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Background and Genesis

The International Cooperative Alliance - Asia and Pacific Committee on Youth Cooperation (ICYC) initiated its first program on financial literacy in 2014. In Kathmandu, Nepal, the Gopaleshwor Saving and Credit Cooperative, a primary cooperative, promoted and implemented student saving clubs. This program was subsequently adopted by other cooperatives in Nepal. In this program, young students in local schools are mobilized and encouraged to form into clubs and from there, they will be educated about cooperative principles and values, trained on financial literacy, and encouraged to save money using piggy banks. By 2020, about two hundred fifty (250) student saving clubs have been formed in different parts of Nepal, this was supported by cooperatives such as Nepal Multipurpose Cooperative and VYCCU savings and Credit Cooperative. Through saving clubs, students also get opportunities to participate in extra-curricular activities to develop their inter-personal and leadership skills.

Why Youth are considered as an important assets for cooperatives?

A youth cooperative is a type of cooperative organization that is owned and controlled by young people. These cooperatives are typically established to provide economic and social opportunities for young people, including employment, education, and training. They are governed by the same principles as other cooperatives, which include democratic member control, member economic participation, autonomy and independence. Youth cooperatives can operate in various sectors including manufacturing, services, and agriculture. The most interesting characteristic of youth coops is that the members are composed of young people, and the organization is established with the purpose of empowering and providing opportunities for youth.

Purpose of Financial Literacy for Youth

Financial literacy for youth in cooperatives is important as it helps them to understand the concepts of cooperative, its financial aspects, and how to manage money effectively. This can include knowledge in budgeting, saving, investing, and understanding financial statements to name a few. By being highly financial literate, youth members of cooperatives can make informed decisions about the financial health and direction of the cooperative. Additionally, financial literacy can also help young people to develop the skills and knowledge they need to manage their own personal finances, which can have a positive impact on their overall financial well-being. Furthermore, it can also contribute to the growth and stability of the cooperative, as youth members will have a better understanding of how to contribute to the financial success of the cooperative.

Objective of the webinar

The main purpose of the webinar on Financial Literacy for Youth in Cooperatives is to understand financial concepts such as effective money management, making financial decisions, and achieving financial stability. It will help enhance their financial skills and their well-being. Focus Sectors The following sectors have been identified as the focus sectors for the second cohort of the Youth Financial Literacy:

1. Budgeting and investing

2. Loans and interest

3. Maintenance of Accounting records

4. Financial Reporting

Organizers

ICA-Asia and Pacific Committee on Youth Cooperation

Recognizing the importance of increasing youth engagement within the cooperative movement, the ICA-AP Committee on Youth Cooperation (ICYC) was established in 2000 to promote and strengthen cooperation among youth in cooperatives.

The ICYC facilitates knowledge exchange and capacity building among youth in cooperatives, encouraging their active membership and participation at all levels within the cooperative movement, increases awareness on participatory democracy among youth, strengthens business activities of youth cooperatives, provides linkages and networking with cooperatives at all levels and promotes youth inclusivity in the cooperative movement. ICYC has organized various seminars, youth conferences, and regional workshops to promote cooperativism among youth. It has been instrumental in facilitating climate action through one of its prime programs, the Go Green Campaign.

National Cooperative Union of Inida

The National Cooperative Union of India, (NCUI) is an apex organization representing the entire cooperative movement in its country. It was established in 1929 as All India Cooperative Institutes Association and later in 1961 as National Cooperative Union of India. Ever since then NCUI has been acting as torchbearer of cooperative movement in its country. As of date, it has diversified its activities and programs to address the emerging issues affecting the cooperative movement.

CONTACT

Feel free to email us at info@icaap.coop  if you have any questions or concerns.

Alternatively, please feel free to contact :

Mr. Shree Padmanabhan

Secretary - ICA-Asia and Pacific Committee on Youth Cooperation (ICYC)

shree.padmanabhan@icaap.coop