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Youth Saving and its Implications for Program Design
Since most youth save for a specific purpose (e.g., birthdays, holidays), it is important to promote a product prior to or at the same time that these savings activities take place. Savings goals can be linked to a specific product and may vary by life cycle. For example, passbook or demand-deposit savings accounts might be more appropriate for short-term savings goals, while fixed or programmed savings accounts might be more appropriate for long-term goals.
In partnership with the YouthSave project, Banco Cajas Social (BCS)—a corporate division of Fundacion Social—discovered through market research that youth have a desire to save for the long term. Based on this finding, in February 2012 BCS launched its youth product, “Cuenta Amiga para Jovenes,” a programmed account that enables youth to set a savings goal.
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