Savings Specialist Ryan Newton blogged about our youth savings project in India with SEWA Bank for the Huffington Post/ Cisco ImpactX blog.
5 Reasons Why a Savings Account Can Change a Young Girl’s Life
When you ask a young girl anywhere in the world where she keeps her money, chances are she’ll say her piggy bank, school bag or in a special hiding place at home. According to research by Women’s World Banking, girls as young as 10 years old regularly accumulate money, actively manage it, and want a safe place to save it. However, the odds are stacked against them because most financial institutions focus solely on serving adults. This is even more challenging for girls living in low-income areas of developing countries who are less likely to have access to formal financial services.
And the developing world is experiencing a surge in youth: the UN estimates that as of 2010 roughly 30 percent of the combined population of Africa, Asia, Latin America and the Caribbean, or about 1.7 billion people, are under the age of 15, and the vast majority of these youth are low-income. Evidently, youth is a demographic that cannot be ignored.
Here are 5 reasons why giving a young girl access to a savings account can truly change her life…