Young populations must always face a big number of challenges, including the responsibility of making decisions to start their adult life. Most people who read this will be able to identify with it, as this situation happens every day and everywhere.
Youth unemployment rates have only increased in recent years. When we look at the global unemployment charts for young people aged between 15-24 (ILOSTAT), we see that in 2019, 14.9% of males and 17.1% of females were unemployed. It is estimated that the world economy should generate an average of five million jobs per month to reach the demand for labour that is being produced (World Bank).
But where can these new jobs come from?
Potentially, young people have fantastic entrepreneurial minds, full of new ideas and the ability to develop them. Because of the situation they are in, young people are more likely to embrace new concepts of work, as well as being more adaptable, energetic, and creative.
How is the entry of young people into the employment market?
When we look at this in developing countries, it is usually at a relatively early age, and often without high level education.
To address poverty and lack of decent employment, LMDF establishes a youth-focused perspective. In many cases, the MFIs the fund works with, have specific measures dedicated to this sector of the population. These measures focus on education, offering loans that allow access to education so that the young do not have to leave school early to contribute to the family income, or to finance their studies, or to be able to start their own businesses.
Find more information on young people and other topics in our social performance report.
Read the report