Child and Youth Finance International:

Financial Education and Inclusion

Jeroo Billimoria OECD Financial Literacy Conference

Managing Director Madrid, Spain
10-11 March 2012

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Our Dream
Every child and youth
with access to a savings
account by the time they
graduate from school,
and the financial
knowledge and skills to be
able to operate this
account and be effective
economic citizens
 Who We Are
CYFI is a Partnership Network of:

• Financial Authorities • Leading researchers in the

and Governmental fields of financial inclusion
Sector Representatives and financial literacy

• Financial Institutions • Media

and Networks
• Technology
• NGOs and Social
Enterprises • Multilateral and Bilateral
Agencies
• Financial Education
Service Providers • And more….!
• Foundations
Our partners
Overall strategy of ChildFinance
Child and Youth
Child and
Finance
Why? Certified
SavingsCertified Savings
Child and Youth Certified
Youth Finance
Education Accounts
Accounts
Finance Savings
Education
Education Accounts

Have Avoid

• Stay in school longer

• Avoid Money
• Greater self-confidence Lenders in Crisis
Poverty
•Does not fear formal financial •Can spot high Catchers
institutions interest loans from
•Make choices financial institutions

•Start an enterprise •Think twice going

into debt
•Plan for future

Break the cycle of poverty!

Make changes for themselves and
communities
 CYFI Education
• Learning Framework to be used by NGOs, banks and
governments in developing new curriculum resources/polcies

• Developed by CYFI Education Experts Council (over 100

contributors including UNICEF, OECD, UNESCO, Aflatoun,
Aga Khan Foundation, Junior Achievement and many others)

• Connect CYFI with UNICEF, UNCRC and UN Global Compact

on ChildFriendly Schools, Rights based approach to
education and business
 CYFI Social/Lifeskills Education
(UNICEF, UNESCO)
Cognitive Skills Personal Skills Interpersonal Skills

Level 1: Identify emotions, Care for precious Express feelings,

0- 5 years understands items, basic health understands
consequences and safety compassion
Level 2: Basic children’s Can follow a daily Respect for
6 to 9 years rights, respects plan, accepts rules/guidelines,
diversity responsibilities listening skills
Level 3: Seeks information Appreciation for Express opinions,
10-14 years for independant lifelong learning, planning and
thought anger management teamwork
Level 4: Articulate rights, Initiative in the Relationship building,
15+ years social justice, pursuit of goals, leadership,
community outlook time management negotiation
 CYFI Financial Education
(OECD)
Resources and Planning and Risk and Reward Financial
Use Budgeting Landscape
Level 1: Value of money, Prices and Consequences of Money in the
0- 5 years saving and purchases of carelessness, community,
sharing things they saving special understand
want items belongings
Level 2: Recognize Needs and The necessity of Choices on banks
6 to 9 years monetary wants, saving, rewards and financial
symbols savings plan of sharing services
Level 3: Differant Budget for Risks and Where to seek
10-14 years denominations, expenses, rewards of financial info,
be an informed short vs. long various financial effects of
consumer term planning products advertising
Level 4: Financial Calculate Risk of default, Aware of
15+ years negotiations, spending impact of financial crimes,
purchasing capacity, interest rates, evaluate FSPs,
power financial goals illicit activity mobile banking
 CYFI Livelihoods Education
(ILO)
Career Entre- Securing Retaining
Counseling preneurship Employment Employment
Level 1 and 2: Express career Identify Initiative in Teamwork,
12 years and interests, entrepreneurs performing following
under understand in community, tasks, problem advice, avoid
professions achieve goals solving hazards
Level 3: Assess skills Identify Self-discipline, Perseverence,
12-15 years and interests in opportunities , personal attention to
related develop action hygiene, paths detail,
vocations plans to employment communication
Level 4: Career goals, Entrepreneur Requisite skills, Customer
15+ years wages and or employee, preparing CVs, service,
salaries, capital needs, cope with management
networking marketing change skills,
WOFCHA Website
CYFI Working With Financial Authorities
CYFI is working with Financial Authorities
in over 80 countries

– Inclusion of Child and Youth Finance in national

policies

– The establishment of national committees dedicated

to financial inclusion and CYFI Education activities for
young people

– Encouraging retail banks to create/certify ChildFriendly

Banking products

– Initiating Child and Youth Finance Day/Week at the

national level and linking it to the global efforts

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ChildFriendly Banking Product Certification
Minimum Institutional Requirements
• The financial institution is licensed under
appropriate national laws and regulations
• The institution is in good standing with its
national regulatory authority
• The institution is covered by a deposit
guarantee scheme, if applicable, in the
country
• The institution has a code of conduct with
respect to children including staff training
and development programs on how to
interact with children
Reshaping the Future of Finance
Minimum Product Requirements
• Non-discriminatory access to products
• Maximum control by the child within the national
legal and regulatory framework
• Net positive financial return received by the child
• No penalty in case of withdrawals
• No or minimal requirements with respect to initial
opening deposits
• No credit facilities (including overdrafts) related to
product
• Child-friendly (simple and
transparent)communication surrounding the
product
• Financial education component to the product
(different levels ranging from educational
brochures to “Bank in School programs”)
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Thank You
For more information check out:
www.childfinance.org

Jeroo Billimoria, Managing Director:

jeroo@childfinance.org

Jared Penner, Education Manager

jared@childfinance.org

Reshaping the Future of Finance

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