guide describes how to obtain a Certificate and is a guide for the individual(s) within the financial institutions who are involved in the creation and dissemination of products.

This manual was developed with the assistance of Deloitte, Houthoff Buruma and KPMG. The guide provides an introduction to the Certificate and its

potential benefits, outlines the Certificate Criteria and Control Framework, outlines the certification process and provides more details on the use of the Certificate.

The CYFI Secretariat

“Let me start by congratulating the Child and Youth Movement with its achievements so far. In a short amount of time, the Movement has grownsignificantly.” Herman Van Rompuy, President of the European Council

Chapter 2

TAKING THE LEAD


Chapter 2 Taking the Lead2.1 The Power of Partnership Partnerships make all the difference. Countries which have

undertaking a multi-stakeholder approach for Child and

Youth Finance activities have seen their partnerships

create a momentum for change, at often a surprisingly fast

pace. By bringing together the diverse expertise of national

and local authorities, NGOs, financial institutions/banks,

private sector, concerned citizens, and children and youth,

multi-stakeholder platforms evolve in which the various

partners can work together to coordinate their activities

and push for policy change. In this chapter, examples from

Mexico, Colombia, Nigeria, US, Netherlands, Turkey and

the Philippines are discussed and from these case studies,

we hope to inspire you to shape your own ideas and

evolve your partnerships and activities.

The first CYFI Regional Meeting for the Americas & the

Caribbean took place in Mexico in October 2012, and was

framed as one of the G20 initiatives of the Mexican

presidency. Organized with the support of the Ministry of

Finance and other national and regional stakeholders, the

meeting was inaugurated by the Mexican Secretary of

Education and the Secretary of the Ministry of Youth. It

brought together 132 participants from governmental

organizations, financial services providers, and NGOs. 17 of

the region’s countries were represented. In accordance

with one of the priorities of the G20 Mexican Presidency,

the importance of including children and youth in national

strategies for financial inclusion featured strongly in the

agenda of the event, thereby developing consensus among

participants and leading to the translation of this agenda

into a regional action plan for furthering Child and Youth

Finance in the Americas.

CYFI Regional Meetings have provided the opportunity for

stakeholder from different regions to meet and jointly

prioritize financial inclusion and education for children and

youth. The Regional Meeting for the Americas & The

Caribbean characterized the issue as a critical national

agenda point for almost every country in the region.

During this meeting, representatives of the Chilean

Ministry of Social Development’s FOSIS agency laid the

groundwork for a proposal that only months earlier would

have seemed impossible because the issue was not on the

table for so many countries. FOSIS recommended that the

Chilean Ministry of Finance and other National Authorities

support the establishment of a regional Technical

Secretariat for Financial Inclusion and Education with a

dedicated focus on children and youth.

In other areas of the world, the CYFI Regional meetings

have similarly provided a platform where country

partnerships can agree and publicly announce initiatives,

getting public support and spreading the ideas more

rapidly with other CYFI partners in the world as well.

At the 2012 CYFI Regional Meeting for Asia and the Pacific

in Manila the Philippines, Filipino banks introduced savings

products specifically designed by the Central Bank of the

Philippines as part of a national program to promote

savings habits among young citizens. The Central Bank

described how they met with children and youth from

primary schools around the country to present the

products and hear feedback from the children.

In November 2012, during the African CYFI Regional

Meeting in Nigeria, the Central Bank of Nigeria launched its

Financial Inclusion Strategy, which delineated a plan for

the integration financial literacy components into the

national curriculum, starting from primary school.

Like CYFI Regional Meetings, Global Money Week has

provided a coordinated activity for partnerships to start

and communicate the same message of Economic

Citizenship Education and inclusion. In Colombia, more

than 41,000 children and youth in 29 cities across the

country celebrated Global Money Week in Colombia in

2013. The activities were led by Banco de la República

(Central Bank of Colombia) and were coordinated by a

committee of national stakeholders, including Child and

Youth Finance International, Save the Children, SENA,

Asobancaria, and the ‘Finanzas para el Cambio’ program.

This was, by any standard, a large and successful

partnership.


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 centers, private sector banks 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 classroom; at this bank,

9th grade students started saving coins daily and 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.

In Morocco, 2012’s Global Money Week celebrations were

planned and implemented through the initiative of the

Central Bank of Morocco, and other national agencies and

authorities. Collaboration on GMW eventually led to the

creation of a Foundation for Economic Citizenship

Education. The Foundation is now responsible for

Morocco’s Economic Citizenship Education strategy. The

Foundation’s management is comprised of representatives

from National Authorities. It focuses on children and youth

as a discrete and decisive strategic market.

Another example hails from Turkey. Understanding the

value of sharing knowledge and best practices, the Capital

Markets Board of Turkey, supported by the Istanbul Stock

Exchange, and the Central Bank of Turkey (and many

international stakeholders) hosted the Second Annual

Child and Youth Finance International Summit and Awards

Ceremony in Istanbul on May 7-9, 2013. Representing

more than 100 countries, the Summit connects over 400

policymaking bodies, educational institutions, financial

services providers, NGOs, multi- and bilateral

organizations, and professional associations and sectoral

bodies. They are connected with each other, and, more

importantly, with the youth representatives from around

the world who also attend the event.

These examples, like the many more that follow

throughout this document, demonstrate the importance of

national and regional stakeholder partnership.


2.2 How You Can Be the Change Every organization can be an agent of change. Everyone

has a role to play in the partnership. By combining the

expertise and experiences of the different sectors, national

stakeholders are in a much stronger position to create the

necessary activities and policies to further the financial

inclusion and Economic Citizenship Education of children

and youth. By combining efforts, national partners stand to

maximize their resources and avoid the duplication of

efforts. In Italy, a consortium of the Italian banking

Association (Partner of CYFI), the Patti Chiari Consortium,

performed research to determine the number of

organizations engaged in promoting Economic Citizenship

Education for children and youth in Italy (see graph below).

The Italian data below provides an example of a situation,

present in most countries around the world, where

multiple stakeholders are involved in the provision of

Economic Citizenship Education and financial inclusion for

youth at a national level.

Here stands a prime opportunity for these national stakeholders to combine their expertise and create combined

national efforts.The number of organizations engaged in promoting Economic Citizenship Education for children and

youth in Italy

In this section of the document, we will look at different

types of stakeholders and how they took the lead and

made the difference in the Movement in their country or

region.

2.2.1 National Authorities taking the Lead National authorities bear a significant responsibility to help

empower children and youth by creating policies and social

conditions that ensure children and youth acquire the

requisite knowledge, skills, and competencies to be

empower economic citizens of tomorrow.

Zambia has been an active country for Child and Youth

Finance initiatives. Led by The Bank of Zambia, in

collaboration with the Ministry of Finance, national

stakeholders established the Financial Sector Development

Plan (FSDP) to coordinate initiatives to include Economic

Citizenship Education in the Zambian school system. In the

fourth quarter of 2013, Zambia will host the Africa CYFI

Regional Meeting, which will connect African CYFI partners

with each other and prioritize the issue in the region.

In Saudi Arabia, the Capital Market Authority (CMA) took

the lead and coordinates financial capability initiatives

through a broad series of schools and fairs. The CMA

promotes the “Smart Investor Program”: a national

program that promotes Economic Citizenship Education to

children and youth.

In Portugal, the joint efforts of the Central Bank of

Portugal, the Securities Market Commission, and the

Insurance and Pension Funds Supervisory Authority

launched a national Economic Citizenship Education plan

for children and youth.

In Bhutan, the Royal Monetary Authority(RMA) leads

national financial inclusion initiatives for children and

youth. For Global Money Week (more in section 3.1), the

RMA Governor launched an Economic Citizenship

Education comic book for primary-school children and for

high-school students. Together with the Bhutan National

Bank the primary objective of the campaign was to

educate youngsters about on roles and responsibilities of

central bank and the services and products provided by the

Schools

Insurances

Banks

Ministry Of Education

Others

Local government

Bank Foundations

Bank of Italy

Research Institute

Consumers Associations

PattiChiari Consortium


financial institutions. Financial literacy TV and radio

programs and music videos were also launched.

CYFI is currently collaborating with more than 125

countries with the aim of establishing similar multi-

stakeholder national platforms.

2.2.2 Civil Society taking the Lead In many countries in the world, it is the civil society

organisations (CSOs) that are taking the lead in Child and

Youth Finance initiatives. Such an example is Aflatoun, a

Netherlands based NGO that promotes social and

Economic Citizenship Education for children and youth.

Aflatoun works collaboratively with other sector

stakeholders and national governments on curriculum

development initiatives and to ensure that suitable

pedagogical materials are available for education

programs.

Aflatoun has developed a program that currently brings

social and financial skills to over 1.3 million children and

youth in more than 90 countries. Given the rights-based

nature of its program, Aflatoun works with governments as

partners or stakeholders with the aim to ensure that all

children have access to balanced social and Economic

Citizenship Education. The integration of Aflatoun’s

curriculum within public education systems, whether at

the local, regional or national level, allows governments to:

Provide a relevant, tested educational program for

children

Access a global network of private, public, and civil

society stakeholders

Share and learn from regional and global practices on

improving social and Economic Citizenship Education

Support the incorporation of child-centered teaching

approaches with the national school system

Aflatoun’s curriculum has already been nationally

integrated in Peru, and as an optional subject in schools in

Moldova.

The international NGOs supporting the CYFI Movement

play a significant role in taking the lead with National

Authorities and other stakeholders in developing and

implementing youth policies.

Junior Achievement’s (JA’s) network of 129 individual area

operations reach more than four million students in the

United States, with an additional 5.7 million students

served by operations in 122 other countries worldwide.

Since its creation in 1919, JA has impacted more than 105

million young people worldwide, with more than 71 million

students reached in the United States. JA promotes youth

economic development by combining Economic

Citizenship Education with livelihood education.

