Youth between the ages of 15 and 35 in Uganda who are part of the Banking on Change Initiative (2013-2015) in partnership with Barclays and Plan joined savings associations, and saw huge changes in their lives.
What did we accomplish?
- Cut poverty in half: The number of program participants living below the poverty line was cut in half, from 14% to 7%.
- Increased assets: People bought land, livestock, tools, and agricultural inputs with their new savings. Women were 4 times more likely to buy livestock at the end of the program.
- Quadrupled land ownership: The number of families with plots of land between 1 and 5 acres of land went from 11% to 48%. The number of people who were working on their own farms as a livelihood nearly tripled.
- Improved access to health care by 25%: The number of families who couldn’t access health care dropped from 36% to 27%.
- Women’s leadership went up: Women were 7 times more likely to have leadership positions, and were 4 times more likely to aspire to run for office. Families were also 50% more likely to make decisions jointly between men and women.
How did we get there?
- Got youth into savings groups: The project worked with more than 48,000 youth in 1,472 Youth Savings and Loan Associations.
- Built better businesses: The number of businesses who kept records doubled, and the number of people who increased their investment in businesses went up by 20%. 50% of participants said their businesses improved.
- Build on previous success: The project built on the success of the Banking on Change project, and focused it specifically on youth participants.
- Support good financial decisions: The participants say it best. As one man told us: “I earn more money and support my family better than before. I no longer waste money. I buy household assets. I now have household assets that I never dreamt of having.”
Want to learn more?
Check out the program evaluation.