LACK OF EMPLOYMENT OPPORTUNITIES FOR YOUTH
There is growing evidence that youth unemployment is becoming a bigger issue and challenge than adult unemployment. While young labour participants and adult participants can be affected by similar opportunities and barriers to work, youth may experience these barriers to a greater degree and may also face additional constraints.
Main causes of youth unemployment can be financial crisis, skills mismatch, Lack of entrepreneurship and lifeskills education, Lack of access to capital, etc. Though the current youth unemployment crisis was not caused by the financial crisis alone, the recession just made existing problems in labour markets, education systems and other structures worse. Greece and Spain, for example, were experiencing high youth unemployment years before the financial downturn, and a sudden surging of economies wouldn’t be enough to put the 74 million unemployed young people to work. Furthermore, the youth unemployment rate is two to three times higher than the adult rate no matter the economic climate.
The skills mismatch is a youth unemployment cause that affects young people everywhere. There are millions of young people out of school and ready to work, but businesses needs skills these young people never got. Young people end up experiencing a difficult school-to-work transition, and businesses are unable to find suitable candidates for their positions.
Young people who want to make their own jobs by starting businesses often struggle to find access to affordable loans, or loans in general. This is partially due to a lack of collateral. High interest rates also make it difficult for young people to repay their loans on time.
Eventhough unemployment is one of the biggest problems our youth face nowadays, there are a lot of ways in which we can tackle this problem. Like, youth access to capital, universal internet access and availability of cheap tech, skills matching, etc. A toxic mix of factors has contributed to the crisis, from mushrooming youth populations in developing regions to a growing mismatch between the skills people have and those that employers need. Addressing the world’s youth unemployment challenge requires a multipronged, long-term effort involving multiple stakeholders, such as governments, employers, educational institutions and civil-society organizations – as well as families, communities and peer groups.
KRIPA NAMITHA SYAM
Student of Sumy state university.