Investing in the youth to minimise future bad debts
Recent studies have shown that South Africa faces an alarming unemployment rate of 62% among young adults. This along with rolling blackouts, poverty, and high rates of gender-based violence in the country, motivation, and the willingness to remain positive as youth in South Africa may be deemed impossible. In accounting terminology, we can rename some of these challenges as ‘bad debts’. How can we as a nation credit these ‘bad debts’ and invest in the future of our country?
oung people in South Africa are the leaders, innovators, and creators of the future. By investing in today’s youth, we prepare them not only for the workplace but also to promote social inclusion and equal opportunities. Furthermore, through education and skills development, we will ensure that the youth are well-equipped to enter the workforce.
This can be done through financial literacy for the youth so that they may be more aware of how to save, invest, and manage their money. Also, young people should know about student loans, bursary opportunities, and other necessary information to help them make the right choices when they head off to university . This is especially important for young people from disadvantaged backgrounds who may not have funding or access to education to reduce poverty and social inequalities that are still rampant in our societies.
One such example of investing in the youth is through tutoring. That is why I spend a considerable amount of time tutoring students who wish to one day become accountants. I believe that everyone should have a mentor who can teach them what to expect from the profession and life itself.
What started as a one-time tutoring experience has grown into a project that now assists the next generation of accountants. I believe I can connect and make a difference because I ‘know what it is like to be young and in search of guidance. I wish someone would have told me what I now know 15 years ago.’ Sometimes, speaking about what can be done in the face of adversity is what other people need to hear to remain motivated.
Moreover, by investing in youth, we can drive forward resilience and togetherness. Young people are constantly grappling with everyday challenges that may have them feeling as though the future is bleak. As the current generation, we must ensure that we assist them by preparing them for the challenges that they may face in the future. One of the ways to prepare them for these challenges is by using social media to teach young people about what the future may hold and some of the challenges that they may face. These challenges may require them to have the necessary skills and knowledge gleaned from examples and life lessons of those before them which can be presented to the youth via social media.
Investing in young people may provide them as individuals with many benefits and leave you wondering what is in it for you. We must look towards the collective futuristic benefits, which may include social and economic equality, sustainability, resilience, and ubuntu for all. Therefore, when imagining the future of the accounting industry in South Africa, let investing in the youth be at the forefront. This will not only allow us to prosper in this industry but also allow for sustainability in the workplace, in communities, economies, and throughout the country.
