Building a child banking strategy
According to the World Savings and Retail Banking Institute “to achieve true financial capability, people need not only the ability to act through financial education, knowledge, skills, confidence and motivation, but also the opportunity to act through access to adequate banking services and institutions. Without access to these banking products they will not build the skills necessary to learn how to use financial services in a productive and responsible manner”
The data suggests that only 5% of banks have a financial inclusion strategy for children Whilst more banks offer financial education programs targeted to children and child banking products these are often unrelated to financial inclusion
There is a great and competitive opportunity for financial institutions to integrate youth financial inclusion and a more integrated commitment towards supporting children and youth.
We’re doing our bit by offerng ChoreScout as a whitelabel offering for banks