Citi-commissioned EIU Research Provides
First of its Kind Index Comparing Efforts of 35 Cities to
Contribute to Young People’s Economic Prospects and Surveys over
5,000 Youth about their Ambitions
A new Economist Intelligence Unit (EIU) research initiative,
commissioned by the Citi Foundation, reveals that youth – while
optimistic and entrepreneurial – struggle to find employment,
access to technology, pay equity and support networks that can help
them thrive in cities around the globe. Accelerating
Pathways offers a comparative snapshot of youth perceptions of
their economic prospects in 35 cities around the world and
identifies which factors contribute most to an enabling economic
environment for young people. The research also includes an
interactive tool that can be leveraged by policy, business and
civic leaders.
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The research was conducted to help inform the efforts of public
and private initiatives focused on preparing urban youth to thrive
in today’s economy. It is an extension of the Citi Foundation’s
Pathways to Progress initiative, which works to help urban youth
build an entrepreneurial mindset, acquire leadership, financial and
workplace skills and begin to engage in the formal economy through
a first job. The EIU’s Accelerating Pathways research will inform
future investments and help to further develop Citi Foundation
programming.
“As the world becomes more urban, global and digital, city
leaders have an opportunity to develop new ways to catalyze
economic growth and foster a better quality of life for all their
citizens,” said Brandee McHale, President of the Citi Foundation.
“Investing in youth is critical to ensuring the economic resiliency
and long term competitiveness of cities, but is often overlooked.
We hope this research strengthens and guides the discussion about
programs and policies that can best support young people’s
contribution to sustainable cities now and in the future.”
“Young people’s economic vitality and ambition are powerful
growth engines for the world’s cities,” said Leo Abruzzese, Global
Director of Public Policy at The Economist Intelligence Unit.
“Cities are set to hold 60 percent of the entire population by
2030, just as the number of youth increases by 100 million
globally. Now more than ever, cities must prioritize this growing
population segment.”
To encourage youth-centered policies and identify best
practices, the research ranks the 35 cities on their environments
for young people. This research provides a comparative snapshot of
cities’ approaches, and is intended to share learnings and identify
clear opportunities for growth as well as areas for development.
Toronto finishes first in the Index; New York is in second place,
ranking first in the United States; and Chicago finishes third in
the overall Index, scoring among the top five across all four
categories assessed. Three Asian cities – Singapore, Hong Kong and
Sydney – finish in the top ten, reflecting the importance these
cities attach to engaging the next generation. Washington DC scores
among the top cities studied with regard to the presence and
effectiveness of youth networks, while London ranks most highly for
its local government support and institutional framework for
youth.
Toronto Mayor John Tory said: “Toronto is proud to be ranked as
the best city in the world for providing economic opportunities for
young people. As Mayor, a key priority for me is continuing to
attract young talent because I believe it is critical to ensuring
Toronto can compete and grow our economy. We understand the key to
building a fair and prosperous city includes connecting young
people to jobs.”
Mayor Bill de Blasio of New York City said: “We are committed to
working with young people to support their college and career
development, and we are proud to be recognized as the top city in
the US when it comes to youth economic empowerment. The results
from The Economist Intelligence Unit study are an affirmation of
our new Center for Youth Employment’s strategy to enable support
and opportunities for our young people. We are grateful to the Citi
Foundation for making the study possible and for its long-standing
commitment to creating equal opportunities in our communities.”
Mayor Rahm Emanuel of Chicago said: “We are proud to be ranked
as one of the leading cities for youth economic opportunities in
the United States. The study is an important reminder of the
complex challenges young people face, and the multi-faceted
solutions cities around the world are embracing.”
Mayor Muriel Bowser of Washington, DC said: “Here in the
District, we are focused on giving our youngest residents a pathway
to the middle class. We appreciate the Citi Foundation’s support as
we continue to identify ways to help our youth achieve their full
potential. As the survey results demonstrate, DC has strong
networks that provide information, resources and training to our
young people.”
Mayor Eric Garcetti of Los Angeles said: "We are
always looking for innovative ways to help our young people achieve
their dreams. The Economist Intelligence Unit study will greatly
contribute to the conversation about how to better secure the
economic future of our city by harnessing the power of our
youth."
Mayor of London Boris Johnson MP said: “Whether it is delivering
apprenticeships or helping young Londoners to devise exciting new
business ideas thorough schemes like the Low Carbon Entrepreneur
Awards, this valuable research shines a light on the vast array of
work that we are doing to ensure our young people are best able to
take advantage of London's economic growth.”
Lucy Hughes Turnbull, AO, Chair of the Committee for Sydney,
said: “I am pleased to see Sydney in the top 10, and am
particularly heartened to see the city ranked first for quality of
education and employment opportunities for youth, acknowledging
efforts to support education and youth employment programs. This
research provides us with powerful data about the ambitions of
young people in our city and offers insights into the economic
outlook of our city’s future decision-makers and leaders. It also
provides important learnings from other global cities around the
world that we can use to inform our efforts going forward.”
