Investment20/20 is calling for investment managers to sign up to new UK government initiative Kickstart, which is aimed at helping young people out of unemployment into quality work placements.
The body, which is part of the Investment Association and aimed at recruiting diverse talent into the industry, will act as a conduit for the Department for Work and Pensions (DWP) to pay the National Minimum Wage to each young person awarded a placement for 25 hours a week of work.
The initiative is aimed at 16-24 year olds on Universal Credit and at risk of long-term unemployment. The DWP currently requires firms to take 30+ young individuals but with Investment20/20 stepping in to act as a Kickstart provider, this requirement is removed.
Karis Stander, managing director of Investment20/20, said: “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.”
Investment20/20 is urging investment managers to take part in the Kickstart scheme and provide resources and support to young people with no prior experience or background within the industry.
The organisation said it will support young people on the work placement through an online digital platform providing industry knowledge and skills development based on its Think Investments programme, and utilise its position within the industry to identify permanent entry-level roles within firms for Kickstart participants where possible.