Youth Savings around the World: Youth Characteristics, Savings Performance, and Potential Impacts

Youth, ages 15 to 24, will rise in number from just under 500 million in 1950 to 1.2 billion by 2050. Almost 90% will live in developing economies, and over 80% will live in either Africa or Asia (Population Reference Bureau, 2009). As these young people assume adult economic roles and responsibilities, they will increase interactions with informal and formal financial institutions. A bank savings account may be one of the most secure ways for youth to protect their savings and asset accumulation.