Young People Are in Economic Crisis Worldwide. This Bank Aims to Help

The philanthropic arm of JP Morgan Chase focuses its giving on addressing the economic and social challenges faced by people living in both rich and poor countries. In many ways, there’s a disconnect here—first-world problems are not the same as third-world problems. However, one very strong thread connecting these worlds is the lack of economic opportunities for young people. And this situation isn’t improving as the largest population of young people in history gets older.

JP Morgan Chase and its philanthropic arm have already thrown millions of dollars at job-related problems in the U.S. like closing the work skills gap, namely with its $250 million jobs skills program. While we haven’t seen the same financial level of commitment from Chase when it comes to the global landscape, things may be on the upswing as it recently committed $75 million to a five-year global initiative to tackle the growing youth unemployment crisis here in the U.S. and abroad.

Related: JP Morgan Chase’s $250 Million Jobs Program

According to Jamie Dimon, chair and CEO of JP Morgan chase, the initiative is “investing in high-quality, career-focused education programs so that more young people have a shot at real economic opportunity.” Some $15 to $20 million of the total $75 million investment will be directed to Chase’s New Skills for Youth programs operating across 10 states in the U.S. The remainder of the funds will presumably go toward the global leg of the program.

Globally, Chase is investing its New Skills for Youth money to “promote global innovation in career-focused education.” One of the goals, here, is to increase the number of kids from low-income areas earning postsecondary and workforce credentials. The hope is that the knowledge gained and skills learned will translate into good paying jobs.  

JP Morgan Chase is betting that the successes of its program will help educators and policymakers replicate “the most promising approaches” for developing increased economic opportunities for the world’s young people.