Among many challenges, youth unemployment remains a key concern. With global unemployment figures for young people exceeding 74m, it's clear this is a global issue.
Taking Zambia as an example, unemployment is rife. With more than half of its population under the age of 18, Zambia currently has the largest population of young people in its history: 63% of the urban youth aged 15 - 19 are out of work, while almost half (48%) of 20-24 year olds are unemployed.
Like many young people across the globe, young Zambians want to become economically independent and want to have the skills and resources to achieve their ambitions. Barclays is committed to helping the next generation achieve their ambitions, through its 5 Million Young Futures commitment. Barclays is investing resources and employees' time and expertise in community programmes that enhance the enterprise, employability and financial skills of the next generation – helping them to fulfil their potential.
In this southern African country, all three of Barclays' global community investment programmes are being delivered: Banking on Change, Barclays Spaces for Sports, and Building Young Futures.
Banking on change
Over 60% of Zambians have no access to formal financial services. Banking on Change – a partnership between Barclays, CARE International UK and Plan UK – aims to change that by breaking down barriers to financial inclusion for people living on less than US$2 a day.
Raphael – who lives in the Chimbobo district around two hours north of the capital Lusaka – is just one of the young people learning to save and manage his money through the programme.
With the skills he has learnt, Raphael has saved to grow his welding and piggery businesses, enabling him to provide greater security for himself and his mother when times are hard. Before Banking on Change, Raphael lacked the skills he needed and used to run his business 'idly'. Now he has new goals and a business plan. He hopes to attend college to study metal work, and move his welding bench which is currently on the side of the main road through his village to his own welding shop. Raphael also coordinates a savings group for young people in his community, and aspires to open a bank account in the future.
Barclays spaces for sports
At the Barclays Sports Centre in Lusaka, charity Grassroot Soccer is harnessing Zambians' passion for football to give young people the confidence and skills to get into employment, education or training. Many participants progress through the training and become coaches who mentor other young people and give back to their local communities. Aaron Kapoma is one young coach who has found employment thanks to Grassroot Soccer. He gained crucial interview skills through the programme, as well as the communication and people skills that have helped him in his new job in local government.
Barclays volunteers also support participants by delivering training to help them improve their financial and employability skills.
Building young futures
Building Young Futures is a partnership between Barclays and Unicef that provides young people with the skills, knowledge and confidence they need to set up their own small business or find a job. In Mtendere market just outside of Lusaka, Morris and Dyness have set up their own tailoring business. Before receiving the Building Young Futures training they were both unemployed. When they first started out they worked outside making products on the street. They now work from their own shop, and have ambitious plans to expand and employ more people. The business not only allows them to afford the basic things in life, but Dyness is using the profits to send his brother to school. Dyness is excited about what the future holds: "if you come back in one year I think you will see that we are a very big business – even too big for this store."
The issue of youth unemployment is not going away, however programmes such as those supported by Barclays play an important role in providing skills to help young people achieve their ambitions.
To learn more about Barclays' 5 Million Young Futures commitment, visit their website.
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