Child and Youth Friendly Banking Product Development Guide Research Paper

Child and Youth Friendly Banking Product Development Guide - Research Paper Example Today the youth population globally is 1.2 billion representing the world’s largest youth population (UNCDF, 2012). This research analysis examined the feasibility of offering child and youth friendly banking products (CYFI) as a partial solution to the problems confronting children and young people in terms of achieving a viable economic future. In order to analyse the challenges and opportunities for CYFI, an empirical study was conducted in which a total of 10 executives from different banks were interviewed. It is concluded that the provision of CYFI can only be achieved through a multi-agency approach which includes policy makers, legislators, bankers, educators and other financial services. This partnership is necessary to overcome the risks associated with contracting with minors, the relative immaturity of minors relative to their ability to understand and take responsibility for financial management and other challenges that will be identified in this research report analysis. Table of contents INTRODUCTION LITERATURE REVIEW CHAPTER 1 1. Introduction 2. Research Question 3. Methodology 4. Literature review CHAPTER 2 1. Why are child and youth friendly banking products important? 2. What would the ideal child and youth financial product look like? 3. What is the current state of child and youth friendly banking products? 4. What are real-life examples of characteristics of child and youth friendly banking products? 5. What is the current state of certification? CHAPTER 3 1. Findings 2. Conclusion Reference INTRODUCTION According to the CYFI access to financial products by youth and children is described as either a savings or checking account held by a child or a young person who is under the age of 18. The child or young person is also required to have significant control over the account and includes means by which the child or youth has â€Å"financial incentives†, includes strategies for communicating employment, is connected to financ ing the child or youth’s education, canvasses the child or youth’s â€Å"satisfaction†, and has â€Å"internal controls† for monitoring these factors. Once the criteria as set forth below is met, the financial institution offering CYFI is eligible for certification for providing Child and Youth Friendly Banking Products (Child & Youth Finance International). The Child and Youth Finance Movement began the initiative for encouraging and implementing policies and services that comport with five core principles. The first of these core principles are informed by international human rights and in particular the Convention on the Rights of the Child 1989. In this regard, the first core principle maintains that children and young people are entitled to human and economic rights and protections. The second core principle advocates that institutions have a duty to operate their business affairs so that children and