Toronto, Ont. October 20, 2009 - Benjamin Tal, senior economist, CIBC World Markets for Lets Talk Investing with Rob Carrick. Tal was lead author of a study released June 20, 2013 that found Canadian youth to be at a higher risk of chronic unemployment despite being more educated than ever before.Anne-Marie Jackson/The Globe and Mail
A new report says Canadian youth face the risk of chronic unemployment despite being more educated than ever.
The report by CIBC says a lack of summer jobs and part-time work makes it difficult for youth to gain the experience necessary for permanent positions.
About 420,000 youth aged 15 to 24, or nearly one in 10 young Canadians, are neither employed nor enrolled in school.
CIBC deputy chief economist Benjamin Tal — the study's author — says these youth likely do not have the skills necessary to compete in the labour market and will likely remain chronically unemployed.
The report suggests combining education and work-related training to help youth find jobs while in school.
It also says that the government and corporate Canada should be more focused and effective in preventing further worsening of the situation.
"For Canada's economy to grow and our standard of living to remain high, this is an imperative," Mr. Tal said.