YouthSave, a five-year initiative by YouthSave Consortium led by Save the Children in Nepal for financial inclusion of children and youths between ages 10-22,

has secured participation of nearly 8,000 school-going and other children from low-income groups in the financial system.

Presenting highlights of the findings and experience around the globe amid a function held here on Tuesday, Rani Deshpande Director of YouthSave Consortium said: “Financial inclusion is gaining unprecedented importance globally. Policy makers are advocating for greater youth financial inclusion as priority tool for development, as inclusive financial systems are key components to ensure economic and social progress.”

According to the research findings published by the Consortium from 2012 to 2015, 7,775 children and youths have opened accounts in various branches of Bank of Kathmandu under Chetanshil Yuva Bachat Yojana formed under the inclusion initiative. The total net savings in those accounts currently stands at $268,000.

“The study revealed that challenges related to regulation and competition influenced where and when youth opened  accounts. Cooperatives that operated under looser supervision were common in the areas where YouthSave was working, and often offered easier access to accounts for youths especially if there parents were members. For youths who did not open a savings account, the lack of personal identification documents was a frequently citied reason barring the youth from opening savings account.” the organisations said in a statement.