do girls need a savings account to save? · 10/7/2015 · natsave (host) making cents...
TRANSCRIPT
DO GIRLS NEED A SAVINGS ACCOUNT
TO SAVE? PRELIMINARY RESULTS FROM THE ADOLESCENT
GIRLS EMPOWERMENT PROGRAM Karen Austrian, Ph.D.
Project Director AGEP Population Council
Paul C. Hewett, Ph.D. Lead Investigator AGEP Population Council
Global Youth Economic Opportunities Summit – October 8, 2015 – Washington, DC
AGEP Overview
• November 2011 – June 2018 • Funding by UK Aid through DFID • Based on Council's global body of work with
vulnerable adolescent girls • Two major components
Program: Adolescent girls ages 10―19 Social, health and economic asset building
Research: Impact evaluation Cluster randomized design
10 Sites – 5 Urban, 5 Rural
AGEP Sites
“Safe Spaces” Mentoring sessions
Savings accounts opened
Financial education
Sexual and reproductive health education
Health vouchers
Economic assets
Social assets
Health assets
Reduced gender- based violence
Fewer early/unintended pregnancies
Reduced STI transmission
Increased school completion
Delayed sexual debut
Reduced early marriage
Reduced HIV transmission
Asset Building Theory of Change
Mediating Longer-Term Intervention
AGEP Intervention
Safe Spaces/Girls Groups
• Weekly group meetings over course of two years
• Health and life skills, financial education and nutrition curricula
• Led by female mentor from the community – 20―40 years old
• Segmented by age; marital status
Aim of Safe Spaces
Serve two critical functions: • To build a platform to
reach vulnerable girls with interventions and educational topics
• To build friendships, trusting relationships, boost self-esteem, and other positive influences
Girls Dream Savings Account
• Collaborating Partners NatSave (host) Making Cents
International (market research and product development)
Girls Dream Savings Account
• Minimal opening deposit - $0.30
• No transactional fees
• Girls can deposit on their own
• Withdrawals dependent on age of the girl
Aim of Savings Account
• Help build a culture of savings at a young age
• Reinforce money management skills • Promote economic assets building
Assist girls in… • facilitating their economic
independence • managing emergencies • helping make safe health related
decisions
AGEP Evaluation
Study Design Randomized cluster design
AGEP No Program
Randomization within each site
Eligible participants
Females Age 10–19 Socio-econ vulnerable
AGEP Study Clusters
Chawama & Misisi Masaiti
Urban Rural
47 total clusters (CSAs) 27 total clusters (CSAs)
Census Supervisory Areas
16 clusters selected 16 clusters selected
AGEP Study Arms
Controls – No exposures, no placebo • Internal controls – within program sites • External controls – different sites (urban)
Exp. Arm 1 Exp. Arm 2 Exp. Arm 3
Safe Space Groups
Health Voucher
+ +
+
Bank Account
Selection of Girls
Program: Target ~10,000 thru 2 years • 1,200–1,400 invited to participate per site
• Girls ranked by vulnerability, most vulnerable selected
• All eligible girls in a household invited
Research: Target 3,520 observed thru 4 years • Girls invited to participate in AGEP
• Randomly selected among AGEP participants
• Never married at baseline
• One girl per household
Study Implementation
Electronic data capture (Android Tablets) • CAPI, ACASI
Biological testing
• HIV rapid test (national algorithim) • HSV-2 laboratory testing (Kalon ELISA) • Anemia rapid test (Hemocue 201+)
Anthropometric measurement • Girls & children
Evaluation Timeline
2013: Baseline Completed
2014: Round 2 Completed
2015: Round 3 In-field
2016: Round 4
2017: Endline
AGEP Intervention ends
Savings Account Use
• 2,175 accounts established • 34% of girls deposited some funds • 4% of girls have withdrawn funds • Average balance: $5.20
What effect does having a savings account have on financial literacy
and having saved?
Increase in average financial literacy score
Urban 10-14
Rural 10-14
Urban 15-19
Rural 15-19
Baseline
4.8
4.6 6.0 5.7
Round 2
5.4
5.3 6.3 6.0
Financial Literacy
Scale: from 0 to 9 score
All AGEP segments
Difference in score significant only for savings account arm
Mean Financial Literacy Score
Regression Coefficient
Control 5.5 - - - SS Only 5.6 0.15 SS + HV 5.5 0.04
SS + HV + SA 5.8 0.36** **p < 0.01
Financial Literacy
Urban 10-14
Rural 10-14
Urban 15-19
Rural 15-19
Baseline
11% 10% 21% 18%
Round 2
28% 22% 32% 30%
Savings Increase in percentage of girls saving
All AGEP segments
% Saved at Round 2 Odds Ratio
Control 25% 1.0 SS Only 26% 1.1 SS + HV 28% 1.2
SS + HV + SA 30% 1.3*
*p < 0.05
Savings Difference in saved at round 2 significant only for savings account arm
Summary
• The savings account has a positive effect on girls likelihood of saving either formally or informally, despite overall low levels of use of account
• Having the ability to “put in practice” some financial literacy skills vis-à-vis a savings account increases financial literacy after one year
Further Analysis
• Looking at financial literacy scores and savings behavior vis-à-vis: – Account usage – Amounts of savings – Actual exposure to financial education sessions
• Observe trend after the full intervention is completed
Thank you