YOUTH POINT: Why financial literacy, discipline commitment necessary for success

DAR ES SALAAM: INNOVATION is rapidly transforming industries, societies and economies around the globe, and youths are at the centre of this seismic shift. With access to cutting-edge technology, education and entrepreneurial opportunities, young people are better positioned than ever to drive progress and shape the future. How ever, the question remains: how can they best harness innovation to build sustainable careers and solve the challenges of the 21st century?

In today’s world, technology is a key driver of innovation, providing young people with tools to create, connect and solve problems on an unprecedented scale.

The rapid advancement of fields such as artificial intelligence (AI), robotics and biotechnology is reshaping the labour market, creating new jobs and industries that didn’t exist a decade ago.

An innovation expert and Monitoring and Evaluation Specialist, Ms Lilian Shirima, explains how technological advancements have opened doors for youths to enter sectors traditionally dominated by older generations.

“The democratisation of technology, especially with the rise of mobile apps and afford able internet access, has enabled young people to bypass tradi tional employment pathways and create their own opportunities.

Startups in fields like fintech, agritech and e-commerce are thriving, and a large portion of these companies are founded by individuals under the age of 35,” she said. The accessibility of online education platforms, coding boot camps and massive open online courses (MOOCs) has also revolutionised learning.

Young in novators from remote areas or space. underserved communities can now gain skills and knowledge that were once restricted to elite institutions. This levelling of the playing field has led to the emergence of a more diverse, creative and re silient workforce.

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Innovation is also a critical tool for addressing inequality. For youths from marginalised communities, it provides an av enue to improve their socio-eco nomic standing, allowing them to compete in a globalised world.

In regions like Sub-Saharan Africa and South Asia, for ex ample, young entrepreneurs are using technology to address lo cal challenges, from improving agricultural productivity to enhancing healthcare access.

A key example is M-Pesa, the mobile money platform developed in Tanzania, which has not only revolutionised financial services but has also empowered rural communities by providing access to banking and credit. in technology and innovation by providing mentorship, training and access to resources.

Neema Rugemalira, a lead ing advocate for women at St Augustine University of Tanza nia, underscores the importance of these initiatives. “M-Pesa is a game-changer for us,” says 24-year-old Halima Mlugu, a small business owner in Dar es Salaam.

“Before, we had no way to receive payments or send money easily, but now, with a phone, we can connect with clients from all over the country.” Similarly, in India, youth led innovation is making a significant impact.

Ritu Malhotra, a 28-year-old entrepreneur living in Tanzania, said “Innovation is not just about fancy technology; it’s about creating solutions that address real problems faced by people on the ground. With the right support, youths can become the architects of a more equitable future,” she shares.

In recent years, efforts have been made to promote gender diversity in innovation. Pro grammes like ‘Tech Needs Girls’ in Ghana and ‘Girls Who Code’ in the United States and Tanzania aim to encourage more young women to pursue careers “When we empower young women to engage in innovation, we tap into a vast pool of talent that is often overlooked.

Gender-balanced innovation leads to more diverse perspectives and, consequently, more effective solutions. In fact, research shows that companies with higher female representation in leadership roles tend to be more profitable and innovative,” she explains.

However, more needs to be done to ensure that women have equal opportunities to innovate and lead.

Creating supportive environments, offering finan cial incentives and addressing societal stereotypes are key to achieving gender parity in this Another major advantage of innovation is its potential to create jobs for young people.

According to a report by the World Economic Forum, more than 65 per cent of children entering primary school today will work in jobs that do not yet exist.

This highlights the importance of fostering an innovative mindset among youths, equip ping them with skills such as critical thinking, problem-solv ing and adaptability. Digital platforms like Up work and Fiverr have democratised the labour market, allow ing young professionals to find freelance work in fields such as graphic design, software development and digital marketing.

These platforms offer youths the opportunity to become self-employed, build portfolios and earn a living without being con fined to traditional employment structures.

Moreover, the rise of the gig (R&D), providing access to cap ital for young entrepreneurs and reforming education systems to prioritise STEM subjects and digital literacy. economy has led to the growth of industries like ridesharing and food delivery, creating mil lions of jobs worldwide.

However, there is a need to ensure that these jobs offer fair wages and social protections, especially for youths entering the workforce for the first time. Elisha Barnaba, a 23-year old software developer from Dodoma University, highlights how the gig economy has transformed his career.

“I started freelancing when I was still in advance level and now, I’m working with clients from different parts within the country. Innovation has made it possible for me to earn a good income while looking forward to gaining experience in the global market,” he said.

 

For innovation to truly benefit youths, governments and institutions must play a proactive role in creating supportive eco systems. This includes invest ing in research and development Governments around the world have recognised the im portance of nurturing innovation. In Rwanda, for instance, the government has launched several initiatives aimed at transforming the country into a regional technology hub.

These include tax incentives for startups, partnerships with global tech companies and the creation of innovation hubs like the Kigali Innovation City.

Similarly, in Tanzania, pro grammes like the ‘Tanzania Youth Innovation Fund’ offer young innovators financial support and mentorship to help turn their ideas into viable businesses. By fostering a culture of innova tion, governments can empower youths to take control of their futures and contribute to national development.