Luis Cueto, Madrid Deputy Mayor, said: “In Madrid we want youth
to personally and professionally thrive and succeed so that they
will want to continue to work in Madrid and serve as a source of
economic growth. Accelerating Pathways is an interesting report
that demonstrates that Madrid is within the leading group of major
cities in the world in terms of public support for youth and
entrepreneurship.”
Hanna Gronkiewicz-Waltz, the Mayor of Warsaw, said: "This
research will help with our efforts to support young entrepreneurs
by giving them the best possible base to pursue their career in
their own company. Warsaw is emerging as the regional leader in
Central Europe, a big advantage of which is a broad academic base
providing well-trained and well-educated young employees. We
support entrepreneurship through partnerships with the Warsaw’s
Centre of Entrepreneurship Smolna (Centrum Przedsiębiorczości
Smolna).”
Accelerating Pathways: Youth Economic Strategy Index
and Global Youth Survey
The Index scored 35 cities on 31 indicators that contribute to
young people’s economic prospects – from city GDP growth and local
government policies to levels of youth engagement, education,
employment and health. These indicators are scored individually and
the results are aggregated into four Index categories: Government
Support and Institutional Framework for Youth; Employment and
Entrepreneurship; Education and Training; and Human and Social
Capital. The study found that while a city’s economic standing is
the most significant contributor to whether a city ranks high in
terms of having created an economically vibrant environment for
youth, well thought out policy and programs can improve the
economic possibilities for youth regardless of the underlying
economic situation of the city.
The youth survey conducted by The EIU polled more than 5,000
young people ages 18-25 on their living and financial arrangements,
education, employment and professional aspirations, the level of
their engagement in their communities and their economic outlook.
The survey exposes the optimism and aspiration of youth, but also
the reality of continued dependence on family support and the
frequent need to relocate in search of social and economic
opportunities. The survey asks young people directly what works for
them, providing a unique new data set for researchers.
Key survey findings include:
- Three-quarters of surveyed youth are
somewhat or very optimistic about the future. Optimism remains
high in cities where their prospects have been limited and despite
the fact that current global unemployment levels among youth is
roughly 3.4 times higher than it is for the rest of
society.1
- Young people are ready to build
businesses. 77% of global survey respondents expressed an
interest in working for themselves or starting their own
business.
- There is high mobility of young
people to and within urban areas, and connection with mentors, jobs
and new opportunities is fundamental to their ability to boost
their economic standing. Nine out of ten respondents who moved
over the prior five years to a city within their own country did so
for employment, education or for a better life, according to the
survey. Almost half (47%) of youth polled said they moved to a city
within the last five years.
- In terms of education, computer and
technology skills are cited as the most desired by 62% of employed
youth surveyed.
- The gender pay gap is prevalent among
youth. Young women earn at least 20% less than men across the
cities surveyed.
Explore the interactive Index tool, report and video series of
young people around the globe at www.citi.com/acceleratingpathways.
Friend Citi on Facebook and follow @Citi and use the hashtag
#Pathways2Progress on Twitter to view the videos and join in the
discussion with those interested in youth empowerment.
Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found
at www.citigroup.com | Twitter: @Citi |
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Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi.
Citi Foundation
The Citi Foundation works to promote economic progress and
improve the lives of people in low-income communities around the
world. We invest in efforts that increase financial inclusion,
catalyze job opportunities for youth, and reimagine approaches to
building economically vibrant cities. The Citi Foundation's “More
than Philanthropy” approach leverages the enormous expertise of
Citi and its people to fulfill our mission and drive thought
leadership and innovation. For more information, visit
www.citifoundation.com.
Economist Intelligence Unit
(EIU)
The Economist Intelligence Unit (The EIU) is the world's leading
resource for economic and business research, forecasting and
analysis. It provides accurate and impartial intelligence for
companies, government agencies, financial institutions and academic
organizations around the globe, inspiring business leaders to act
with confidence since 1946. EIU products include its flagship
Country Reports service, providing political and economic analysis
for 195 countries, and a portfolio of subscription-based data and
forecasting services. The company also undertakes bespoke research
and analysis projects on individual markets and business sectors.
More information is available at www.eiu.com
1 EIU Calculation drawing on data from the ILO Global Employment
Trends report 2014,
http://www.ilo.org/global/research/global-reports/global-employment-trends/2014/WCMS_234879/lang--en/index.htm
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version on businesswire.com: http://www.businesswire.com/news/home/20151123005596/en/
CitiElizabeth Patella,
212-559-2477elizabeth.patella@citi.comorEIUCarolyn Whelan,
212-554-0677carolynwhelan@eiu.com
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