Plan International collaborates with CYFI and national

stakeholders in implementing financial inclusion for

children and youth around the world. In Egypt, for

example, there is an ongoing effort undertaken byPlan

Inetnational, CYFI, Egyptian Banking Institute – Central

Bank of Egypt, Gesellschaft für Internationale

Zusammenarbeit (GIZ), Aflatoun, and other local Egyptian

platform stakeholders to promote financial capability for

children and youth. Education is one of the most powerful

tools in breaking the cycle of poverty.

Every child has the right to education, but many children

are excluded because of high costs, language and cultural

barriers, geographical remoteness, or special needs.

Plan works to ensure free and equal access to quality

education at all times, including in emergencies, as well as

access to learning for young people so they can reach their

full potential.

Plan’s education strategy focuses on:

promoting inclusive, safe, healthy, child-friendly

learning environments

improving the skills of teachers

creating culturally relevant, gender-sensitive lessons

and offering essential life-skills training.

Strong support for the CYFI Movement also comes from

BRAC, with its many programs in the areas of livelihoods

education and social enterprise in Bangladesh. With

education programs in six countries, BRAC has built the

largest secular, private education system in the world, with

over 700,000 students worldwide enrolled in BRAC primary

schools. These schools are designed to give a second

chance at learning to the disadvantaged students left

behind out from the formal education systems. BRAC is

giving increasing attention to adolescent and youth as a

special group and offering life skills, livelihood and skills

development training, as well as saving and financial

services such as savings accounts.

Local NGOs also play a critical role in promoting Economic

Citizenship Education and financial inclusion nationally.

Sometimes they are working with INGOs but often, they

are working on locally developed initiatives and can

amplify their impact by joining the CYFI Movement

partnerships at country level. One example is the

contribution that Nigerian CSOs made to the national

financial inclusion strategy by establishing the Nigeria

Financial Literacy Initiative Forum.


The Nigeria Financial Literacy Initiative Forum

In Nigeria, the Central Bank of Nigeria had taken the lead

in the CYFI Movement by announcing a national objective

to increase the formal use of financial services by Nigerians

– including youth – to 70%, from the current levels of 36%.

At the African CYFI Regional meeting, held in Abuja in

October 2012, the attending Nigerian CSOs and NGOs

discussed and agreed that they must partner with the

Central Bank as this national effort was not possible to

achieve alone. The result was the creation of a Financial

Literacy and Inclusion Forum, to promote the social and

financial well-being of Nigerians, and especially children,

youth, and women. The Forum´s broad objectives are:

To assist in implementing the Central Bank of Nigeria’s

National Strategy on Financial Inclusion, especially

regarding children and youth.

To provide all necessary support (advocacy, public

awareness, research, implementation, etc.) to the

Central Bank of Nigeria and other government agencies

to achieve strategy document milestones.

To increase Nigerian financial literacy levels by creating

platforms for implementing the Financial Literacy

Framework.

To collaborate with other government agencies and the

media to reach all branches of society.

To organize, analyze, and modify existing pedagogical

materials such as Economic Citizenship Education

books, tools, and manuals for distribution to various

segments of the population, including children and

youth.

To organize trainings, seminars, workshops, summits,

and conferences in all 6 geopolitical zones in the

country.

2.2.3 Financial Services Providers and Banks taking the Lead Providing access to banking services to children and youth

under the age of 18 is a critical component in the overall

process of equipping them for financial and social security

as adults. Providing access that is safe and appropriate to

children and youth combined with education is

fundamental to the CYFI mission for inclusion.

The Patti Chiari Consortium endorses this mission and

takes the lead in Italy. The consortium helps children and

youth in Italy to understand financial products and make

informed financial choices by offering Economic

Citizenship Education programs in schools.

In Colombia Asobancaria, the Association of Colombian

Banks has a priority agenda point for children and youth

financial literacy. In October 2013, Asobancaria will

organize the Federation of Latin American Banking

Associations (FELABAN) Economic Citizenship Education

regional conference, in which CYFI coordinates the child

and youth segment of the program.

BBVA bank and PAU Education, an NGO Based in Spain and

Partner of CYFI, are promoting ‘Valores de Futuro’: an

educational program active in Spain and Portugal. The

program is aimed at students from 6-14 years old and aims

to promote financial and citizenship education by

encouraging children and teachers to reflect critically

about the value of money in their lives, of social values

that condition its use, such as effort, responsibility and

solidarity.

2.2.4 Schools Taking the Lead Schools are critical in delivering social, financial and

livelihoods education into children and youth’s lives and in

some countries, schools have taken the lead to initiate the

CYFI Movement. In Switzerland, the International School

of Rheintal did just that. The school learned of CYFI’s

Global Money Week activities and contacted CYFI

Secretariat for advice and contacts. The result was that the

school decided to invite representatives from VP Bank to

give workshops at the school to introduce children to

finance and money matters. VP Bank used role playing to

introduce the youngest pupils to market trading and a

stock exchange simulation, thereby helping them to

understand the mechanisms of finance.

In Thailand, 733 schools are taking the lead in the CYFI

movement. At the CYFI Regional Meeting in the

Philippines, the Government Savings Bank of Thailand

reported progress on the School-Based Banking Project,

which fosters saving behavior in children and youth,

teaches customer management skills, and encourages

them to be more active in the society. The program has

already reached 1,333,571 people through 733 member

schools across Thailand.

2.2.5 Individuals and the Private Sector Taking the Lead CYFI’s partner My Finance Coach (MFC) is a non-profit

initiative run by partner companies Allianz, Grey, and

McKinsey, which aims to improve the decision-making

process of young people through 3 channels: corporate

volunteering by experts from business and finance in

schools to present training units as Finance Coaches,

teacher training, and extracurricular activities. MFC is

active in Argentina, Brazil, Indonesia, Ireland, Malaysia,

Thailand, and the United Kingdom, and collaborates with

local stakeholders from the private and public sectors.


2.2.6 Youth Taking the Lead Youth themselves can and should be agents of change for

the change and taking the lead and make a change.

The CYFI Youth Summits provide the opportunity for

children and youth to express themselves about the

financial issues that most matter to them. During these

Summits, over 100 children from 40 countries meet, share

and work together to create a series of policy

recommendations. They then present their

recommendations to the policymakers and leaders who

are at the Summit. In 2012, the recommendations of the

children and youth were heard and acknowledged by the

G-20 Mexican Presidency. Two months following this, G-20

Leaders placed and importance on financial inclusion and

access for youth in their Declaration.

On the international scene, the Y8 & Y20 Youth Summits

are premier international Youth conferences that bring

together young leaders representing the G8 and G20

nations to facilitate discussions of international affairs,

promote cross-cultural understanding, and build global

friendships. CYFI was invited to meet the Youth

delegations during the Y20 in Mexico and speak with them

about the importance of financial inclusion for young

citizens. Y20 delegates share their set of recommendations

with the G20 Leaders as outcome of the Y20 Summit.

Young leaders have therefore the possibility to influence

the G20 final Leaders’ declaration.

Mahir Jethanandani, age 16, from the United States,

drafted a petition to US Financial Institutions asking for

bank accounts designed for children with the following

characteristics:

No cost to minors for opening accounts,

No minimum balance requirement

Higher interest rates to incentivize savings

Mahir was inspired to take on this issue after he attended

CYFI’s 2012 Youth Summit in Amsterdam. During the Youth

Summit, 70 children and youth from every part of the

world discussed Economic Citizenship Education and

financial inclusion, and shared their recommendations

with policy makers.

In another example of youth taking the lead, a group of the

World Economic forum’s Young Global leaders (YGL) took

part in Global Money Week through activities with

youngsters that taught them more about money, saving

and enterprise. Activities were carried out during Global

Money Week in the UK, in collaboration with MyBnk,

Germany, Turkey, Nigeria, Switzerland, USA, and Zambia.

2.2.7 Final Remarks on You Taking the Lead From these examples from around the world, we hope it is

clear that every individual and organization has a

meaningful role to play in promoting child and youth

financial literacy and inclusion policies and actively

engaging youth in this process.. The CYFI Network is there

to support you in your efforts. The CYFI Network is a

powerful platform of interconnected sector stakeholders

and youth. In the final chapter of this document, there is a

whole section describing the services and resources that

CYFI Secretariat can provide YOU in taking the lead in your

country and region.

Chapter 3

CORE NATIONAL INITIATIVES


Chapter 3 Core National InitiativesThis chapter outlines the core initiatives that countries

are currently undertaking to further Economic Citizenship

Education and financial inclusion in their countries and

describes the best practice processes to take forward.

These initiatives are not listed in any special order, but

rather serve as a reference for National Authorities and

other stakeholders to structure their own national

platform strategies. Each of the initiatives must be

adapted to local needs, conditions, and resources to be

successful. Where in this chapter we introduce the

different core activities, on Chapter 4, we go on to

provide a suggested implementation plan for carrying out

these core activities.

While it is clear that every organization has a role to

partner and play in the CYFI Movement in country, it is

imperative for a centralized Movement where no child is

left behind, that the National Authorities take the lead in

overseeing national activities for financial inclusion. The

National Authorities – Ministry of Education, Finance, and

Central Banks – have the power, over time, to modify the

legal and national authority framework in order to

facilitate greater access to Child and Youth Friendly

curriculum and products in the country. In this way, the

activities of the CYFI Movement will be supported by the

legal and policy changes that assure its sustainability.

The CYFI Secretariat is keen to help National Authorities

and other stakeholders advance Child and Youth Finance in

their country. In particular, for organizations just entering

into national dialogue with Child and Youth Finance

initiatives, the CYFI Secretariat can help with resource

manuals supporting content framing of initiatives and their

implementation, contacts, participation in summit

meetings, and worskshops and online webinars

Below we describe the different core activities. We also

include real-world examples from the different

stakeholders within the Child and Youth Finance

Movement.

3.1 Initiative A: Celebrating Global Money Week (GMW) Global Money Week (GMW) is an international celebration

that takes place annually in the second week of March.

