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YouthSave Learning Exchange Event. YouthSave Helping Youth Build a Tangible Stake in Their Future. Monday, February 14. Moderator. Presenters. EAB Panel Discussion 2: Financial Capability/Education. 2:00 – 3:30. Jamie Zimmerman. Jennefer Sebstad Bilha Maina Jason Wolfe.
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YouthSave Learning Exchange Event YouthSave Helping Youth Build a Tangible Stake in Their Future Monday, February 14
Moderator Presenters EAB Panel Discussion 2: Financial Capability/Education 2:00 – 3:30 Jamie Zimmerman Jennefer Sebstad Bilha Maina Jason Wolfe
Financial Capabilities/EducationJennefer Sebstad YouthSave Helping Youth Build a Tangible Stake in Their Future
Three approaches to promoting/delivering financial education for adolescent girls • school based programs • bank based programs • community based programs • Implications of these different platforms for • reaching particular target groups • scale • sustainability
YouthSaveHelping Youth Build a Tangible Stake in Their Future FEPP INITIATIVE Collaborating with YouthSave Bilha Maina FEPP Project Manager/EAB Member
Financial capabilitySurvey finding for Children’s project in Kenya • Kenya does not provide for financial education in its curriculum; Many children drop out at primary schools; financial education is considered a family matter; Parents do not have financial knowledge and skills, or access to financial services; Children denied the chance to learn about money matters; The inherent “passing down” of financial illiteracy perpetuates the cycle of poverty. • Baseline survey carried on representative sample: 480 primary school children, 20 out of school, 128 teachers, 131 community leaders, parents
Project ImplicationsCan the YouthSave project contribute? • Generate evidence required to influence policy development and curriculum development for in and out of school youths • Develop an appropriate product that children can access independently through a trusted administration system (school, DO), make it accessible • Embed a strong financial capability component into the project, disseminated through PostBank and agents, DEO’s, school clubs • Consistently evaluate the consumer protection issues, use biometric data for identification • Incorporate FEPP and the Ministry of Finance in the oversight of the project, advocate and push for innovation.