#RecruitmentFocus: New report highlights barriers to youth employment
The latest Breaking Barriers, Harambee Youth Employment Accelerator's Quarterly Employment Report was released earlier this month. It highlights financial inclusion barriers and solutions, drawing on research by Bankable Frontiers Associates (BFA) which tracked the detailed financial flows of young people.
Main insights from the report include:
- Access to income has a bearing on the likelihood of finding employment.
- Young people who do find work face an “expectation tax” to give to others, hindering their own asset accumulation and investment.
- Youth have aspirations that do not match their financial practices (and are a risk to their long‑term inclusion inthe economy).
The report notes that young people access financial services at roughly half the rate of adults. This impacts on their ability to grow an asset base, invest in their education, or start a business. Access to affordable financial products and services that meet the needs of young people can provide longer term financial security and bolster chances of sustained economic participation.
The report is produced in partnership with Business Unity South Africa, Business Leadership South Africa, The National Business Initiative and The National Youth Development Agency.
