Along with high poverty, young people of today are facing a dangerous mix of rising unemployment and increased inequality. The 2013 World Development Report says that to keep employment rates at the same level of growth, nearly 600 million new jobs will have to be created over the next 15 years.
Even educated workers in America have not escaped the youth employment crisis. Unemployment rates for young male graduates in urban areas are particularly high. And the rising cost of higher education in the U.S has led many to question whether or not a college degree will result in a good job for the young person or just put the graduate in a lifetime of debt. What has also become the new normal for today's graduates is underemployment. In which a graduate can't find a job due to being overqualified to work a low wage job just to pay the bills until they find something better.
Many experts have warned of a lost generation. As long-term youth unemployment only makes it harder on the person in need of work as many employers will not hire someone who has been out of work for a long time.
Countries with high levels of youth unemployment are at risk of social instability. Which creates vicious cycle of inter-generational poverty and social exclusion.
Other International Organizations such as the Y20 which is the youth forum of the G20 Summit, and the U.N have worked to tackle the issue of youth unemployment.
The UN secretary general has prioritized working with young people in his five-year action agenda. Calling for more efforts to increase the youth focus of existing programs on employment and entrepreneurship.
Reducing youth unemployment has been called the number one way to end extreme poverty and increase economic growth by the United Nations.
With youth activists and policy makers calling for governments to adopt a youth participation agenda at all levels of government. . These agendas will be effective if they are inclusive by addressing the social, economic and political issues that concern young people.
One of the solutions to the unemployment crisis has been to increase job training and making sure that young people gain the proper skills that employers are looking for.
At the Y20 Summit in Sydney, Australia much was said about the need for entrepreneurs to take a chance on young people as well And to do more to make it so young entrepreneurs have the tools they need to create jobs.
More businesses should take advantage of the opportunity to invest in young people so that they can help in developing the qualities necessary for education and future employment.