Youth Saving Patterns and Performance in Ghana

Discussing the attitudes and behavior of youth in Ghana towards savings
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This YouthSave Research Brief focuses on the saving attitudes and behavior of youth in the YouthSave Ghana Experiment. The study uses a cluster randomized design with 100 schools randomly selected from eight of Ghana’s ten regions.The brief states that many youth in Sub-Saharan Africa (SSA) save or try to save part of their income by using informal methods such as cash boxes and hiding places. Youth in SSA are also able to save using formal methods when given access to savings products, incentives, and support. Study surveys for youth included questions about demographics, education, health, financial capability, asset ownership, living conditions, and future aspirations and expectations. Findings include:

  • Youth are active savers;
  • They tend to save small amounts using informal methods over short periods of time;
  • Youth save for mostly consumptive purposes such as school fees;
  • Youth have very favorable attitudes about using formal financial institutions to save.