Edutainment for financial inclusion: Empowering women and youth in Central Asia

Central Asia is home to some of the lowest savings rates in the world, and this is particularly true in the Kyrgyz Republic and the Republic of Tajikistan. According to 2021 Global Findex data, gross domestic savings rates in these two countries stood at just 6.9% and 12.6%, respectively, well below regional averages in Sub-Saharan Africa (14.6%), Latin America and the Caribbean (18.1%), and South Asia (25.7%). These figures reflect a broader regional issue of limited personal savings and low participation in formal financial systems, especially among women and youth.

Savings, combined with sound spending and financial management behaviors, enable households to invest in their future, earn passive income, prepare for retirement, and weather economic shocks. At the macro level, higher savings also provide liquidity for business growth. So why are savings rates so low?

Part of the answer lies in low and irregular incomes and limited access to financial services. But the fact that comparable countries report higher savings rates—and that investments in infrastructure and literacy have not translated into expected gains in financial inclusion—points to deeper structural and cultural challenges.

A social norms diagnostic by the International Finance Corporation’s (IFC’s) Central Asia Financial Inclusion project, in partnership with the Swiss State Secretariat for Economic Affairs SECO, identified sociocultural factors and related behaviors that prevent women and youth from participating in the formal financial sector.
 

A Multi-Pronged Edutainment Approach

To shift these norms and promote financial inclusion, IFC launched a multi-platform educational entertainment—or edutainment—campaign. The campaign featured prime time TV series in the Kyrgyz Republic (Akcha) and Tajikistan (Pul), along with TEDx-style "Money Talk” events and interactive social media videos. These targeted efforts aimed to encourage financial planning, savings, and the use of formal and digital financial tools.

For more details on the methodology and approach, refer to TV, TEDx, and Tweets: Measuring the Impacts of a Multi-Pronged Edutainment Program in the Kyrgyz Republic and Tajikistan.

The key findings below highlight the campaign’s impact across four financial themes: account ownership, savings, spending, and trust in financial institutions. Results were measured at midline—immediately after the campaign’s main interventions—and at endline—three months later—to assess lasting effects.

Account ownership. Exposure to the campaign led to a 7.6% increase in account ownership and a 10.9% rise in e-wallet ownership at midline, although these gains did not hold at the final measurement. The TV series drove the increase in e-wallet ownership (12.4%), while the Money Talk events were most effective in boosting overall account ownership, which was up 16.7% at endline. Women in Tajikistan saw the strongest results, with sustained increases in both account and e-wallet ownership.

Savings. Participants were 16.7% more likely to save in formal accounts at midline and 12.6% more likely at endline. Average formal savings rose by $222.68 during the campaign’s main phase. At the same time, informal savings declined, indicating a shift toward formal financial tools. The campaign also raised women’s awareness of societal expectations to hand over their earnings for family members to manage.

Spending. The campaign led to a modest increase in account transactions, driven largely by the Money Talk events. While gains in the Kyrgyz Republic declined over time, they persisted among women and youth in Tajikistan, indicating more durable impacts there. Youth also reported greater awareness of peer pressure to keep up with the latest technology trends at midline, although this did not translate into meaningful changes in underlying financial attitudes.

Trust in financial institutions. Overall, the campaign did not lead to significant increases in trust, although there is marginal evidence of limited impact from the social media campaign. In the Kyrgyz Republic, youth were significantly more likely to agree on the importance of financial planning and independence from family support, whereas youth in Tajikistan were significantly more likely to disagree—highlighting divergent views between the countries.
 

Lessons and Implications

Overall, the campaign was effective in encouraging the use of formal financial tools, even if early gains declined over time. Each platform delivered distinct benefits: the TV show spurred e-wallet adoption, Money Talk events boosted account ownership and transactions, and social media showed evidence of raising trust in financial institutions and awareness of social norms.

Yet, while awareness of these norms increased, personal beliefs remained largely unchanged. Combined with the fading of early gains, this suggests that lasting behavioral change and shifts in deeply ingrained social norms require sustained engagement and complementary measures that address deeper cultural and structural barriers.

With global interest rates remaining high and debt levels elevated, policy makers should continue to explore cost-effective ways to strengthen financial resilience. This study offers timely insights into how narrative, media, and social learning can help shift financial behavior—particularly among underserved groups.