With the help of CYFI, children and young people celebrate

GMW through Economic Citizenship Education and

financial inclusion initiatives planned and implemented by

national stakeholders. Events can be national, regional, or

international in scope, and can simultaneously involve

children and youth from multiple countries.

3.1.1 Why Global Money Week? By joining GMW celebrations, National Authorities and

national stakeholders:

Bring national (and sometimes international) attention

to, and create awareness of, Child and Youth Finance

programs and initiatives.

The second Global Money Week experienced explosive

growth in the number of organizations participating as

compared to GMW 2012. In only two years, 185

organizations from 81 countries have involved 1 million

children and youth in unique and innovative initiatives as

part of the celebrations. Central Banks, Ministries of

Finance, Ministries of Education, and other governmental

institutions and financial authorities from 40 countries

took the lead and collaborated with national stakeholder

organizations (financial services providers, NGOs, schools,

universities, and training centers) to make the celebration

a key part of the Child and Youth Finance national strategy.

Contact the CYFI Secretariat for a detailed report on

Global Money Week 2013.

The CFYI Secretariat works closely with financial authorities

and national stakeholders to ensure that local GMW

activities are coordinated globally with international

partners of the CYFI Network, so as to allow other

organizations to join these worldwide celebrations.

In addition, participating National Authorities,

organizations, and youth can nominate themselves or be

nominated for the Global Money Week Award, conferred

during the Annual Child and Youth Finance International

Summit.


3.1.2 How you can take part Depending on the stakeholders involved and the resources

available, many national and international activities can be

organized to celebrate GMW. The important value is to

ensure inclusion– whether they are street children,

children in juvenile correctional centers or children from

care homes, all are part of the Global Money Week

festivities!

Below is a global snapshot of GMW 2013 initiatives. These

took place in 80 countries, involving 403 organizations and

reaching 1 million children.

Visits to Central Banks, Stock Exchanges – Around the

world, children and youth visited Central Banks and stock

exchanges. At some stock exchanges, children rang

opening bells to signal the start of the trading day!

Talking to Central Bank Governors – In these unique

meetings between children and high-level national

financial sector policy makers, children shared their

recommendations, opinions, hopes, and aspirations with

the governors of central banks.

Visits to banks – To learn how financial services providers

operate, tens of thousands of children and youth around

the world visited banks and other financial institutions for

the first time!

Youth budget to parliament – Many children and youth

had the unprecedented opportunity to deliver their

recommendations and ideas as part of youth budgets in

their countries.

Visit to money museums – Money museums across the

planet opened their doors to youngsters to teach them

about money and its history.

Workshops, debates and lessons in schools and social-

centers – Children and youth took classes, discussed and

debated the benefits of Economic Citizenship Education,

employment, and enterprise education in schools and

community centers.

Learning from the market – Children and youth presented

their entrepreneurial spirit to central bank governors by

presenting some of the businesses or enterprises they

started.

Contests and competitions – From poster-making

contests, to logo design competitions, to “financial

football” matches, children engaged in fun contests and

games related to topics of Economic Citizenship Education

and inclusion.

Radio talk show and Theatre – Radio was used as a

medium to share stories about Economic Citizenship

Education and inclusion, and plays and improvisations

about financial issues were held

Book bank – Special book banks were set up to share

publications on finance for children.

Exhibitions – Youngsters had the opportunity to display

their artwork and projects in interactive exhibitions.

Cartoons – Cartoons and comic books were used to teach

children about Economic Citizenship Education in an

entertaining manner.

Other innovations from across the world included jigsaw

puzzles of banknotes, big televised dinner parties, money

magicians and face painting, financial mimes and famous

bands!

The CYFI Secretariat assists local stakeholders to ensure

that a minimum of the events organized during GMW have

a truly global character. Examples of such initiatives

include:

Web chat with policy makers – Thereby giving children

and youth a chance to discuss Economic Citizenship

Education and financial access with global policymakers

Global web chat – Youngsters connected via web chats to

share their experiences on money matters.

During Global Money Week 2013, children and youth from

around the world had the chance to connect with each

other. Children and youth were able to have discussions

with policymakers including the Executive

Secretary of the United Nations Capital Development Fund

and the World Bank President’s Special Envoy on

Millennium Development Goals and Financial

Development. A theme in these discussions was why

financial inclusion and education is important

PALESTINE

“Most of the students who visited the bank, had heard

about the bank but had never entered it before; they were

very interested to compare the reality with what they had

heard.” Hani 10, Palestine

After joining the 2011 CYFI Regulators Meeting, a

representative from Palestine Monetary Authority (PMA)

clearly stated that “Child and Youth Finance is a priority in

our agenda”. Palestine’s Global Money Week celebration

was a collaborative effort by the PMA, the Ministry of


Education, United Nations Relief Works Agency, and the

Association of Banks. During the week, a drawing

competition was held for 8th-grade students to choose a

logo for Palestine’s Global Money Week. Participants in

the logo-drawing competition were honored, and each of

the 18 participants received a saving account worth 300

USD. The top winner was awarded a laptop and her logo

was adopted as the Palestinian Child & Youth Banking

Week logo. During the event, two working hours per day

were allocated to receive children, youth, and parents at

235 bank branches and to educate them about various

banking operations. A team of 1,175 employees from the

PMA and other banks visited 11,681 schools across

Palestine to lecture about finance and banking services.

During the week, bank branches involved in the

celebration were decorated to attract the attention of

children and youth.

"The future is mine.” Said Mohamed, 14, Ramallah

3.1.3 Role of the CYFI Secretariat The CYFI Secretariat supports National Authorities and

other stakeholders during Global Money Week in multiple

ways, including:

Assistance in establishing and coordinating Organizing

Committees, to be tasked with implementing national

level initiatives.

Assistance in developing a timeline and an

implementation plan and for the activities.

Tele-conferences and video-conferences that connect

young people with policymakers.

Social media strategies that support national and

international initiatives.

Provision of promotional material to use during the

activities.

Resources for assessing activity effectiveness with the

participation of children and youth (e.g., surveys).

ZAMBIA

In 2013, 4,500 children and youth in Zambia joined the

celebrations for the Global Money Week.

As part of the activities of the week of 15-21 March, a 10-

year-old student interviewed the Governor of the Central

bank of Zambia, and another student interviewed the CEO

of the Securities and Exchange Commission, who met

pupils and discussed money matters.

“All-in-all, GMW in Zambia was one big unique experience

that was 7 days of impact. We did have hair-raising

moments when children came up to us to simply say ‘thank

you for caring’. From the survey conducted, you can see the

hunger for information and participation; not just in

learners, but everyone, including teachers and business

houses,” said a Member of the Zambian GMW Organizing

Committee.

CANADA

In Canada, 400 youth joined the Global Money Week

Celebration. The event was marked by the release of

“Money and Youth”, a guide to financial literacy published

by the Canadian Foundation for Economic Education. The

15th edition of the book also provides a tool for parents

that help them play a bigger role in teaching their children

about money.

UKRAINE

Ukrainian was a country booming with activities for 2013

Global Money Week. Children from 341 educational

institutions (boarding schools, day schools, orphanages,

and social centers) from 25 regions in Ukraine took part in

Global Money Week celebrations along with tutors,

experts, and social workers.

Activities included debates, on-line conferences with youth

from Nigeria and Germany, performances and shows with

special themes, videos, contests, comic book publishing,

and public lessons. 535 children from schools and

orphanages in seven regions of Ukraine participated in

debates and conferences about financial awareness.

Children, experts, teachers, and social workers discussed

questions regarding the history of money,

entrepreneurialism and how important it is to spend

pocket money conscientiously.

After taking part in Global Money Week activities, the

Deputy Director of one of the Ukrainian schools

established a social and pedagogical center where children

and youth can learn Financial Literacy free of charge.

As a result of her participation in Global Money Week, a

mathematics teacher decided to pursue a degree in

economics to teach “Financial Literacy” to her students.

“Correct decision-making, skillful control of funds, and

intelligent savings helps young Ukrainians to improve their

welfare and change their destiny for the better. This

knowledge will protect them in a changing, contradictory,

and complicated financial world.’’

(Tamara Smovzhenko, Rector of University of Banking of

the National Bank of Ukraine)


EL SALVADOR

In March 2013, Global Money Week celebrations were

held in El Salvador for the first time, under the

coordination of the Reserve Bank of El Salvador and the

Instituto de Garantía de Depósitos, Superintendent of

Financial System, Ministry of Education, and the Consumer

Protection authority.

The Global Money Week activities in El Salvador were

child-centered and fun, which surprised some students

who admitted they were concerned about a "boring time

with people in suits" (in reference to the visit to the

Central Bank); instead, they felt at ease to ask questions

and to participate in games. The participating girls were

particularly interested by the fact that the bank's Vice-

President was a woman!

The majority of participating children were from rural or

suburban areas, who have limited access to financial

information and education. A live video-conference was

held in the park between Salvadoran children and peers

from Peru and the Netherlands, where they exchanged

Economic Citizenship Education experiences. Scholarships

from the Bank's Scholarship Fund were awarded to 129

low-income students to continue post-secondary school or

technical training.

"I couldn't believe that we were talking to children in a

different country who were doing the same things we were

doing here! Even though I didn't understand some of their

words, I realized that they were learning about saving and

money and that kind of stuff just like us here. I liked that

we looked like we were on a TV show," said Susy, 6th

grade.

3.2 Initiative B: Creating a National Platform

3.2.1 Why Create a Child and Youth Finance National Platform? Coordinating at the country level is critical to creating

national-level policies on education and on financial

inclusion. To scale-up Child and Youth Finance initiatives,

and ensure more effective and efficient implementation

and greater outreach, we encourage every country to

develop a Child and Youth Finance National Platform of the

relevant government ministries and the Central Bank,

financial service providers/banks, CSOs; (I)NGOs; relevant

businesses; teacher associations; academics; and children

and youth.

