Enhancing the Financial Capabilities of Children and Youth
Client: Children and Youth Finance International
Firm: Houthoff Buruma, Lex Mundi member firm for the Netherlands
Sector: Financial Education
Issue: Regulatory Support
Child and Youth Finance International (“CYFI”) leads the world’s largest movement dedicated to enhancing the financial capabilities of children and youth. The program was launched in April 2012, and has already spread to more than 100 countries, reaching over 18 million children. The organization’s core objective is expanding the “Economic Citizenship” of children ages 8-18 by equipping them with the necessary information to make knowledgeable financial decisions, the aptitude to be employable and earn a living, and the ability to accrue savings and subsequently decrease the progression of poverty.
Education in these areas also reduces the risk of debt-related financial vulnerability, which has typically been a common pathway for precipitating poverty. This approach creates promise for impoverished communities as a new generation of financially adept youth become skillful investors and entrepreneurs.
CYFI harnesses knowledge and innovation from within its network of global organizations. Its partners and supporters include some of the world’s leading financial institutions, international NGOs, foundations, academics, and of course—children and youth. Houthoff Buruma, the Lex Mundi member firm for the Netherlands, helped found CYFI and has provided the organization with assistance on a multitude of legal issues over the years. With the help of Lex Mundi firms across the globe, the firm has composed legal reports and country surveys on specific regulatory related topics. Michiel Wesseling, a partner at Houthoff Buruma, is closely involved with CYFI as a member of its supervisory board. In 2015, CYFI’s goal is to connect 100 million children across the globe with access to financial institutions.