Beyond the Promotional Piggybank: Towards Children as Stakeholders - A Discussion Paper on Developing Child-Friendly Financial Products and Services

How can financial institutions deliver real value for children?

This discussion paper uses the Children’s Rights and Business Principles framework to outline a management and due diligence process that can help financial institutions consider children’s rights when developing products and services that are targeted towards children. The paper outlines a five-step process for financial institutions to achieve this:

  1. Develop policies;
  2. Assess potential and actual impacts on children;
  3. Integrate and act on findings;
  4. Monitor and communicate on performance;
  5. Create systems for complaints and remediation.

The purpose of this discussion paper is to facilitate debate on this approach from the wider financial community and child rights and corporate social responsibility experts, and to encourage feedback and additional sharing of good practice examples.