By establishing a Child and Youth Finance National

Platform, National Authorities ensure that:

A coordinated effort engages diverse stakeholders from

the public, private and civil society sectors

Child and Youth Finance national strategies have long-

term sustainability

Initiatives and resources are coordinated to avoid

duplication of efforts.

3.2.2 How to Ensure a Multi-Stakeholder Approach Real world implementation models to incorporate diverse

stakeholders’ engagement and coordination plans vary

from country to country. Whether the National Platform

takes the form of a committee, a working group, a new

governmental agency, a subcommittee of a Ministry, or an

entirely new entity depends on the national context,

national regulation, local ordinances / legislation, customs

and religious requirements, the variety and number of

stakeholders involved, and other country-specific factors.

However, it is critical that the National Authority leading

the development of the National Platform first maps the

number and types of organizations offering social,

financial, and livelihoods education as well as the number

of financial services providers offering child and youth

focused financial products.

The inclusion of diverse sector stakeholders in the initial

consultative process is critical. By engaging a multi-

stakeholder approach from the beginning, it ensures that

stakeholders collaborate in the development of the

strategies and implementation. Inclusion of diverse

stakeholders also ensures that the partnership:

Complements existing expertise and leverages existing

initiatives.

Expands financial inclusion outreach by touching

unbanked children and educating children and youth

from outside formal education systems.

Promotes consensus through strategic alliances.

3.2.3 Role of the CYFI Secretariat The CYFI Secretariat supports National Authorities and

national stakeholders in structuring National Platforms by:

Assisting in developing a National Platform

implementation plan.

Linking committed national stakeholders to the CYFI

Movement.

Sharing National Platform stakeholder engagement

models.

Organizing international and regional stakeholders’

meetings.


The CYFI Secretariat organizes annual International

Summits and Regional Meetings to facilitate and support

the establishment of CYFI Regional Platforms and to

coordinate Child and Youth Finance regional action

plan.CHILE

Chile’s Economic Citizenship Education Working Group

(FEWG) was created in April 2012, when FOSIS – an

outreach program/agency of Chile’s Ministry of Social

Development – convened a stakeholder meeting with the

country’s established Economic Citizenship Education

leaders. Despite these developments, there were still at

least two other major government-lead groups working

tasked with Economic Citizenship Education, which made

the promotion of Economic Citizenship Education in Chile

increasingly a matter of complicated inter-agency

coordination.

In response, after joining the CYFI Regional Meeting for the

Americas held in Mexico City, FOSIS invited the Chilean

Central Bank, the Chilean Ministry of Finance, and a

number of NGOs to join the FEWG. Since then, the working

group achieved several meaningful objectives. It organized

the first international Economic Citizenship Education

conference in Chile and encouraged the Ministry of

Finance to create a Technical Secretariat for Economic

Citizenship Education and Inclusion.

NAMIBIA

Initiated in 2009 by the Namibian Ministry of Finance with

support from Gesellschaft für Internationale

Zusammenarbeit (GIZ), the Financial Literacy Initiative (FLI)

is a national platform to enhance Economic Citizenship

Education for Namibia’s citizens. More than 30 partners

from the Namibian public, private and civil society sectors

have coordinated their efforts to address financial literacy

and consumer protection. CYFI reviewed the FLI strategy

and provided inputs directly relevant to the Namibian

children and youth.

LATVIA

The CYFI Secretariat contributed to the coordination of

initiatives in Latvia. Officials from the Bank of Latvia and

the Latvian Financial and Capital Markets Commission

(FCMC) met in Brussels at the CYFI Regional Meeting for

Europe and Central Asia. This meeting resulted in a

cooperative agreement between Latvian financial sector

stakeholders and the Latvian Ministry of Education and

Science (MES), and the drafting a blueprint for the future

of Economic Citizenship Education in Latvia.

The MES is responsible for the development of the

national Economic Citizenship Education strategy, while

the FCMC coordinates and facilitates its implementation.

Following the agreement, the Ministry of Education

approved the updates to the curriculum, and the NCE

created subject-specific lessons plans that teachers can

apply in the classroom.

In accordance with the FCMC’s strategic priorities for 2012-

2014, the FCMC will coordinate strategic planning for

Economic Citizenship Education, furnish information to the

NCE, assess the use of educational resources, and develop

quality assurance standards for the educational process

The FCMC and the Bank of Latvia became CYFI partners in

2013.

PORTUGAL

In early 2011, the Portuguese National Council of Financial

Supervisors (PNCFS), comprised of the Central Bank of

Portugal, the Securities Market Commission, and the

Insurance and Pension Funds Supervisory Authority,

launched a coordinated Economic Citizenship Education

national plan aimed at improving the financial knowledge

and behavior of the Portuguese population. One of the

most important demographic groups addressed by the

Economic Citizenship Education national plan is

schoolchildren. A large group of Portuguese stakeholders

are included and committed to the activities promoted by

the PNCFS. In April 2012, a draft of guiding principles for

Economic Citizenship Education initiatives was published

by the PNCFS: a group of experts from the Financial

Supervisors and the Ministry of Education drafted a set of

core Economic Citizenship Education competencies to

integrate into the school curricula, from pre-school to basic

and secondary school up to adult education.

MOROCCO

After attending the CYFI Regulators meeting on 2011, the

Bank Al-Maghrib (Central Bank of Morocco) set Child and

Youth Finance as a priority on its agenda.

As its first action, Bank Al-Maghrib with the collaboration

of the diverse multi-sectorial stakeholders such as, the

Ministry of Education, Ministry of Finance, the Association

of Professional Banks of Morocco, CDVM acting as the

Financial Market Authority and Casablanca Stocks

Exchange, took part in Global Money Week 2012 and

2013, reaching 33,000 and 60,000 children and youth

respectively.

To take the national initiative to the next level, Bank Al-

Maghrib also established the Foundation for Economic


Citizenship Education (FFE): a dedicated body responsible

for drafting the national Economic Citizenship Education

strategy as a way to empower young Moroccans and

tackle youth unemployment in the country.

Representatives from 13 different organizations from the

public and private sectors in Morocco are engaged in the

Foundation with different roles and responsibilities.

3.3 Initiative C: Developing a National Child and Youth Finance Strategy

3.3.1 Why Develop a National Strategy? To ensure that the Economic Citizenship Education and

financial inclusion for children and youth are a national

agenda priority, it is critical that the National Authorities

charged with developing national platforms draft national

strategies to achieve the intended results. Children and

youth are a historically underrepresented and marginalized

groups and a national strategy that represents their

specific interests and challenges is of critical importance.

The economic health of every child and youth is impacted

by national policy instruments and designing policies that

address child and youth Economic Citizenship Education

also helps the country’s future economic health.

3.3.2 How to Develop a National Strategy National Authorities are encouraged to perform research

to determine the various sector stakeholders undertaking

activities in the sector and bring them together under a

single operational umbrella. From there, national youth

finance agenda can be developed with the collective group

of stakeholders, and then draft an implementation plan to

coordinate national strategies in addressing the agenda’s

specific points. By designing a national implementation

plan with coordination with sector stakeholders, it is

possible to ensure more cohesive coordination of the

various national policy interests, as well as medium- and

long-term sustainability and the efficient allocation of

resources. This long term vision is even more critical given

the demographics of the target policy group.

3.3.3 Role of the CYFI Secretariat As it is important to adapt a national strategy to local

circumstances (cultural, political, religious, etc.), CYFI

supports countries by helping tailor solutions to local

needs. The CYFI Secretariat assists National Authorities in

national strategy development by:

Supporting in the drafting of the national strategy.

Providing a framework for Social, Financial and

Livelihood Education (“Economic Citizenship

Education”) and a manual for the implementation of

various education initiatives.

Providing a manual for Child Friendly and youth friendly

financial product certification and support in the

development of child friendly banking products.

Providing access to a Economic Citizenship Education

and financial inclusion consultants’ database.

Providing comments and input on draft strategy plans.

Sharing resources and best practices regarding other

national strategic plans.

CYFI supports national authorities and/or sector

stakeholders in the development of a CYFI Initiative

Implementation Plan which helps implement all or some of

these core activities, and will be discussed further in the

following chapter.

Please contact the CYFI Secretariat for information on the

national strategy development and support services CYFI

can provide in your country.

UGANDA

In Uganda, the Central Bank of Uganda coordinates a

consultative process with key stakeholders to introduce

Economic Citizenship Education to schools in the country.

This consultative process involves the Ministry of

Education and Sports through the National Curriculum

Development Center (NCDC), as well as national and

international civil society organizations such as the German

Organization for Technical Cooperation (GIZ), financial

institutions, the Department for International

Development (DFID), and local financial sector

representatives.

The NCDC invited a local NGO, Private Education

Development Network (PEDN) (which implements the

Aflatoun curriculum’s components of social and Economic

Citizenship Education), to consult on the process of

curriculum design for secondary schools. As result of the

contributions of various stakeholders, the NCDC is planning

to draft a financial literacy curriculum.

UNITED KINGDOM

The efforts of pfeg (a CYFI partner organization) and other

government and sector stakeholders represent an

outstanding model of how collaborative efforts between

key actors can achieve long-term social development

objectives.


In the UK, a consultative and advocacy focused process

involving National Authorities and stakeholders from civil

society led to the approval of Economic Citizenship

Education integration in the national curriculum.

Since 2010, a broad array of UK Stakeholders such as pfeg

and MoneySavingExpert.com started, together with the All

Party Parliamentary Group (APPG) on Economic Citizenship

Education for Young People, a sustained campaign to

include Economic Citizenship Education in the National

Curriculum.

The size and strength of the group made a powerful

impression on policymakers and helped to raise the profile

of Economic Citizenship Education in the UK, enabling pfeg

to coordinate the campaign with government, opinion

leaders, and key bodies nationally.

The group performed two major research studies, which

mapped the Economic Citizenship Education programs in

schools and other educational institutions across England.

The reports produced by these studies were presented to

the Department for Education and were crucial to the

decision to include Economic Citizenship Education in the

national curriculum.

