Promoting Inclusive Markets and Financial Systems
The MasterCard Foundation works with visionary organizations to provide greater access to education, skills training and financial services for people living in poverty, primarily in Sub-Saharan Africa. As one of the largest, independent foundations, its work is guided by its mission to advance learning and promote financial inclusion in order to alleviate poverty. Based in Toronto, Canada, its independence was established by MasterCard when the Foundation was created in 2006. For more information, please visit www.mastercardfdn.org or follow us on Twitter @MCFoundation.
This report highlights key findings from financial diaries research completed with program participants from four Advancing Integrated Microfinance for Youth partners; two in Mali (Conseils et Appui pour l’Éducation à la Base (CAEB) and Nyèsigiso) and two in Ecuador (Cooperatives San Jose and Cooprogreso). The financial diaries, high-frequency quantitative surveys administered at regular intervals over several months, were designed to answer the following questions:
- How did the amount of money youth receive fluctuate over time?
- How did youth report using their money over time?
- How did youth report saving their money over time and for what reasons?
- How did their financial knowledge, specifically regarding the educational objectives of the financial education, change over time?
The primary purpose of this report is to describe differences and similarities seen between Mali and Ecuador youth as well as among youth accessing different types of integrated financial services and financial education programs. The four key questions are answered throughout the description of outcomes from both countries.