YouthSave, launched in 2010, was a global partnership aimed at improving financial inclusion for young people aged 12 to 18 in developing countries. Backed by the MasterCard Foundation, the program involved Save the Children, CGAP, New America Foundation, and the Center for Social Development at Washington University.
Its main objective was to provide savings accounts and financial education to teach young people about the importance of saving and managing their finances effectively.
In Ghana and Uganda, YouthSave partnered with local banks to offer tailored savings accounts for youth. In Ghana, HFC Bank introduced the “Enidaso” account, while in Uganda, Centenary Bank launched the Youth Savings Account. Both products were designed to make savings accessible, particularly to young people from low-income families, and were supported by educational workshops to improve financial literacy.
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The program also placed a strong emphasis on financial education. Workshops, school programs, and community engagement efforts taught young people critical skills like budgeting, saving, and debt management. Parents and communities were involved to help reinforce positive financial behaviours at home, creating a comprehensive support system for the youth.
Although successful in many ways, YouthSave faced challenges such as limited access to banks in rural areas and cultural barriers to saving.
The program also grappled with ensuring long-term savings habits as participants grew older. Despite these challenges, YouthSave demonstrated the value of combining financial education with accessible savings products, offering valuable lessons for future programs aimed at increasing youth financial inclusion.
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In general, it can be said that financial education has the potential to significantly contribute to the social inclusion of young people and help them move away from marginalisation. When young people learn to manage their finances, develop an entrepreneurial mindset, and gain access to formal financial services, they become more empowered to actively participate in the economy and society.
When young people gain access to financial education, they are empowered to break the cycle of marginalisation and unlock greater economic opportunities.
We need more financial education programmes in Africa and we need to keep them working.
