Understanding Demand for Financial Products among the Youth of Central Java

Abstract:

In Indonesia, over 20% of youth are neither in school nor employed, and over 50% of youth in the labour market are unemployed or underemployed. MicroSave conducted market research to understand the needs for financial products and perceptions of existing financial products amongst the youth of central Java. MicroSave's Product Development Framework was used to design a suite of client responsive products. Major financial stress points and aspirations of the youth were assessed. The team further segmented the market based on age and marital status. The preference of the segments were analysed using a segment preference matrix. Finally the team suggested a mix of products to be piloted for the youth.

Tags: Product development, Research plan, Market segmentation, Savings, Financial products, Financial needs, Life cycle needs, Participatory rapid appraisal tool, Focus group discussion, FGDs, ROSCAs, Cooperatives, Recurring deposit, South East Asia, Indonesia, Youth financial services, Microfinance, Industry analysis, Market research (qualitative) , BN119, BN 119, MicroSave, Piggy banks