As we reflect on the Futuremakers journey so far, we also look at the challenges the initiative has overcome, and the ones we continue to face. Most importantly, we look at how we aim to resolve them.
Physical limitations Unsurprisingly, there were setbacks in project implementation as a result of pandemic-driven lockdowns and social distancing measures. In response, we helped our partners shift significantly to digital and online methods to continue to run projects.
While some partners struggled with technology issues, many were able to deliver their projects as planned, within expected timeframes. We have learnt here the importance of flexibility for maximum efficiency in the face of change.
Influence of surrounding environments At a broader level, COVID-19 has had a negative effect on the global labour market, reducing the job pool for young people in our markets. In bringing different curriculums and interventions to multiple, very different markets, it often became clear that adaptations were needed.
For example, in some cases groundwork was needed before a project could be successfully implemented to meet local needs through pre-engagement with local authorities in markets.
Short-term assessment Target outcomes in most cases require significant change in underlying social structures. The theory of change – and the subsequent way the programmes and projects have been constructed – requires shifts in the mindsets and actions of those beyond direct participants. While we believe our projects will support change to the external environment, this will only happen over a number of years.
Standard Chartered is taking a stand: we are committed to lifting the economic participation of young people, women and small businesses across our core markets. Aligning with this ambition, our plan is to scale innovative access to finance partnerships and collaborate with various parts of our business to promote more responsible financial inclusion.
Every young person has the right to reach their full potential. Financial products and services need to support and help young people achieve them. We hope to expand the reach and drive accessible banking at scale to improve the lives of millions of people and their communities.
Projections suggest an estimated GDP boost of USD12 trillion per year5 if the world can achieve gender parity. By investing in women in particular, we believe we can create ripple effects far beyond our ambition.
We’re only at the beginning of our journey. Together we can pave the way to empower the next generation to learn, earn and grow.
Learn more today at sc.com/futuremakers
5McKinsey Global Institute, The Power of Parity: How advancing women’s equality can add $12 trillion to global growth, Full Report Page 9
