An assets-based approach to promoting girls’ financial literacy, savings, and education

Purpose: This study examined whether micro-savings programs can improve young adolescent girls’ financial knowledge, savings behaviors, and schooling outcomes in Ghana. Methods: We evaluated the short- and medium-term effects of a randomized control trial in which a sub-sample of over 1400 girls living in the Eastern Region of Ghana received financial literacy training and a micro-savings account. Results: Girls in the intervention arm of the study initially exhibited higher levels of financial knowledge, planning, and savings, but some of these effects disappeared within two years. Nonetheless, girls with micro-savings retained their greater knowledge of interest rates, had higher levels of savings, and were more likely to save for school. The effects on girls’ educational enrollment was strongest in the second year. Conclusions: Our results suggest that even relatively young girls can manage micro-savings accounts and that such programs, if sustained, can effectively build girls’ financial and educational assets.