The Role of Financial Literacy in Promoting Children & Youth Savings Accounts: A Case of Commercial Banks in Kenya

Abstract

The main thrust of the study was to establish the effect of financial education as a component of the children and youth savings account.  The study adopted a survey research design. This study considered 36 commercial bank branches in Nakuru town. The study findings established that provision of financial literacy to children and their parent/guardians increases the effectiveness of children and youth savings accounts in impacting financial management skills and financial wellbeing to these young stars.