Financial Health for Young Entrepreneurs - Our Learnings
Youth Business International (YBI)What is it?
Young entrepreneurs rarely lack ambition, but they often lack resources. Insufficient access to finance remains a consistent barrier for young people wanting to start and grow their business. But access to finance alone is not enough – young entrepreneurs also need financial literacy skills to manage their finances, absorb financial shocks and plan for the future.
Youth Business International (YBI) and ten of its members (enterprise support organsisations) from Africa, Asia and Europe have developed an evidence-informed approach that can systematically improve how young entrepreneurs can be supported to access appropriate financial services and products and increase their financial health.
HIGHLIGHTS
YBI's learning paper outlines our evidence-informed approach to systematically improving how young entrepreneurs can be supported to access appropriate financial services and products and increase their financial health.
Key insights include:
- Our definition of a financially healthy young entrepreneur: knowledgeable about financial products and services, resilient in the face of financial shocks, capable of reaching their business goals, and confident in managing their business finances
- Our three pathways to supporting young entrepreneurs’ financial health: a supportive entrepreneurial ecosystem, inclusive and accessible financing, and direct development of young entrepreneurs’ skills
- Our commitment to financial health activities including a diagnostic toolkit, digital integration, inclusive support, social and green business support, sharing of learnings, and strengthening entrepreneurial ecosystems and youth-friendly policy