Investment industry must come together to help young people through Covid-19 crisis
Investment managers should come together to provide high-quality work placements for 16-24-year olds on Universal Credit, Investment20/20 says, following the launch of a new initiative in support of the Government’s GBP2 billion Kickstart scheme.
Investment20/20, the Investment Association’s talent solution for the industry, is encouraging investment managers to join its new initiative aimed at facilitating Kickstart’s six-month work experience for 16-24-year-olds on Universal Credit and at risk of long-term unemployment. As part of the scheme, Investment20/20 will act as a conduit for the Department for Work and Pensions (DWP) to pay the National Minimum Wage to each participant for 25 hours a week of work.
Investment20/20 is providing an industry solution for investment managers looking to participate in the Kickstart scheme, by providing resources and support to young people with no background knowledge of the industry, and enabling firms to offer work placements to fewer than 30 young people - a requirement to engage with DWP directly.
To do this, Investment20/20 will step in as an industry representative group acting as a Kickstart provider, removing the requirement for each firm to offer 30 places. Investment20/20 will then support young people on the work placement through an online digital platform providing industry knowledge and skills development based on Investment20/20’s award-winning Think Investments programme, and utilise its position within the industry to identify permanent entry-level roles within firms for Kickstart participants where possible.
Karis Stander, Managing Director of Investment20/20, says: “Covid-19 is threatening to leave the career chances of a generation of young people in tatters. As an industry whose customers are in almost every UK household, it is our responsibility to support the Government’s call and step forward to support young people into work.
“That is why today we’re calling on every investment management firm to join Investment20/20’s industry solution to the Covid-19 youth employment crisis, as we draw from our award-winning Think Investments programme, and provide a work experience life-line for young people who need it most.”