The draft National Curriculum was put out for consultation

on February 2013 and includes statutory provision for

Economic Citizenship Education for the first time. The

statutory provision proposes that financial capability is a

requirement for 11 – 16 year olds in the programs of study

for mathematics and citizenship. Non-statutory Personal,

Social, Health, and Economic education (PSHEe) contains

much of the subjective side of financial capability. The

Department for Education announced in March 2013 that

the PSHEe content will remain unaltered.

3.4 Initiative D: Integrating Economic Citizenship Education Into the National Curriculum

3.4.1 Why Economic Citizenship Education (ECE)? Getting financial, social and livelihoods education –

Economic Citizenship Education (ECE) -integrated into the

national curriculum and all schools should be a major goal

of the CYFI National Strategy.

Once ECE is in the national curriculum, this can ensure

that more children and youth experience ECE in step with

increased attendance at primary and secondary school

levels.

3.4.2 How to Integrate Economic Citizenship Education into the national curriculum The National Authorities should take the lead to integrate

ECE into the national curriculum. The CYFI Movement

believes the ECE curriculum needs to include the following

Modules to build young people’s financial capability:

Social/Life-Skills Education (SE)

Economic Citizenship Education (FE)

Livelihoods Education (LE)

Through the combination of these three Modules, the CYFI

Movement provides children and youth with a solid

foundation for a secure future of social and economic well-

being. By increasing their financial literacy, children and

youth are better equipped to benefit from formal financial

inclusion and economic opportunities. Rights education

and empowerment can improve the self-perception of

children and make them more aware of their unique and

important role in society. Finally, by increasing the financial

and business knowledge of children and youth, young

people are presented with an opportunity to obtain

sustainable livelihoods, stimulate entrepreneurial activity,

and enhance their level of employability.

3.4.3 Role of the CYFI Secretariat The CYFI Secretariat supports National Authorities in

developing a national strategy for ECE with the following:

The CYFI Education Manual, which includes the ECE

Learning Framework, divided by SE, FE, and LE modules

for children and youth.

The Curriculum Assessment Tool to examine to what

extent the 3 models are already included in existing

national curricula.

A Curriculum Database of existing resources,

pedagogical materials, and educational programs from

CYFI Partners.

Please contact the CYFI secretariat for information on the

national strategy development support services CYFI can

provide in your countryy.


SPAIN

The National Strategy for Economic Citizenship Education

in Spain is a joint initiative of the Bank of Spain and the

Spanish Securities Markets Commission (CNMV), with the

strong involvement of the Ministry of Economy and

Competitiveness and the General Secretariat of the

Treasury and Financial Policy.

Although Economic Citizenship Education has not been

introduced as a compulsory subject in the national

curricula, pilot programs will be launched starting in the

academic year 2010/2011. These programs deliver the

basic concepts of personal finance in matters such as

saving, payment methods, the main financial products, and

implementation and monitoring of a budget or

personalized financial plan. In addition, some aspects

relating to responsible consumption have been integrated

in a cross-curricular approach in subjects such as

mathematics, social science, and citizenship in 14

autonomous Spanish regions.

The assessment process, conducted by an independent

expert, has had encouraging results, especially in terms of

acceptance of the plan and the favorable attitude of pupils

towards it. There was also evidence that the technical

knowledge of the pupils had increased after completing

the course. The pupils considered the subject matter to be

very useful in terms of their day-to-day lives and their

understanding of the environment they were living in, and

a positive change was identified regarding their attitudes

and beliefs about financial issues.

For this academic year, in 2012/2013, 415 schools (state,

private, and subsidized) and more than 20,000 students

are participating in the Economic Citizenship Education

Program.

MOLDOVA

In Moldova, thanks to collaboration by the National Bank,

the Institute of Educational Sciences, the National

Commission of Financial Markets, the Indigo Centre (a CYFI

Partner), and the Moldovan Communities, SE and FE are

now included in the Moldovan national curriculum.

The Indigo Centre implemented the Aflatoun curriculum’s

SE and FE components. Since 2012, elements of the

Aflatoun curriculum have been available via the Ministry of

Education as an optional subject for secondary school

students. The goal is to make SE and FE a mandatory

subject in all Moldovan schools.

3.5 Initiative E: Financial Inclusion and Access to Financial Products

3.5.1 Why Increase Access to Financial Products? Partners in the Child and Youth Finance Movement stress

the importance of linking ECE with access to safe and

appropriate financial products.

Research shows that children and youth retain learned

knowledge, skills, and behaviors to a greater degree when

education is complemented by the opportunity to put

learning outcomes into practice. Without access to

appropriate financial services, especially for those

individuals lacking access to formal banking, the

knowledge one gains through Economic Citizenship

Education does not necessarily translate into a financially

literate lifestyle.

3.5.2 How to Develop National Financial Inclusion Strategies National Authorities should develop financial inclusion

strategies to enhance access to appropriate financial

products, and ultimately to certify Child and Youth Friendly

Banking Products.

These authorities have the option of certifying in concert

with CYFI. National Authorities can therefore closely

collaborate with the private sector in guaranteeing that,

nationally, every child and youth has access to a quality

banking product that suits his or her needs

The CYFI Secretariat supports National Authorities in

defining and developing a national strategy along the

following phases:

Phase 1 - Select the objectives and priorities to focus on

for furthering child and youth finance nationally

Phase 2 - Identify options to further develop specific

objectives according to national context and resources

available

Phase 3 - Develop the selected options along CYFI

framework for implementation

Phase 4 - Design implementation roll-out, stakeholders

involved and budget needed

Phase 5 - Determine level of CYFI Secretariat support and

of CYFI Network of experts and consultants

Phase 6 - Implement and track progress’ results

Detailed information on each step can be found in the CYFI

National Implementation Plan (See page 22).



developing national strategies for financial inclusion and

align child and youth friendly products to international

standards with:

The CYFI Certification Manual, which describing the

specific standards for Child and Youth Friendly Banking

Products and the procedural requirements for obtaining

the Certificate.

Input and assistance on product design.

Sharing of best practices and technology-based financial

inclusion policies

PHILIPPINES

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 Economic Citizenship Education is already

integrated as part of the school curriculum, the program

welcomes schoolchildren to open accounts specially

designed by the BSP and marketed by each bank

participating in the program. The account requires an

initial deposit of P 100.00 (equivalent to $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.

3.6 Initiative F: Ensuring Appropriate Regulatory Reform

3.6.1 Why Regulatory Reforms? In most countries, for children to have access to

appropriate financial products and control of those

financial products means a fundamental alteration of the

legislative landscape. Policymakers and legislative

institutions should insure that appropriate changes to

national regulatory frameworks are enacted to effect such

changes.

3.6.2 How to Initiate Reform Strategies The National Authorities need to take the lead to achieve

legal and regulatory reform as each country has a different

structure. The first critical step is mapping the current

status as discussed in Chapter 4. The mapping process

needs to determine the extent to which there is existing or

pending legislation for the education and/or inclusion of

children in the financial system.

From the mapping, the areas for legal and regulatory

reform can be prioritized. The National Platform can then

create the strategic alliances and social pressure for

implementing the appropriate regulatory reforms.


creating the social and educational conditions to initiate

policy level dialogues and effect these regulatory changes

by:

Providing a structured step by step process for initiating

regulatory reforms can be found in CYFI National

Implementation Plan (See page 22).

Sharing best international practices of child and youth

friendly regulatory reforms.

Organizing the Global Summit and Regional meetings so

that National Authorities and CYFI partners can connect

and share strategies on regulatory reform.

International advocacy.

Global Standards for a Child and Youth

Friendly Product:

1. Availability and accessibility for children

and youth,

2. Maximum control to children and youth,

3. Positive financial incentive for children and

youth,

4. Reaching unbanked children and youth,

5. Employing child and youth friendly

communication strategies,

6. An Economic Citizenship Education

component,

7. Monitoring child and youth satisfaction,

8. Internal control (auditing mechanisms to

ensure that 1-7 are met)


In the Philippines, Ethiopia, and Uruguay, legal and

regulatory reforms have been implemented to support

financial inclusion as illustrated in the following case

studies.

PHILIPPINES

In the Philippines, by virtue of Presidential Decree No.734

June 25, 1975, minors are authorized to deposit and

withdraw money from banks. These account holders have

complete control over their accounts, without the

intervention of any adults. Minors at least 7 years of old

who are able to read and write, and are not disqualified by

any disability, are empowered to make savings or time

deposits in their own names, withdraw money, and receive

interest (where applicable) from banking institutions – all

without the assistance of a parent or guardian.

ETHIOPIA

In Ethiopia, labor law recognizes “youth employment”

from the age of 14, with restrictions for certain jobs (e.g.,

no family-based employment). The Ethiopian Civil Code

allows family to provide “special authorization” to children

starting at the age of 15 to take on any and all rights of

“majority” age, including marrying and signing a contract.

As a result of this regulatory environment, United National

Capital Development Fund-YouthStart partners PEACE and

ACSI in Ethiopia allow children aged 14 to 18 to open and

manage an account on their own with any of the following

documents: i) Kebele ID: the local administration such as

village or ward councils can issue IDs earlier for “young

workers” with proof of employment; ii) labor contracts iii)

an official letter from parents or the local government

authorizing the child to open an account.

URUGUAY

In 2010, Uruguay’s parliament passed legislation modifying

the Banco de la Republica Oriental del Uruguay (BROU,

Uruguay’s commercial national bank) Articles of

Incorporation. The modified Articles allow children and

youth to open and manage savings accounts at BROU. This

reform allows “the bank to open savings accounts for…

children *and+ adolescents… *who+ may privately make

deposits and withdrawals.” In addition, “…legal

representatives [such as parents] are not allowed to make

withdrawals… without *the account owner’s+ consent.”

