All participants add their ideas, inspired by virtual events held around the world by local organizers in each city. The city with the most ideas will receive the award for the most creative city.
Teenagers aged 15-19 years in non-formal learning programs.
A Savings Challenge where teens must save $1 every day for 12 weeks. To make it more fun and beneficial, participants who complete the challenge can be eligible to win an award to double their money and the total amount is invested into a low-cost index fund or exchange-traded fund. This idea provides young people the opportunity to build a consistency habit in saving money and use their acquired savings to put money in productive assets (that can provide future income). More so, participants who complete the challenge can be regularly trained and provided with information on the various options at their disposal to invest and grow their money.
Participatory as participants and their parents can be involved at every stage of the process from saving money to picking index funds for investment.
Promote youth financial literacy.
Promotes inclusion in the use of various financial products (stocks, index funds or ETFs) that are usually marketed by the media as products for adults in white-collar jobs.
Funding – This idea can be piloted for between about 30 youths who are interested in participating in the challenge and self-report interest in learning about investing in stocks. Assuming each of them complete the challenge, each would have $90 by the end of the challenge. Since participants who successfully complete the challenge receive an award to double their money, we would need about $5400 in total.
Additionally, participants completing the challenge will have to be trained in the basics of stock investing so that they can get an understanding of the markets work. If participants intend to invest in the local securities market, we can leverage on the relationship we have with the Lusaka Securities Exchange for them to facilitate training. If participants opt to invest internationally, we can leverage online resources to facilitate the participants learning.
A team of 3 ‘project administrators will be available. These are Youth Field Officers who will be responsible for identifying participants, providing savings tracking sheets to participants, monitoring their savings, and identifying available options (online or in-person) for participants to learn about the stock market.
Opportunity – Most people learn about the stock market as a passive income source when they are working white-collar jobs or from overnight success stories on the internet. However, those who have an idea about it seldom act due to several reasons such as lack of capital, no access to learning resources, etc. This project idea can help young people, at an early age, learn to save money and put it to use by acquiring income-producing assets. Since we are targeting youths from marginalized communities, this project idea can serve to improve their future outcomes by expanding their income options.
Zambia, specifically Chibolya, George and Kanyama communities.
Yes, we’re able to create an online monitoring tool using Alchemer for participants to provide feedback remotely during their execution. Project admins will also periodically meet with the participants on regular intervals to keep track of how much each participants is saving, and verify records against coffers.
Donor funding or adding the project as component of the programs budget and workplan.
