Close to 5 percent of the youth population worldwide has access to a savings account, though they represent around 18 percent of the world population, and disparities are significant; in some economies (i.e Australia, France and New Zealand) around 70 percent of students of 15 years old have a bank account, though in others (Israel, Poland and Slovak Republic) the figure is less than 30 percent.
There are over 1.1 billion young people in the world who need to be able to find good jobs, start and grow businesses, gain access to appropriate financial services and overall, participate in the global economy.But how can development practitioners and private and public sector actors meet the growing demand for youth economic opportunity?
In recent years, there has been a growing recognition of the economic and social obstacles low-income young people face in making successful transitions to adulthood. The ability to manage money, build assets safely and plan for the future is a core component of a larger set of economic and social assets required to achieve more sustainable livelihoods. One of The MasterCard Foundation’s earliest efforts explored how best to serve the financial needs of young people living in poverty, particularly in Sub-Saharan Africa.
As part of the NEN Close Up series, the Near East, North Africa, Europe and Central Asia Division hosted a knowledge sharing event on rural youth and economic empowerment in the Near East and North Africa. Through a regional grant, IFAD is partnering with Making Cents International, a social enterprise based in Washington DC, and Silatech, a social initiative working to create opportunities for young people throughout the Arab world, to help increase the employment and self-employment opportunities of more than 18,000 young people of ages 15-35.
Organization for Economic Cooperation and Development LEED Program
This publication highlights new evidence on policies to support job creation, bringing together the latest research on labour market, entrepreneurship and local economic development policy to help governments support job creation in the recovery. It also includes a set of country pages featuring, among other things, new data on skills supply and demand at the level of smaller OECD regions (TL3).
The MasterCard Foundation and The Boulder Institute of Microfinance
As a follow-up to The MasterCard Foundation Symposium on Financial Inclusion held this past July in Turin, in association with the Boulder Institute of Microfinance, the 2014 Post-Symposium Report has been released, which highlights key sessions and takeaways from the event.