Washington D.C.--The Global Assets Project announced today its role in a
global consortium to begin the exploration of savings products for
young people in the developing world. The consortium, led by Save the
Children, received funding from the MasterCard Foundation.
products enable young people to build up resources for their future and
acquire positive, lifelong attitudes and financial habits. Accumulated
savings can have a significant impact on the lives of young people,
enabling them to pay educational fees, obtain access to healthcare
services and start or run income-earning activities.
fairly widespread in the industrialized world, effective savings
products for young people, particularly the poor and/or vulnerable, are
virtually non-existent in developing countries. Most financial
institutions in a position to serve this market do not fully realize
its potential, and many face institutional challenges to serve it well.
begin to address this gap, Save the Children has teamed up with the
Center for Social Development (CSD) at Washington University in St.
Louis, CGAP and the New America Foundation (NAF) to develop a plan to
design, implement, and test savings products for youth in four or more
Funding from the MasterCard Foundation is
supporting Phase I of the program, which will focus on project and
research design, and planning for the possible implementation of a
multi-country pilot program (Phase II). Over the next year, the program
will conduct field visits to finalize selection of partner countries,
identify local financial institutions to participate in the pilot,
select local research partners, and assess the likelihood of future
policy adoption of savings products for youth as a central element of
social policies in developing countries.
In Phase II, through a
rigorous evaluation, the team will document the impact of the savings
products on financial institutions and their young clients. Building on
the learning generated by other organizations already providing
financial services to young people, the team will also identify new
opportunities to apply technology solutions that can lower the cost of
delivering savings products. This initiative is expected to advance
dramatically the development community's understanding of the
conditions under which young people are best able to build the basis
for their economic future.
Jamie Zimmerman, Deputy Director of New America Foundation's Global Assets Project is available for interviews.
Please contact Kate Brown with media requests at 202-596-3365 or firstname.lastname@example.org.
The Global Assets Project is a joint venture between the Center for
Social Development at Washington University in St Louis and the Asset
Building Program at the New America Foundation. CSD will conduct
research design and development in collaboration with CGAP. The New
America Foundation will contribute to policy analysis and
recommendations as well as communication and dissemination support for
About the New America Foundation
The New America Foundation is a nonprofit, nonpartisan public policy
institute that invests in new thinkers and new ideas to address the
next generation of challenges facing the United States.