There are currently 1.2 billion young people aged 15 to 24 years, accounting for 16 per cent of the global population. By 2030, the number of youths is projected to have grown by 7 per cent, to nearly 1.3 billion.
The global youth unemployment rate was 15 percent in 2022. However, only 27 percent of young women were projected to be in work in 2022, compared to 40 percent of young men. This gender gap has shown little sign of closing over the past two decades. An additional 8.4 million jobs could be created for young people by 2030 through green and blue investments, notably in clean and renewable energies, sustainable agriculture, recycling and waste management.
Financial illiteracy is a critical barrier to financial inclusion. Financial literacy is a core life skill for participating in modern society. Children are growing up in an increasingly complex world where they will eventually need to take charge of their own financial future. National surveys show that young adults have amongst the lowest levels of financial literacy, with only 33 per cent of the world’s population being financially literate (worldwide, 35% of men and 30% of women are financially literate).
Youths can be a positive force for development when provided with the knowledge and opportunities they need to thrive.
As the youth are increasingly demanding more just, equitable and progressive opportunities and solutions in their societies, the need to address the multifaceted challenges faced by young people (such as access to education, health, employment and gender equality) have become more pressing than ever.
THE WORK WE DO ON YOUTH INCLUSION:
- Work with relevant partners to foster Youth Enterprise Development schemes, to address the unemployment issue, thereby shifting young adults from job seekers to job creators.
- Work with governments to develop national strategies for financial education/awareness programmes and also encourage participation in the annual Global Money Week events.
- Work with regulators/governments to develop baseline studies and follow-up surveys for measuring national financial literacy levels.
- Advocate for financial education to be included in the curriculum of private and secondary schools.