The Challenge combined Nesta's research on skills, jobs, labour market innovation and data science with our expertise in running challenge prizes. The Challenge has two streams:
- Job Recovery Stream - this stream supported solutions that connect younger workers or those in (or who have recently lost) low-paid or insecure work into open jobs that match their skill sets. To support transitions to live jobs, we expected that solutions in this stream might also provide tailored learning, training, or advice to people seeking work.
- Financial Recovery Stream - this stream supported solutions that help younger workers or those in (or who have recently lost) low-paid or insecure work access financial assistance more easily, manage their cash flow or, where necessary, access affordable, responsible credit.
COVID-19 has created a huge economic shock, laying bare and exacerbating pre-existing problems for people on low incomes and in precarious work. Millions face severe threats to their job security and household finances, both immediately and in the longer term, and low-paid workers, people in insecure roles and those under 25 will be hit hardest.
With the UK officially in recession, economic recovery is now a major challenge. There is an urgent need to support people at risk of losing their livelihoods and financial security so that millions do not find themselves out of work, out of pocket and out of prospects.