Amanda Nahimana

What do savings groups mean to youth

What do savings groups mean to youth? Sadly, a lot of the time, youth associate savings with an older age group. They are fully aware that savings are important. They are not against saving; they just plan to save at a later date, as they are yet to have financial responsibilities. However, there are a myriad of reasons as to why every young person should save, and even become part of a savings group; Youth savings groups will enable them be able to cater to their needs. Financial independence is a quality everyone should strive for, regardless of age. By getting into savings groups early, the habit of saving is instilled into these youth, which is a skill they will use for the rest of their lives. They will be able to avoid financial debt, as well as learn how and what to prioritize. Youth savings groups also promote entrepreneurship and workforce development skills. These will then help young people secure a prosperous future as they make their way into wage employment and entrepreneurship. Learning these lessons at a young age ensures that the mistakes they make are on a small scale, and can be remedied. The knowledge gained on the other hand, will be valuable throughout their careers. Savings Groups also provide opportunities for young people to learn about child protection and facilitate access to information and services, such as welfare, health, education in their communities and districts. Integrating child protection education with Savings Groups, microfinance and youth producer groups has helped ensure that no young individual who enters the labor market is exploited along the value chain.