Youth facing economic barriers can utilize various tools and resources to overcome their challenges and improve their financial situation. Some of these tools include:
Financial Education:
Educating themselves about personal finance, budgeting, saving, and investing.
Taking advantage of online resources, workshops, and courses offered by financial institutions, nonprofits, or government agencies.
Tool: Online Financial Education Platforms - These platforms can empower youth to enhance their financial literacy, make informed decisions, and develop the skills needed to navigate their economic challenges effectively.
Khan Academy - Personal Finance: Khan Academy offers a comprehensive set of lessons on personal finance, covering topics such as budgeting, saving, investing, and understanding credit.
Erasmus+ program: Under this program, many youth in Europe have opportunity to participate in exchanges or trainigns related to their education to advance their skills.
MyMoney.gov: A U.S. government website that provides a wide range of financial education resources, including tools for budgeting, saving, and managing debt.
Smart About Money (SAM): SAM offers free online courses and tools on various financial topics, including budgeting, credit management, and goal setting.
Coursera: Coursera hosts courses from universities and institutions worldwide, including courses on finance and financial planning. Some courses are free, while others may have associated costs.
Investopedia: An online resource that provides educational content on finance and investing. It includes articles, tutorials, and a financial dictionary for reference.
2. Employment and Career Development:
Seeking out job training programs, apprenticeships, internships, or vocational courses to gain skills and qualifications.
Utilizing job search platforms and networking opportunities to find employment opportunities.
Exploring career advancement opportunities through further education or professional development.
Tool: Job Search Platforms - These platforms offer a wide range of job listings across various industries and sectors, making them valuable resources for youth seeking employment.
Indeed: Indeed is one of the largest job search platforms, with millions of job listings from companies worldwide. Users can search for jobs by keyword, location, salary, and other criteria, and easily apply to positions directly through the platform.
LinkedIn: LinkedIn is a professional networking platform that also offers job search capabilities. Users can search for jobs, follow companies, and connect with recruiters and industry professionals. LinkedIn also offers resources for career development, including online courses and networking events.
Glassdoor: Glassdoor provides job listings, company reviews, and salary information to help job seekers make informed decisions. Users can search for jobs, research companies, and read employee reviews to get insights into workplace culture and conditions.
CareerBuilder: CareerBuilder offers job search tools, resume posting services, and career advice resources. Users can search for jobs, create job alerts, and access articles and guides on topics such as resume writing and interview tips.
Monster: Monster is a global job search platform that offers job listings, resume posting services, and career advice resources. Users can search for jobs by keyword, location, and industry, and apply to positions directly through the platform.
3. Entrepreneurship and Business Development:
Exploring entrepreneurship as a means of income generation, including starting a small business or freelancing.
Seeking support from entrepreneurship programs, business incubators, or mentorship networks.
Learning about business planning, marketing, and financial management to run a successful venture.
Tool: Business Model Canvas - The Business Model Canvas is a strategic management tool that provides a visual framework for developing, analyzing, and refining business ideas. It helps entrepreneurs to articulate their business model and identify key elements necessary for success. The canvas consists of nine building blocks:
Customer Segments: Identifying the target audience or customer segments that the business will serve.
Value Proposition: Describing the products or services offered and the value they provide to customers.
Channels: Determining the distribution channels through which products or services will reach customers.
Customer Relationships: Defining the type of relationships the business will establish and maintain with customers.
Revenue Streams: Identifying the sources of revenue and how the business will generate income.
Key Resources: Listing the essential resources required to operate the business, such as human resources, technology, or physical assets.
Key Activities: Identifying the key activities necessary to deliver the value proposition and operate the business effectively.
Key Partnerships: Identifying external partners or collaborators that can contribute to the success of the business.
Cost Structure: Describing the costs associated with operating the business and generating revenue.
Additionally, various online tools and templates are available for creating and working with the Business Model Canvas, making it accessible and user-friendly for aspiring entrepreneurs. Examples include:
Strategyzer: Strategyzer offers an online platform for creating and collaborating on Business Model Canvases. Users can access templates, tutorials, and resources to develop their business ideas.
Lean Canvas: Lean Canvas is a simplified version of the Business Model Canvas, focused on lean startup principles. It provides a streamlined approach to business model development, emphasizing rapid experimentation and iteration.
Canvanizer: Canvanizer is an online tool that allows users to create and customize Business Model Canvases. It offers pre-designed templates and collaboration features for team-based brainstorming and planning.
4. Access to Financial Services:
Opening a bank account to manage finances, access savings accounts, and build credit history.
Exploring microfinance institutions or community development financial institutions (CDFIs) for small loans or financial assistance.
Researching government assistance programs or social welfare benefits available for youth in need.
Tool: Microfinance Institutions (MFIs) - Microfinance institutions (MFIs) are organizations that provide financial services, including small loans, savings accounts, and insurance, to individuals who lack access to traditional banking services. These institutions play a crucial role in providing financial inclusion and empowering individuals, including youth, to improve their economic situation. Here's how youth can utilize MFIs to overcome economic barriers:
Small Loans: MFIs offer small loans, also known as microloans, to individuals who may not qualify for loans from traditional banks due to lack of collateral or credit history. These loans can be used to start or expand a small business, cover education expenses, or address immediate financial needs.
Savings Accounts: MFIs provide savings accounts that allow individuals to deposit and save money securely. Savings accounts offer a safe and convenient way for youth to accumulate funds for future expenses, emergencies, or investment opportunities.
Financial Education: Many MFIs offer financial literacy training and education programs to help clients understand basic financial concepts, develop money management skills, and make informed financial decisions. These programs empower youth to take control of their finances and improve their financial well-being.
Community Support: MFIs often operate within communities and build strong relationships with their clients. They may offer additional support services, such as business training, mentorship, or networking opportunities, to help clients succeed in their entrepreneurial endeavours or financial goals.
Flexible Repayment Terms: MFIs typically offer flexible repayment terms tailored to the needs of their clients. This may include low-interest rates, extended repayment periods, or customised repayment schedules, making it easier for youth to repay loans without facing undue financial strain.
Examples of well-known MFIs include Grameen Bank, Accion, and BRAC. These organizations have a proven track record of providing financial services to underserved populations and empowering individuals to improve their livelihoods.
By utilizing these tools and resources, youth can take proactive steps to overcome economic barriers, improve their financial well-being, and work towards achieving their goals and aspirations.
*please note that this article provides only research based ideas and is not aimed to influence your decisions.