By Salvatore Nigro, CEO of JA Europe, Leonique van Houwelingen, Chief Executive Officer of BNY Mellon’s European bank

The Coronavirus pandemic has infiltrated every strata of society whether it be businesses, employees or those who have unfortunately lost loved ones, Covid-19 has been a once in a century event.  In particular, the impact which the last 12 to 15 months has had on the prospects, outcomes and attainment of children and young adults cannot be understated.

Figures released by UNESCO in January of this year highlighted that two thirds of an academic year had been lost on average worldwide, and with many countries experiencing further outbreaks or ‘waves‘ since then, this average is only likely to have risen. Although we are set to be made fully aware of the long-lasting impacts of this hiatus, if we are to continue educating children in the vein of “business as usual”, we will see a generation of children with lower lifetime earning potentials, career opportunities and consequently health outcomes.

Indeed, we are beginning to see the shoots of this problem emerging already. Our research has identified that teachers across Europe estimate that three quarters of students now suffer from social development and communication issues, with up to 90% being academically impacted by the result of the pandemic. This is further being born out within the labour market across Europe, with youth employment disproportionately affected and young people reporting the lowest level of wellbeing across society. Similarly, the OECD estimates that the lost school year could lead to a 10% reduction in lifetime income for school age children across Europe.

It becomes even more of an issue when looking at how disadvantaged students are going to be impacted by the pandemic. It has been reported that during the pandemic 9.7% of young people are not getting any teaching, this rises to 15.2% for disadvantaged students.

With the pandemic looking to make the inequality gap bigger in all countries, governments are trying to find solutions to even out the playing field.

However, a sense of “impending doom” should not stop Governments, education authorities and NGOs from doing their utmost to ensure that the “covid generation” is not left behind by the pandemic. In fact, the pandemic offers us an opportunity to enact a fundamental reset in Europe’s education system, one that focuses on providing students with financial literacy and making them ready for their next stage of life within the workplace.

A regular criticism of modern-day education is that it does not equip students with the life skills, entrepreneurial spirit or financial literacy which is necessary in order to excel in adult life. Well, whilst the Coronavirus has stopped many children from being in full time education for an entire academic year, it should not prevent us from being forward thinking.

As Europe exits this protracted and costly public health crisis, 40% of business are reporting that they cannot find staff with the right skills. It is time that Governments and schools embrace the skills gaps which are being reflected in the labour market by investing in digital skills programmes such as digital business analysis, data visualization, web development and coding.

However, it is not just an increasingly digital society which is leading to employment vacancies but an increasingly environmentally conscious one. Green and sustainability skills will be crucial for the covid generation if they are to succeed in a modern workplace. The UN’s Sustainable Development Goals focus on upgrading existing public and private infrastructure to ensure a more carbon-neutral and environmentally sustainable world. Businesses that adopt these approaches will thrive, and employees that are skilled in these areas will too.

Whilst it is clear that the economy is shifting and that instilling the skills required for these jobs in pupils at an early age is important, if we are to turbocharge the economy post-pandemic, it is crucial that young people become the next generation of entrepreneurs. To this end, effective and comprehensive entrepreneurship education will be the backbone of a new wave of business-owners and founders.

It is important that young people are exposed to entrepreneurs and the businesses they have founded, during their education. A multidisciplinary approach, involving more formal academic teaching regarding how to run a business, alongside more holistic approaches such as shadowing entrepreneurs and work experience, will lay the building blocks for children wishing to start businesses as they leave school.

It is clear that the pandemic has impacted young people in education drastically. However it has shown that now is the time to invest in the new generation, what we call Gen-E the generation of Europeans who believe in the importance of Education, Employment and Entrepreneurship. Governments, education authorities and the private sector have an incredible opportunity to reset the agenda and focus on providing students with the skills needed to fill gaps in the workforce. When this is underpinned by a concerted effort to inspire a next generation of business leaders through a comprehensive entrepreneurship education and financial literacy programmes, it is just possible that the economy could be turbocharged post-pandemic.