The number of young people struggling to find work is at a 19-year high. The total of unemployed young people increased between June and August by 74,000, taking it to almost 1 million. One in 5 young people cannot find work, the worst figures since records began in 1992, and half of all 16-24-year-olds are now classed as economically inactive – meaning they are out of work or in education.
The news coincided with the Big Venture Challenge Awards Ceremony at which FranchisingWorks was recognised for its innovative ‘SEA Change’ apprenticeship scheme to help young people into work through franchising. Young entrepreneurs face additional obstacles to starting up businesses as they frequently lack the experience and assets to win investment. As a form of supported self-employment that is backed by bank finance, FranchisingWorks seeks to introduce young struggling entrepreneurs to franchising.