New financial tool can help create work

More than half of South Africans aged 15 to 34 are not gainfully employed or generating their own income. This high unemployment rate of 55.2% is a complex problem rooted in a combination of historical, socioeconomic and developmental causes. One underused and potentially powerful tool for addressing this situation is development finance, an emerging discipline that aims to serve underserved people beyond the remit of mainstream finance.

Education, or rather the lack thereof, is clearly an Achilles heel for youth development. It is estimated that up to 400 000 children drop out of school each year. Those who do pass matric or gain entry to tertiary education still struggle to find jobs because the quality of the education they receive is sub-optimal.

One such organisation is Reconstructed Living Labs . Founded on the Cape Flats in 2008 and aimed specifically at marginalised youngsters from poor, crime-ridden areas, RLabs offers free training and skills in subjects such as basic computing, digital analytics and coding, as well as marketing and project management and services.

Channelling development finance into initiatives such as RLabs has the potential to have a measurable socioeconomic effect in the form of economically active young people.On a continent where jobs and skills are scarce, it is also important to prepare young Africans professionally to address the problem.

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