(Art. 21 Carta Orgánica del Banco de la República Oriental

del Uruguay Ley No. 9808)

As a result, these accounts are the sole property of the

children and youth that open them, and these children are

the only ones authorized to conduct transactions on the

account. By empowering society’s youngsters to take

charge of their own financial futures, this important reform

is an example to other governments worldwide. One

results of this legislation has been the development of

“XmiCuenta” by BROU: a savings account directed at

children between the ages of 14 to 17. The account has no

minimum balance and no administrative charges. The

account includes a debit card and online banking services

at no extra charge. The account also offers the option of

saving in both the local currency and indexed foreign

currencies.

3.7 Initiative G: Ensuring Technology Support In recent years, new technologies to serve the unbanked

population have seen increasing adoption by both the

public and private sector. Mobile banking in particular has

proven effective in extending the outreach of financial

services to rural communities, and has therefore become

the driver of diverse financial inclusion strategies.

3.7.1 Why promote technology nationally? Technology enables communication and activities that

were unimaginable a generation ago. Today, mobile

phones and ICT technology exists even in the most remote

parts of the world. The CYFI Movement is highly interested

in exploring new ways to reach children and youth,

especially as the national economy grows and as new

technologies become available.

Technology allows Child and Youth Finance Movement to:

Overcome geographical barriers to traditional

education and inclusion.

Reduce the costs of financial services, making them

more accessible to all.

Expand the footprint of social, financial, and livelihood

education and access to the unbanked.

Leverage new trends (social media, open source and

online education).Support from the CYFI Secretariat

3.7.2 How to create national technology strategy Setting up a Technology Taskforce is recommended as part

of the National Strategy. A Technology Taskforce should

Include the National Authorities, the private sector,

innovators, CSOs, NGOs, academics, children and youth to

identify new, emerging forms of communication that

might cut costs, reach more people, and support efforts to

increase ECE and financial inclusion.


The goal should be to set key targets for the promotion of

CYFI Movement through technology and/or new media

forms, using both current and new technologies.

3.7.3 Role of the CYFI Secretariat National Authorities can play a key role in developing

technology-driven Child and Youth Finance strategies. The

CYFI Secretariat supports National Authorities in

developing national strategies to incorporate financial

inclusion technology by:

1. Encouraging the adoption of branchless banking

technology that delivers secure and affordable quality

financial products for children and youth.

2. Developing technology-based solutions that support

national financial inclusion strategies (e.g., mobile

banking , biometric technologies).

3. Creating online Economic Citizenship Education (ECE)

curricula

4. Encouraging the development of ECE through resources

such as digital games and mobile apps.

PHILIPPINES

In the Philippines, BPI Globe BanKO issued debit cards for

children through its agent network. An account can be

opened at the agency points of BanKO – for example, local

shops. Children can use their debit cards at the school

cafeteria and ATMs. On average, each child saves 10

dollars every 3 months, earning an annual interest rate of

3%. BanKO hopes to reach 1 million children in the

Philippines in 2013.

INDIA

To address the challenge of social inclusion in India, the

National Authorities initiated a national biometric

identification program called Aadhaar (meaning support or

foundation). Aadhaar hopes to provide its 500 million

unregistered people with a unique ID, which includes

children and youth. Aadhaar is also sufficient to open an

account and meet “Know Your Customer” provisions, and

is being used as a payment platform thanks to portable

ATM machines. Indian Contract Law allows children over

the age of 10 to open and control their own bank accounts,

subject to certain financial limits and on the condition that

they repeat their signatures.

3.8 Initiative H: Establishing Academic Support 3.8.1 Why Academic Support? Coordinated academic research on a national level is a key

to shaping successful Economic Citizenship Education and

inclusion policies. The quality of strategies for the

promotion of financial capability for children can be

ensured when that strategy stands on solid impact

research and evaluation.

A key role for National Authorities is to work in tandem

with national researchers, and remove the barriers to

furthering academic research, wherever possible. Among

the barriers to assuring the quality of these strategies are:

legal restrictions; family and cultural constraints; the

unwillingness of banks to participate in what they perceive

to be unprofitable business; and a lack of awareness

respecting the most effective Economic Citizenship

Education for young children. Lifting barriers must involve

the creation of a business case using proven technology,

certification of child-friendly bank programs, and the

creation of an education curriculum shown to improve

financial and social behavior. To ensure both quality and

an aligned research agenda on these issues, a coordinated

national academic expert group is highly recommended to

build theory upon gaps of applicable knowledge.

3.8.2 How to initiate national academic initiatives The impact of Economic Citizenship Education on life skills,

livelihoods, and behavior has not been heavily researched

by the academic community. This research needs to be

done at a country level, and National Authorities need to

put emphasis and resources in the National Strategy to

encourage local academics and researchers at country

level.

Researchers and practitioners from around the globe met

at the Brown School of Washington University in St. Louis,

Missouri in February 2013 as members of the Child and

Youth Finance Working Group to determine best practices

in financial inclusion and education. Existing concepts in

Child and Youth Finance were reviewed and the meeting

yielded a clear mandate for moving forward the area of

Child and Youth Finance. The global Academic Working

Group Research Agenda therefore contains three priority

areas for research:


Research Agenda Child and Youth Finance

Technology

It is often suggested that technology based financial

services could offer a gateway for children‘s financial

inclusion. Because the area of mobiles and mobile banking

is relatively new, more evidence is needed to gain a

realistic view on the costs and benefits of developing this

market by testing some of the present premises on the

role of technology in creating financial access and

education for youngsters.

Local Contexts

More insights into the perceptions and experiences of

youth concerning financial services and Economic

Citizenship Education are necessary from different local

contexts in order to generate a bottom-up approach and

empower local youth and practitioners at grass roots level.

In addition, local researchers need to be supported by

external research institutions for advice and to develop

this mechanism that links research with policy.

Key Concepts

Small-scale, short-term social experiments need to be

conducted in laboratory or applied settings and designed

to help answer pressing research questions regarding

financial access, education, knowledge, skills, and abilities

(KSAs) or financial capability among children and youth.

3.8.3 Role of the CYFI Secretariat The CYFI Secretariat has created an Advisory Council of

highly influential academics and researchers from around

the world that is available for advice and input to National

Authorities and local academics and researchers

participating in the National Platforms.

The CYFI Advisory Council has the CYFI Movement

develop a theory of change, a research agenda, and a

White Paper.

Academics participating in the research agenda can have

access not only to a global network of senior and expert

stakeholders from a wide range of disciplines around the

issue of Child and Youth Finance, but also to CYFI’s partner

resource database containing a vast collection of materials,

documents, studies, and multimedia covering Child and

Youth Finance issues. These resources can help to answer

key policy questions.

.

Chapter 4

Moving forward


Chapter 4 Moving ForwardFor some countries, child and youth finance is a new

national agenda point. Others, however, already have

long histories of sectoral dialogue, and some have even

developed child and youth finance education and social

infrastructures.

This chapter outlines proposed steps for the

implementation of CYFI Core Initiatives, as described in the

previous chapters. It provides an overall implementation

framework that is adaptable to specific national

circumstances.

The CYFI Secretariat supports National Authorities in

tailoring national initiatives from design to

implementation, and from assessment to scale-up. CYFI

has worked with countries on five continents and has the

experience and competence to provide practical real world

solutions for all our Partners:

Helping to design and implement various national child

and youth finance policy initiatives, where absent.

Reshaping existing national initiatives and ensuring

overall coordination of those initiatives.

Fine-tuning and leveraging existing national strategies

for a transparent, inclusive, and more focused impact

Proposed Steps for implementing Child and Youth Finance Activities

STEP 1: Mapping the Current State of the Art

The first step in developing a national child and youth

finance platform is to map the current state of the art in

the sector. By this, CYFI means:

researching the number and types of organizations

offering social, financial, and livelihoods education

programs and pedagogical materials.

mapping the number of financial services providers

offering child and youth focused financial products.

determining the extent to which there is existing or

pending legislation for the education and/or inclusion of

children in the financial system.

CYFI recommends convening sector stakeholders and

coordinating their various initiatives for greater outreach

and impact. Please see below a diagrammatic of the CYFI

framework for existing (or soon-to-be-drafted) Child and

Youth Finance initiatives:

CYFI assists national stakeholders in mapping the current

state through:

the CYFI sector stakeholders, media, research and

programs online database.

live support from the CYFI Secretariat (experts from

around world possessing in-depth knowledge of the

countries, cultures, and social characteristics impacting

CYFI Partners).

Provision of research, survey tools, and results.

STEP 1 - Mapping the current state

STEP 2 - Define needs and areas of intervention

STEP 3 - Creating the National Platform &

Strategy

STEP 4 - Implementation

STEP 5 - Assessment &

Review

STEP 6 -

Scale-up


Framing existing Child and Youth Finance initiatives into the CYFI Movement initiatives‘ framework

See Annex B for a reference framework that CYFI provides

to assess stakeholders nationally engaged in the various

initiatives and field of child and youth finance.

STEP 2: Identify Intervention and Action Points The CYFI Movement recognizes that every country has its

own distinctive policy agenda and that every country

prioritizes child and youth finance differently. There may

be a perception among some that in developed countries,

access to financial products may not be a critical policy

objective as financial services providers are ubiquitous,

while in developing countries, access to financial products

is critical since banks are far less accessible to most

citizens.

However, in CYFI Secretariat’s experience, the opposite

appears to be true, and this is the sting in the tail. In

countries where many financial services providers exist

and many financial products are readily available to all

demographic groups in a community, the need for financial

education is even more critical than where exposure to

financial products is less. In short, access without

education can lead to uniformed decisions that hurt the

financial health of individuals and lead to additional policy

challenges.

The CYFI Network, which leverages the experiences of

National Authorities and local stakeholders from over 120

countries, assists organizations in Step 2 by:

defining priority areas for policy intervention.

linking (with) organizations and experts from Partner

countries and thus facilitating best practices sharing.

assisting in national strategy assessment and providing

insight into potential areas of intervention.


STEP 3: Creating the National Platform & Strategy It should be clear from Step 1 and 2, what existing

initiatives are working in country, and in Step 3, the goal is

to create the National Platform & National Strategy.

