Many youths and children lack financial literacy and access to proper financial services. Though there are many financial services available for children, many are still unaware of it. Global youth unemployment stands at 12.6%, according to the International Labor Organization (ILO). Many adolescents live in poverty and many are financially vulnerable. This is the scenario of today’s world.[break]
Child and Youth Finance International (CYFI) has been trying its best to address this global issue with partnership from several organizations around the world. Basically, the movement aims to promote and expand financial inclusion and holistic education for children and youths. The core principles of the organization are focused firmly on increasing the financial protection and empowerment of the adolescents.
The foundation of CYFI lies in financial literacy. As financial literacy is increasingly being seen as an essential skill for one’s social and economic well-being, tailoring financial education programming to children and youth is an important component in the transition from childhood to adulthood. It is vital for the development of the next generation of financially responsible, economic citizens. Thus, the CYFI movement believes that financial education is imperative to the young builders of tomorrow. Youths should definitely learn about budgeting, about businesses and how one can be entrepreneurial. They should be able to develop and analyze business plans for an enterprise along with being able to assess the risks and threats in order to capitalize on a social or financial opportunity.
The initial target of CYFI is to reach 100 million children in 100 countries by 2015. At present, CYFI has been working with 179 different organizations around the world and this has also been initiated in Nepal. This week marks the celebration of the International Child and Youth Finance Week and several efforts are being made by the central bank, the UN agencies and other financial stakeholders in order to mark this celebration. An interaction program is scheduled to be held on March 21 at Hotel Annapurna in Kathmandu between adolescents and policymakers.
However, more awareness is required to reach the grassroots level. Financial institutions should also come up with more programs and events to mark the CYFI week. Better strategies should be implemented in order to encourage more youths to open bank accounts, and commercial banks should introduce child-friendly policies.
The main purpose of this movement in Nepal is to raise awareness among the youths regarding the available financial services. It also focuses on ensuring that the economic rights of children are respected at all times. Such unified efforts are definitely a positive initiative for Nepal, and along with the financial stakeholders, everyone should try the level best to encourage this movement. Let us all welcome this movement that embarks on a new journey to a financially inclusive society.
The writer is an A-Level Graduate from Rato Bangala School, Lalitpur.
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