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Implications for Program Design: Preferences for Formal Financial Services

This section shows how young people’s perceptions and experience of financial services translate into specific product preferences, and in turn, what these preferences mean for program design. In some cases, market research findings are only applicable  to savings.

By considering young people’s preferences, FSPs can design more appropriate, accessible financial products for them. This may involve designing savings products with low opening or minimum balances, reducing credit union member fees (AIM Youth– Ecuador), or allowing youth to save progressively for membership fees (UNCDF partner PAMECA Senegal). It may also entail building in some type of restriction or limits to an account to prevent a youth from misusing or misspending his or her money. However, an FSP must carefully weigh youth account preferences against the capacity of the institution and operational feasibility of a product to ensure its financial sustainability.

Go back to Youth Preferences for Financial Services.

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