Crypto for youths not in employment, education or training

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Introduction

Global youth unemployment remains a big issue for economists, governments and the world at large. Beyond the glaring shortage of jobs, there are also many youths that are supposed to be receiving one professional or vocational training but they are not. These, together with those that are jobless form a crucial figure of many young people that are not productive in any way. As such, they are unable to contribute meaningfully to regional or global economic growth.

The International Labor Organization (ILO) is saddled with the responsibility of ensuring the there is decent and gainful work for all. Each year, its economists publish articles that look at economic issues facing the world and how performances in the past could be used to forecast the future. In its most recent documents looking at youths in 2024, it paints a bleak future of youth in 2024 as regards employment and professional training. In this article, we will take a look at how the figures paint a bleak future for youths of employment and training ages.

More Youths are NEET

NEET stands for youths Not in Employment, Education or Training. Just as the name stands for, the ILO uses that category to represent young people that are supposed to be doing decent jobs or enrolled in some skilled or vocational training but they are not because of finance issues. For the issue of unemployment, there has been less number of young people that are unemployed in 2023 than there was before that year. That figure makes for encouraging reading especially when compared to periods immediately after COVID. It has been estimated that nearly 65 million youths were unemployed globally in 2023. However, it does not paint a general picture of what is obtainable everywhere.

While there was a global decrease in the number of young people that are unemployed, there are countries or continents where the situation is worse. Most developing economies recorded a very high figure of unemployed youths than the global reported 13 percent. Many of those countries are found in places like Africa and Asia where it is increasingly difficult for young people to find decent jobs. Those youths have to eventually settle for anything to keep busy, mostly finding temporary underpaid employment in the informal sector. Of the two genders facing this unemployment crisis, the female gender comes off worse.

Considering the overall figure in NEET, it does not make for a great economic outlook for youths. The global figure for youths that are without jobs or vocational training is beyond 2024. World governments and policy makers will have to device ways of tackling these issues in order to foster both local growth of their economies and the global one too.

The ILO director General hence called on world leaders to set up instruments to put youths in jobs or get them involved in picking up some vocational skills. This is the only way to work towards eliminating most of the social problems that youths get into because they have nothing to do. While some countries are doing well in creating more decent job opprotunities for the youths, many developuing economies are really struggling to do so. Here is what the DG of ILO said:

None of us can look forward to a stable future when millions of young people around the world do not have decent work and as a result, are feeling insecure and unable to build a better life for themselves and their families. Peaceful societies rely on three core ingredients: stability, inclusion, and social justice; and decent work for the youth is at the heart of all three source.

Crypto could be the answer

World governments are focusing on addressing the above issues through making new policies or reviewing existing ones. Some have created skill acquisition centers and lowered the entry barrier for youths. Other countries have tried to improve their educational institutions or even created jobs. While these efforts are both laudable and recommended, governments may need to look towards an unlikely source - crypto.

Unfortunately, not few governments are fighting crypto instead of embracing it. But today, the crypto sector has shown that it is capable of creating sustainable jobs for youths and retaining them too. Interestingly, it continues to absorb more number of young people that are turning to embrace it.

For example, tap-to-earn games are becoming a big channel for youths to embrace blockchain technology. There are many of them right now in messaging platform Telegram. Not just youths, even many adults are playing the games and tapping their way to financial freedom. Mobile gaming alone is capable of keeping a population that runs into millions engaged and rewarded.

Web3 content publishing platforms also are another channel for youths to find work. They are already using social media where content does not pay. But with web3 platforms, there data, time and creativity are rewarded as they earn digital tokens. As a result they keep on working harder to be productive and find a place where their time and intelligence is worth something.

Finally

If you are a young person reading this publication, you have an obligation to help fight youth unemployment and other social problems affecting young people. Be creative and try to find your place in the ever-expanding crypto space. Whether its gaming, content creation, trading or other aspects of crypto, try to get envolved, be productive and contribute to economic growth. If you are already doing these, then try to share the crypto opprounity with other young people around you. Crypto puts the power of reformation into our hands and we are capable of creating the change we all desire.

Note: Thumbnail from pixabay

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