Child and Youth Finance International (CYFI) is uniquely positioned to take action to improve youth financial literacy and inclusion. As a multi-stakeholder movement, CYFI has been able to bring together some of the most renowned experts, organization and academic researchers on this subject. CYFI is therefore able to build on the skills, expertise and experiences of the world's leading organizations. Since its establishment, the Child and Youth Finance initiative has been able to reach roughly 1000 individuals and organization doing work in financial inclusion, financial education or social education.
To fulfill its commitment, CYFI and its partners will create and certify financial education programs based on a global framework created by the Child and Youth Finance Education Working Group. Moreover, CYFI will certify financial products for children and youth in order to ensure that banking accounts for children and youth are certified by CYFI as Child and Youth Friendly.
At the same time, CYFI will develop national and regional multi-stakeholder alliances and collaborations. These will be fostered through CYFI's working groups, regional meetings, and international forums. By working with national governments, CYFI will encourage the creation of action plans for child and youth finance activities at the national level.
Finally, in order to achieve maximum scale, long-term sustainability, and genuine quality control, child and youth finance issues must be adopted and overseen by national authorities and international bodies as they scale up. CYFI's global advocacy efforts with partners like UNICEF, the UN, and representatives from the G20 will ensure that child and youth finance is embedded into national agendas and becomes self-sustaining.
In 2013, CYFI will certify child-friendly financial education in place in 10 countries/organizations and will certify child-friendly banking services for 25 banks in 25 countries.
By 2014, CYFI will develop 50 local platforms that will reach 50 million children. Furthermore, CYFI will raise the total number of child-friendly financial education certification to 25 countries/organizations and reach certification of child-friendly banking services in 35 banks in 30 countries
Finally, by 2015, CYFI aims to develop 100 local platforms that are capable of reaching 100 million children. CFYI will also increase the number of child-friendly financial education certifications to 100 countries/organizations and reach 100 unique instances of child-friendly banking service certifications.
Finance plays a central role in the life of every person on the planet. At the same time, less than one-percent of the global population under the age of 18 has received any sort of financial education and less than one-percent has access to a savings account or another formal financial service (CYFI, 2012). With a global youth unemployment rate of 12.6% - and in some countries as high as 46% - it is imperative to ask: how can children and youth get employment, start enterprises, build assets and contribute to society?
These are the issues that Child and Youth Finance International (CYFI) seeks to address. The concept of Child and Youth Finance International developed as a result of the experience and knowledge of experts working in the field of financial education and inclusion across the world. By working with these experts and creating partnerships with public and private-sector actors, the CYFI movement will make sure that every child understands basic financial concepts and is able to gain access to financial services. The CYFI movement will provide children and youth with opportunities to become less financially vulnerable, build assets, heighten their quality of life, and, eventually, break the cycle of poverty.
Child and Youth Finance International (CYFI) is looking to further its work through new partners that would be willing to join its SchoolBank partners in implementing inclusion projects in primary and secondary schools, most specifically in Africa, Asia and Latin America.
Additional funding is needed to continue to reach new countries and new communities with tools and services.