Low financial literacy, legal restrictions, difficulty in accessing financial products and services for various reasons such as high transaction costs and difficulty in accessing loans as young people are sometimes considered high-risk customers due to limited savings in their accounts have been identified as some of the factors hindering youth access to financial services.
These challenges highlight the need for targeted financial education initiatives and financial inclusion policies that can effectively address pertinent issues and realities faced by the youth. In this regard, regulators and policymakers have a crucial role to play in creating a conducive environment to promote youth financial inclusion by improving the regulatory frameworks and designing more inclusive policies.