Youth form a crucial part of every nation's economy. If the young population of a nation aren't able to study or find work, it could be a huge setback for the country.
Amsterdam, the capital city of Netherlands, has come up with a plan to help youngsters of the city get out of debt.
Initially, the project will be run on trial basis and a municipal credit bank will be negotiating with creditors to buy out the young people's arrears. Those who will be named on the scheme will then be issued a loan to repay their dues.
The plan is a part of a project that aims to liberate people who are struggling to get into work or education due to high debt.
According to official figures, more than a third of Amsterdam's population aged between 18 and 34 have debt and this project will help them find employment.
Talking to media, Amsterdam’s deputy mayor, Marjolein Moorman, explained the need behind this project. He said:
Debts cause a lot of stress. And in the case of young people, debts often determine their future. A majority of these young people started out in arrears and, due to bad luck or ignorance, found themselves in a situation where they could not get out without help. That is why we are now going to help them so that they can make a new start.
The project that is expected to start in February has already got Twitter talking.
Leave it to the Dutch to come up with innovative solutions... https://t.co/5T0wfGi6ri— Glenn Jones (@ikonaphoto) January 18, 2020
Well this is certainly something to follow https://t.co/2IhZurcWNQ— Clara Jeffery (@ClaraJeffery) January 18, 2020
Huuh... 😦. When shall a state like ours be PRO-Citizen https://t.co/IygNWZg63K— Don Dela Dukke (@DonDelaa) January 18, 2020
Add yet another reason why Amsterdam is my favourite city: https://t.co/mH6rnMvlZJ— Whatever happened to that nice Stuart Laidler? (@StuartLaidler) January 17, 2020
Reports also suggest that more of their dues could be cancelled or bought out by the bank if the person receiving the loan seeks employment or a course of education.
What a thoughtful and innovative solution!