The CYFI Secretariat supports National Authorities in this

step in the following ways:

Preparatory phase: identification of national

stakeholders to be involved in the platform and

appropriate models of stakeholders engagement.

Planning phase: support in defining needs and

objectives, and in providing a framework for the

drafting of an action plan for the implementation of

national strategies.

Technical Assistance: in drafting the curriculum for ECE,

fostering the certification of child and youth friendly

financial products, consulting on developing the trainers

programs, collaborating in organizing Global Money

Week celebrations, and other initiatives previously

mentioned in Chapter 3.

Assistance design and assessment of pilots’ projects.

Support and recommendation for scale-up phase.

Innovate and update: CYFI Thematic Working Groups

Innovation is crucial for effectively developing national

child and youth finance initiatives. Working Groups

dedicated to innovation in the diverse child and youth

finance policy areas are an important part of the CYFI

national platform development structure. Dedicated

Working Groups can include, but are not limited to, Groups

such as:

CYFI Education Working Group: dedicated to

researching the state-of-the-art in ECE, curriculum

development, training the trainers, pedagogical

materials, etc.

CYFI Inclusion Working Group: focused on determining

best practices in youth financial services, researching

the latest regulatory reforms impacting youth financial

access, and taking proactive action to drive youth

access initiatives on national and international levels.

CYFI Technology Working Group: dedicated to

investigating and implementing technology-based

innovations in support of national child and youth

finance strategies.

AFLATOUN

Aflatoun offers an educational program that empowers

children to be financially capable economic citizens. The

program’s complexity and outreach required teachers and

facilitators to improve their teaching skills. To answer this

need, Aflatoun developed the Aflatoun Academy: an

initiative in partnership with Teacher Training Institutes to

improve teachers’ capacity to use child-centered and

active learning methods such as pair and group work,

effective questioning strategies, and a range of lively and

participatory exercises. Whilst the training introduces and

develops these skills in the context of Aflatoun’s social and

financial educational materials, they are easily transferable

to any subject of the national curriculum.

STEP 4: Implementation The CYFI Secretariat collaborates with National Authorities

to pilot projects and perform impact assessments.

Awareness campaigns can be designed jointly with the

National Authority and national platform to disseminate

project deliverables and outcomes at national, regional,

and international levels.

An example: in Brazil, the Central Bank of Brazil, together

with other national authorities from diverse sectors, is

leading the drive for a national strategy for child and youth

finance. The first version of the Brazilian national strategy

dates back to 2009 when it was validated by national

regulators. It was then approved in 2011 as the national

strategy for financial education or ENEF. ENEF is

coordinated and executed by the National Financial

Education Committee, in collaboration with AEF-Brazil a

non-profit association representing the financial sector.

ENEF’s Guidelines:

Permanent and nationwide,

Free of charge for target audience (including

children and youth in schools),

Centralized management, decentralized action,

Partnership with public and private institutions,

Permanent and periodic evaluation and revision.

The first implementation stage was a pilot which involved

900 schools, 29,000 students and 2,000 teachers. The pilot

showed rather astonishing positive impacts on practical

financial knowledge, skills and behaviors from the youth

involved in the project. This positive impact extended to

the students’ parents as well.


The next phase is the dissemination and scale-up into

public and private high schools as well as a new pilot with

elementary schools involving 164,000 students and 8,000

teachers.

STEP 5: Assessment & Review The CYFI Secretariat assists National Authorities in

assessing the impact of pilot projects and/or national

strategies by:

Sharing best practices on impact assessment methods

and related tools.

Linking with local academics and research institutes.

Providing surveys tools for specific segments of

stakeholders.

Commenting on results and providing recommendation

for policy revision.

STEP 6: Scale-up Reaching the largest number of children possible is the

objective of any national child and youth finance initiative.

The scaling-up of activities implies a deeper development

and outreach program that intends to reach children that

may have not been addressed in earlier policy

development tools. Scaling-up also means expanding on

existing and successful programs to reach more children.

The CYFI Secretariat encourages and assists National

Authorities in scaling-up national efforts for ECE and

financial inclusion through:

Creating national awareness on the topic.

Facilitating collaborations with other national

stakeholders to ensure that no child or youth is left

behind.

Organizing national stakeholders meetings.

EGYPT

“Shaping the Future” is a Central Bank of Egypt - Egyptian

Banking Institute (EBI) initiative creating financial inclusion

and education for children and youth in Egypt. Initiative

partners are CYFI, PI - Egypt, Injaz Egypt, EFSA, GIZ, and

Silatech.

The objectives of “Shaping the Future” are to:

support banks and financial institutions in the creation

of child and youth friendly financial and banking

products,

jointly (EBI and CYFI) certify Child and Youth Friendly

products and,

include ECE modules in the Egyptian National

curriculum.

Chapter 5

conclusion


Chapter 5 ConclusionThe CYFI Movement envisions a world where children are

able to take control of their own lives, so they can live free

from poverty and debt. The CYFI Movement triggers and

coordinates multi-stakeholder efforts to empower children

with social/life skills, financial and livelihoods education

(ECE), and through providing them with safe, trustworthy

financial products.

The CYFI Secretariat hopes that this Guide has inspired

YOU to take the lead and about the possibilities and the

opportunities inherent when developing national child and

youth finance policies. Through the case studies of how

National Authorities and CYFI partners around the world

have been using the multi-stakeholder approach in

developing partnerships and implementing CYFI Core

Initiatives, we anticipate that you are better positioned to

shape your own ideas in country and region. The overall

message is that the CYFI Movement is a network of

amazing people and organizations with expertise and

experience to help you.

The CYFI Secretariat has a strong track record of helping

diverse national and international organizations achieve

their various policy, corporate, or non-profit objectives.

CYFI can provide specific support for initiatives through:

The world’s largest child and youth finance stakeholder

network.

Key education and certification standards for national

project development.

The world’s largest child and youth finance network of

national policy makers and central bankers.

Annually, five regional and one global summit

addressing issues critical to child and youth finance.

The world’s largest network of academics and

educators working in the child and youth finance sector.

Assistance with national platform design and

implementation.

Coordination of national, regional, and international

Global Money Week initiatives.

Connecting children around the world with one

another.

Helping children and youth around the world to believe

in themselves, and through that belief, to become

better economic citizens for tomorrow.

Join the Child and Youth Finance International Movement.

Be an agent of change. Together we can make a

difference!

Glossary


GlossaryTerm Definition

Banking Product Any product offered by a Financial Service Provider

Child An individual under the age of 18, or under the age of

majority as prescribed by national law (UNCRC,

http://www2.ohchr.org/ english/law/crc.htm)

Child and Youth Finance International (CYFI) The legal organization responsible for coordinating the

Child and Youth Finance Network and the Partners

within the CYFI network

CYFI Secretariat (CYFI) The organizing entity of Child and Youth Finance

International (CYFI) which reports to the CYFI

Supervisory Board and coordinates activities within the

CYFI Network. The acronym CYFI can signify both the

legal organization CYFI as well as the CYFI Secretariat

CYFI Supervisory Board The supervisory Board of CYFI, responsible for CYFI’s

strategic direction and supervisory management

Child and Youth Finance Activities All actions, projects and programs relating to the

promotion and implementation of undertakings to

further financial access and education for children and

youth as described in the CYFI strategy

CYFI Annual Summit & Award Ceremony The annual meeting of CYFI Partners and stakeholders.

The purpose of this summit is to strengthen relations,

disseminate best practices and share innovations,

coordinate activities between partners and stakeholders

within the CYFI Network

Child and Youth Finance Movement (the Movement) An international, inclusive, multi-stakeholder movement

comprising CYFI Partners and stakeholders supporting:

the creation and strengthening of systems, structures

and policies which provide children with choices;

informs them of their rights; instills values in them;

empowers them to make sound financial decisions,

build their assets and invest in their own futures

Child and Youth Finance Movement Theory of Change The theoretical base upon which the Child and Youth

Finance Movement stands and which outlines how the

various interventions of the Child and Youth Finance

Network lead to the Movement’s desired outcomes

CYFI Network The multi-stakeholder group of CYFI Partners, comprised

by practitioners, policy makers, and researchers and

their respective organizations and networks who

contribute to, and further the efforts of, the Child and

Youth Finance Movement


Child and Youth Friendly Banking A system of financial services that promotes the

creation and provision of financial products and services

which are designed to promote safe financial access and

financial capability for all children and youth under the

age of majority.

Child and Youth Friendly Banking Product Certificate The certificate awarded to financial institutions for

banking products offered to children and youth which

meet the required Child and Youth Friendly Banking

Product standards

Child and Youth Friendly Banking Product Savings and current accounts which meet a set of

minimum standards as defined by the CYFI Regulation

and Inclusion Working Group. These standards ensure

that banking products remain inclusive and appropriate,

and are designed in the best interest of the child

Economic citizenship Economic and civic engagement to promote: reduction

in poverty, sustainable livelihoods, sustainable economic

and financial well-being and rights for self and others

Economic Citizenship Education An education curriculum combining the three modules

of financial education, social education, and livelihoods

education for children and youth as defined in the CYFI

Education Learning Framework

CYFI Education Learning Framework (ELF) The structured set of desired learning outcomes and

competences in economic citizenship education as

defined by the CYFI Education working Group

Empowerment Increasing an individual’s confidence and ability to take

charge of their lives, claim their rights and build

empathy with others

Financial Access A means of safely accumulating, controlling and

acquiring assets.

Financial Education CYFI adopts the OECD definition: “the process by which

individuals improve their understanding of financial

products and concepts; and through information,

instruction and/or objective advice develop the skills

and confidence to become more aware of Financial risks

and opportunities, to make informed choices, to know

where to go for help, and to take other effective actions

to improve their financial well-being and protection.”

