Teaching Young Girls To Save Could Change The Global Economy
Call it the power of the piggy bank. As the worldwide population of girls peaks in the next decade, access to simple savings accounts can have a big impact on their economic futures.
Girls as young as 10 years old are regularly accumulating money, actively managing it, and wanting a safe place to save it, according to a study by the Women’s World Banking organization.
The positive impact of youth savings is especially strong for girls in developing countries, who are often forced into early marriage and childbearing as the only path to adulthood, the organization says.
In Women’s World Banking programs in the Dominican Republic and Mongolia that provided both savings accounts and financial education to young girls, however, new pathways began to emerge. “About 10 to 20 percent of girls stay in school longer, they marry later, and they have fewer children,” says Anna Gincherman, director of products for Women’s World Banking.
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