According to a mid-year population estimate report released by Statistics SA in 2018, young people between the ages of 15 to 34 make up 35.7% of the total population. This age group either is either in the process of preparing to enter the job market or is busy launching their career.
As such, this third of our population is of particular importance as they are future employees, managers, decision makers, leaders and entrepreneurs that will grow and build our future economy. However, the unemployment rate among people under the age of 35 is around 53% – which is among the highest in the world. In addition, for those who have not obtained their Matric, prospects are especially dim as more than 60% of working age South Africans who have not graduated from high school are unemployed.
What can we do to support our youth?
In addition to internships and learnerships offered by many local businesses to give graduates the opportunity to gain valuable work experience, individuals can invest in their children’s future through tertiary education, which will increase their chances of being employed. Access to higher education has improved in recent years, with the number of graduates from public universities more than doubling from 92 874 in 2000 to 203 076 in 2016.
Education seems to be the answer but comes at a cost…
Fortunately, there are many options available to pay for school and tertiary education. One such option is a GradUcare Educational loan offered through Iemas. GradUcare is more than just a student loan; it covers the cost of fees, campus accommodation, textbooks – and so much more. In addition, you also get to share in our profits through our annual member rewards allocation where a percentage of our profits is allocated to our members, based on the products used by the member throughout the year. Visit: https://bit.ly/2HmzgYH or contact us on 0861 043 627 for more information.
More blog articles on Educational loans:
- The rising cost of education in South Africa
- How to maintain a good credit score
- How education and training affect the economy
- Choosing the right career path or studies that suit you
Adapted from: https://www.thesouthafrican.com/news/south-africa-youth-unemployment-april-2019/; https://www.news24.com/SouthAfrica/News/south-africa-is-young-and-female-stats-sa-report-20180723 and https://www.politicsweb.co.za/opinion/the-tragedy-of-youth-unemployment.