(OECD (2005). Recommendation on Principles and Good

Practices for Financial Education and Awareness,

http://www.oecd.org/dataoecd/7/17/35108560.pdf)

Financial entrepreneurship The ability to use one's technical and business skills to

take advantage of market opportunities to deliver

products and services that generate a sufficient financial

return

Financial capability Combining the knowledge, skills, attitudes, and

behaviors that increase financial literacy with access to

financial products and services providing individuals

with the opportunity to act in their best interest

http://www.oecd.org/dataoecd/7/17/35108560.pdf


Financial Inclusion Access to financial products and services which are

affordable, usable, secure and reliable.

Financial Institution A deposit-holding institution with a license from the

relevant national financial regulatory authority and

providing financial services for its clients or members.

Financial literacy CYFI adopts the OECD Definition of financial literacy:

“financial concepts, and the skills, motivation and

confidence to apply such knowledge and understanding

in order to make effective decisions across a range of

financial contexts, to improve financial wellbeing of

individuals and the society; and to enable participation

in economic life,” OECD (2012). PISA 2012 Financial

Literacy Framework, http://www.pisa.

oecd.org/dataoecd/8/43/46962580.pdf

Financial Services Services offered by FSPs complementary to, and

comprising, Banking Products

Financial Service Provider (FSP) Organization providing financial products, including

deposits. This includes Financial Institutions as well as

non-regulated organizations offering financial services

Global Money Week A week dedicated to the promotion and awareness of

financial inclusion and economic citizenship education

for children and youth around the globe, coordinated by

CYFI

National/Regional/Global Platforms Activities and structures to catalyze national, regional,

and global collaboration advancing the objectives of the

Child and Youth Finance Movement

Livelihoods education Programs aimed at developing employability skills and

entrepreneurial behavior

Livelihood Skills CYFI adapts the UNICEF definition of Livelihood Skills:

“Capabilities, resources and opportunities to pursue

individual and household economic goals. Livelihood

skills relate to income generation and may include

technical / vocational skills, job seeking skills, business

management skills, entrepreneurial skills and money

management skills.” (UNICEF (2011) Life skills Definition

of Terms. http://www.

unicef.org/lifeskills/index_7308.html)

Minimum standards for Child and Youth Friendly

Banking Products

The standards a banking product must meet to be

awarded a Child and Youth Friendly Banking Product

Certificate. The standards were developed by the CYFI

Regulation and Inclusion Working Group

Social education Programs aimed at increasing knowledge of human

rights, encouraging self-reflection and self-awareness

and instilling respect for oneself and others

Social entrepreneurship The ability to recognize social, human rights, political or

environmental needs and to use one's technical and

business skills to create effective solutions, that address

these issues in a sustainable manner


Socio-financial capability The ability to make informed financial decisions that

benefit the individual and community.

CYFI Working Groups Groups of experts from across linked sectors

contributing to the strategic focus of the global Child

and Youth Finance Movement

Young People Anyone between the ages of 10 and 24 (United Nations,

http:// www.un.org/esa/socdev/unyin/qanda.htm)

Youth An individual between the ages of 15 and 24 (United

Nations,

http://www.un.org/esa/socdev/unyin/qanda.htm)

annexes


Annex A: Implementation Action Plan Framework

Country

Institution/

Organization

Governmental Institution

Financial Authority

Financial Institution

NGO

Academia

Targets

Implementation of the

National Strategy by April

2013

Ready to go! Fast track Warming up

No. of children & youth

reached by National Policies

on:

Financial inclusion Financial education

By the end of 2015

By 2020

No. of children & youth

reached with Child Finance

Education (Financial, Social, &

Livelihoods education)

By the end of 2015

By 2020

No. of child-friendly products

available in the country

By the end of 2015

By 2020

Key Milestones

Steps and Milestones to be

achieved

2013 2014 2015 2020

Development and

Implementation of Financial

Inclusion Strategy

Development and

Implementation of Child and

Youth Finance Education

Programs at the national level

Implementation of CYFI Week

Academic pilot studies/

development of indicators

Media Advocacy and

Technology

Opportunities

Challenges

Identify other national

stakeholders


Policy and Advocacy

Process1

Impact Indicators2

Research and

Documentation

Process

Semestral reports on the state of the movement in the country.

Monitoring and evaluation.

Publication of child and youth finance and education related studies.

Compiling CYFI surveys.

Operational Model:

Recommendations3

Step 1 Step 2 Step 3 Step 4 Step 5

Financial

Inclusion Shortlist of

interested

FSP

Prepare and

create products

Launch

products

Monitoring

and review

Hold national

level review

meetings

Child and Youth

Finance

Education

Identify

relevant

stakeholders

Assess youth

financial

education

initiatives

Creation/modifi

cation of

curricula

Launch CYFI

Curricula in

schools

Measure

country-level

outcome and

output

Research Identify

interested

researchers

Monitoring CYFI

week

Ongoing

research

Publication of

studies

Discussion and

revision of the

pilot programs

Media Identify major

stakeholders

Launch media

campaign

around CYFI

Conduct

awareness

campaign

Assessing

campaign

efficiency

Hold national

level review

meetings

Technology Identify major

stakeholders

Launch media

campaign

around CYFI

Pilot mobile

banking/school

banks

Monitoring

and review

Hold national

level review

meetings

Child & Youth

Finance Week Identify

relevant

stakeholders

Launch CYFI

Week

General

Assessment

Hold National

Level

meetings

Action plan

implemented

1. Policy and Advocacy Process: Determining what policy changes are needed and possible strategies to achieve them.

2. Impact Indicators: to be developed with the Academic Working Group for the country/region. They should focus on

the number and percentage of children and youth that are saving money; average amount of savings accumulated by

children and youth per year; number of accounts opened by parents and family members; number of youth

entrepreneurial projects implemented, and so on.


Annex B: Stakeholders Mapping and Evaluation Framework The following table can be used by national stakeholders to display and evaluate stakeholders, policies, and practices

implemented by a country in the field of financial inclusion and education for children and youth. The user can assess

stakeholders basing on a grading criteria ranging from 0 (non-existent) to 3 (remarkable).

Criteria Stakeholder X Stakeholder Y Stakeholder Z

National Platform - Stakeholder Engagement

Financial Regulatoy/Supervisory Authority 3 3 3

Education Authorities 3 3 0

Civil society 3 3 0

Financial PrivateSector 3 3 0

Other Private Sector 0 0 0

Teachers Associations 3 0 0

Financial inclusion

National Strategy for financial inclusion 2 0 0

Child and youth friendly regulatory framework

Specific policy or law on child-friendly products 0 0 0

Low age threshold to open and operate a saving

account 0 2 2

Maximum control for the child / youth 0 1 1

Control and monitoring organization on child

and youth friendly banking products 3 0 1

Multi-stakeholder collaboration towards child-

friendly standards / certification 3 0 0


* the following rate is for explanatory purpose only

Proactive support of initiative to pilot child and

youth friendly savings programs / banking

products 1 3 0

Economic Citizenship Education

Financial education policy / strategy 2 3 1

Entrepreneurship policy / strategy 1 2 0

Integration of Financial education in the national

curriculum

primary education 3 0 0

secondary education 3 0 0

higher education 3 0 0

Intergration of Social education to the national

curriculum

primary education N/A 2 1

secondary education N/A 2 1

higher education N/A 2 1

Integration of Livelihood education to the

national curriculum

primary education 1 N/A 0

secondary education 1 N/A 0

higher education 1 N/A 0

Teacher training strategy 0 1 0

General criteria

Outreach 2 3 2

Innovation 1 2 3

Impact 0 3 1

Participation to the Global Money Week 3 2 0

Commitment to the CYFI Movement 3 3 0

Total score* 48 43 17

Child and Youth Finance InternationalPO Box 165241001 RA AmsterdamNetherlands+ 31(0)20 5203900

Child and Youth Finance International (CYFI) lead the world’s most extensive child and youth finance Network, that together makes up the Child and Youth Finance Movement. We connect Ministries and Governments, CEOs, heads of NGOs, financial institutions and children. By aligning and coordinating efforts of organizations all over the world the Movement is able to share resources, model best practices and empower each other to reach the target of the Movement: Reaching 100 million children in 100 countries by 2015 with financial inclusion and financial education to make sure that every child and youth have access to a basic savings account and the financial knowledge and skills needed to operate this account. By doing this we aim to give the adults of tomorrow the tools to lead lives free from poverty and financial instability.

Stay connected with usWebsite: www.childfinanceinternational.orgFacebook: ChildFinanceTwitter: ChildFinanceLinkedIn: Child and Youth Finance International

To read our publications, please visit: www.childfinanceinternational.org/movement/publications

Global Money Week Global Money Week is a global celebration that is taking place in the second week of March each year. The Week engages children and youth worldwide in learning how money works, including saving, creating livelihoods, gaining employment, and entrepreneurship. Countries and organizations all over the world participate by engaging children and youth in activities such as global web chats, visits to banks, ringing the bells at the stock exchange, radio shows and cartoons and much more.

Stay connected with usWebsite: www.globalmoneyweek.orgFacebook: Global Money WeekTwitter: GlobalMoneyWeek

Finance & MeFinance & Me is a platform initiated by Child and Youth Finance for children and youth to take action in reshaping the future of finance. It allows for youngsters to stay informed about the latest Child and Youth Finance Movement activities going on around the globe so they can remain active and involved in the Movement. Finance & Me also serves as a bridge between young people and adults as children and youth are encouraged to utilize this platform to share their experiences and voice their opinions.

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YouthTechYouthTech is a blog where Child and Youth Finance International (CYFI) shares technological innovations around the topic of financial inclusion and education for children and youth. It provides a platform where experts within the CYFI network and beyond engage in discussions about the potentials of technology in enhancing financial capability of children and youth. Moreover, YouthTech also serves to share best practices and to document how technology is shaping the Child and Youth Finance Movement. We hope this will contribute to the understanding of what is needed for technology to make a difference in the current financial inclusion and education landscape and the ways of turning it into a reality.

Stay connected on the blog: www.youthtech.info

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