NEETs are an untidy problem but there appears to be a solution in the form of an SIB to try to encourage the UK’s not in education, employment or training into the workforce… An interesting plan and a highly important and laudable aim.
Neet Social Impact Bond Exceeds GCSE Target
The first social impact bond focused on early intervention to prevent young people becoming neet (not in education, employment or training) has exceeded its GCSE results target by more than 80 per cent.
Big Society Capital and Impetus – the Private Equity Foundation each invested £450,000 in the ThinkForward programme (delivered by charity Tomorrow’s People), working in East London with 350 young people each year who are in danger of becoming neet.
The target this year was for over 30 per cent of these ‘low-attainers’ to attain five A*-C GCSEs, and last week’s results saw 55 per cent of the group achieve this goal – 83 per cent higher than the target.
In the social impact bond model, social investors take all of the financial risk, and if it is successful the Department for Work and Pensions (DWP) will pay back their investment with a small return.