It is easy to be overwhelmed by the sheer scale of the global youth unemployment crisis. Nearly half the world’s population – roughly 3.5 billion people – is under the age of 27. And one in every two between the ages of 15-24 is either unemployed or informally (and often vulnerably) employed. There are three categories comprising the unemployed youth:
- Seventy-three million young people between 15 and 25 are officially classified as “unemployed” (available and looking for work).
- Just under 300 million have simply given up looking for work.
- Add in those who are informally (and vulnerably) employed and/or part of the “working poor” earning less than $2/day, and the number of 15-24 year olds without productive employment reaches a staggering 600 million out of a total global population of 1.2 billion 15 to 24 year olds – one in every two.
The Economist newspaper has dubbed them: Generation Jobless.
Without substantive intervention, young people across the globe will face a future of stagnant or declining incomes, declining standards of living, and vulnerability to criminal and insurgency activities. We believe that fixing this crisis will require the concerted effort of corporations, governments, educators and NGOs over the coming years. Although some good work is already underway, the scale and magnitude of the problem demands a redoubling of the remedial efforts of all involved.
Ask yourself this question: What can I as a parent do to prevent my child from becoming part of the “Generation Jobless” statistics? The simple answer – equip them with the skills and competencies to become entrepreneurs, thus employers and NOT employees.
Source: JA Worldwide Generation Jobless Report 2014