New stretch target
Working with National partners
As an early and active member of the Youth Employment Group, brought together by Impetus (Private Equity Foundation) and the Youth Endowment Fund, SOFEA continues to work with a range of voluntary sector partners to address the educational and employment inequalities that leave many disadvantaged young people at risk of poor qualifications and job prospects.
Our work with the Local Enterprise Partnerships in Oxfordshire and South East Midlands provides links to local employers that are able to provide work experience, apprenticeships and full employment for our young people.
The cost of youth unemployment
Data from the Learning & Work Institute (March 2022) shows that younger people with fewer qualifications, soft skills (emotional resilience, teamwork, communication) and technical skills find it increasingly difficult to secure work in a competitive jobs market recovering from the Covid pandemic and with relatively low unemployment. In such a marketplace, less-qualified young people risk becoming long-term NEET and costing the state significant amounts of money in benefits and support.
Furthermore, the economic cost of youth unemployment linked to lost productivity and tax revenues was forecast to be £9.8bn in 2022.
UK Government figures (August 2023) show that 524,000 young people (16-24) are unemployed or economically inactive. Using the 2022 forecast cost of unemployment, this equates to £18,700 per young person.
SOFEA's value and return-on-investment
By comparison, SOFEA’s employability programme, run from our Didcot and Milton Keynes sites, will cost £466,000 during our financial year (July 2023 to June 2024), equating to £1,200 for each of the 390 young people supported – representing a 15-times return on investment for supporting young NEETs into meaningful and engaging education, employment or training.