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#YouthNow: The State of Global Youth in Entrepreneurship and Financial Inclusion

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  • 66% of youth surveyed by the G20 Entrepreneurs Alliance in 2013 said entrepreneurial skills need to be thought. [G20 Young Entrepreneurs, 2013, http://bit.ly/KxPpsC]
  • 73% said access to finance remains very or somehow difficult in their countries. [G20 Young Entrepreneurs, 2013, http://bit.ly/KxPpsC]
  • Less than 6% of youth report having borrowed from a formal financial institution. [UNCDF, 2014, http://bit.ly/1Nc7x5D]
  • Youth are 33% less likely than adults to have a savings account and 44% less likely to save in a formal institution. [UNCDF, 2014, http://bit.ly/1Nc7x5D]
  • The majority of the world’s youth live and work in rural areas where they face many obstacles to engage in productive activities. [UNCDF, 2014,http://bit.ly/1Nc7x5D]
  • The private sector is the main driver in the fight against poverty, providing 9 in 10 jobs. [UNIDO IFC: JOBS STUDY, 2013]
  • The promotion of entrepreneurship can help in addressing youth unemployment.[UNCDF, 2014, http://bit.ly/1Nc7x5D]
  • Young entrepreneurs often face challenges when setting up and developing their businesses. These include:
    • Lack of access to capital and start-up funding
    • Lack of access to business development services
    • Limited knowledge and thus less competitive than older players
    • Age restrictions to independently open and manage a savings account.

[UNCDF, 2014, http://bit.ly/1Nc7x5D]

  • Access to financial and social assets is key to helping youth make their own economic decisions and escape poverty. [UNCDF, 2014, http://bit.ly/1Nc7x5D]
  • Few financial service providers (FSPs) such as banks, credit unions or microfinance institutions, understand and adequately serve the youth market, and regulatory frameworks are not designed to be youth inclusive or protective of youth rights. [UNCDF, 2014, http://bit.ly/1Nc7x5D]
  • Providing young people with financial services can help promote entrepreneurship and asset building, and emphasize sustainable livelihoods. [UNCDF, 2014, http://bit.ly/1Nc7x5D]
  • Through programmes like UNCDF-YouthStart, more than 110,000 youth have opened a savings account in a formal FSP in sub-Saharan Africa.  [UNCDF, 2014, http://bit.ly/1Nc7x5D]
  • The majority of countries have age restrictions to open and manage a savings account in an independent manner. [World Bank Report, 2014,http://bit.ly/1zpsu5J]
  • Only 23 African countries are implementing a national strategy on financial literacy. [World Bank Report, 2014, http://bit.ly/1zpsu5J]
  • By integrating young women and men into competitive agro-based value-chains and creative industries, employment and business opportunities can be created. Innovative young entrepreneurs can create businesses in rural areas by processing agricultural resources and developing tourism opportunities, thus transforming traditional agrarian societies into entrepreneurial societies. [UNIDO, 2014,  http://bit.ly/1e4biyh]
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