Innovations, challenges in savings and financial inclusion for the poor highlighted in new report from the Global Assets Project

Washington DC - Innovative partnerships and convergence in the fields of asset building, microfinance and financial inclusion are sparking increased interest in access to savings, assets, and financial inclusion for those living in poverty around the world, according to a report released today by the Global Assets Project and the Citi Foundation. The report, "Global Savings, Assets and Financial Inclusion: Lessons, Challenges & Directions" is based on the Global Symposium held in Singapore last year which brought leading practitioners, scholars, policymakers, corporate leaders, and funders in these fields together for the first time.

The report is available here and at www.GlobalAssetsProject.org.

"The microfinance, asset-building, and financial inclusion fields are evolving and converging rapidly, creating a sense of excitement among non-profits, policymakers, financial institutions, advocates, and the poor themselves," remarked Mr. Michael Sherraden, Director of the Center for Social Development (CSD) at Washington University in St. Louis and Mr. Ray Boshara, Vice President and Director of the Asset Building Program for the New America Foundation. The Global Assets Project, now beginning its third year, is a joint venture between CSD and the New America Foundation.

"This report is full of practical, fascinating examples of how access to the right kind of financial services can help families build assets and live better lives -- it should inspire a renewed focus on asset development by microfinance practitioners and supporters," lauded Ms. Kate McKee, Senior Advisor at the Consultative Group to Assist the Poor and contributor to the report.

"It was a great honor for Citi to host the Global Assets Symposium last year which highlighted the extensive range of current efforts to increase financial inclusion and opportunities for asset building globally. The goal of this report is to inspire actors to continue innovating in this space so that the agenda can move forward," said Ms. Leslie Meek-Wohl of the Citi Foundation.

This report provides a glimpse into the candid discussions and exchanges offered by the participants in the Global Symposium on Savings, Assets and Financial Inclusion. The purpose of this unique convening was to illuminate and inform strategies for universal inclusion in savings and asset-building products, programs, and policies around world. This report describes in details emerging trends, lessons, challenges and opportunities for thinking about how the poor, in developed and developing countries, can build their assets and wealth. Finally, the report includes possible next steps that may be taken within these fields to move this emerging body of work forward.

To arrange an interview with Mr. Ray Boshara, of the New America Foundation, please contact Erin Drankoski -- call 202-997-8727 or e-mail drankoski@newamerica.net. To contact Ms. Leslie Meek-Wohl, of the Citi Foundation, call 212-559-1532 or e-mail MeekL@citi.com.

About the Global Assets Project: The Global Assets Project -- created in 2006 as a joint venture between the Center for Social Development at Washington University in St Louis and the Asset Building Program of the New America Foundation -- aims to advance strategies and public policies that build savings and assets for low- and moderate-income people around the world.

About the Citi Foundation: The Citi Foundation is dedicated to enhancing economic opportunities for underserved individuals and families in the communities where we work throughout the world. Globally, the Citi Foundation is focusing its giving on Microfinance and Microentrepreneurship, which helps individuals become economically self-sufficient; Small and Growing Businesses, leading to economic expansion and job creation; Education, which prepares young people for personal and professional success; Financial Education, which helps individuals make informed financial decisions; and the Environment with a focus on sustainable enterprises that generate jobs and stimulate economic growth while preserving the environment.

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The New America Foundation is a nonprofit public policy institute whose purpose is to bring exceptionally promising new voices and new ideas to the fore of American public discourse. Relying upon a venture capital approach, the Foundation invests in outstanding individuals and policy solutions that transcend the conventional political spectrum. Headquartered in Washington D.C., New America also has offices in California.

Press Contact:
Erin Drankoski
New America Foundation
202-997-8727
Drankoski@newamerica.net

Learn More About: Ray Boshara
Related Programs: Asset Building Program, Global Assets Project
Topics: Ownership & Assets, Trade & Globalization