PRIME Initiative

Prince Charles describes the work of his charity PRIME and welcomes new sponsorship deal

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I am delighted to speak to you today as the President of PRIME - the Prince’s Initiative for Mature Enterprise.

I founded PRIME over eight years ago after receiving large numbers of letters from people aged 50 and over telling me they were workless - had been made redundant or despite their best efforts were simply unable to find employment. Many of the letters referred to the Prince’s Trust, which offers practical solutions to change young lives. Some of them had even been active supporters of the organisation. But in one form or another, they all highlighted a lack of support available to help them when they needed it most.

This seemed to me to be a tragic waste of experience, of knowledge and skill. Here were people with at least a third of their lives in front of them, left feeling excluded from mainstream employment. People who had often already contributed so much to society, and learnt so much along the way. People who simply wanted to continue giving, and to develop and achieve as economically active adults.

In response to this I felt there was something I might be able to do to help, if I brought the right people together to examine the issue.

I truly believe everyone should have the opportunity to fulfill their potential and contribute to our communities. So that is why I founded PRIME.

PRIME therefore helps people aged over 50 to get back into the labour market, re-gaining the dignity of financial independence and the satisfaction of self-fulfillment by starting their own businesses. I have been delighted to meet some of the people PRIME has helped and know at first hand there are marvellous businesses out there. PRIME currently works across England, Wales and Northern Ireland, and I hope it will shortly be active in Scotland.

Now I knew when I founded PRIME that there were a large number of over 50s who were workless, but was shocked when I discovered the true scale of the issue and challenge. Standing at 2.8 million - a simply huge figure, this number is growing all the time as our society ages. This means almost one person in three between fifty and the state pension age is workless. Yet almost a million people in this age group want to work.

If just five per cent of this group started a business, we would have 50,000 new enterprises, employing goodness knows how many more people. What an enormous contribution that would be to our communities and to the United Kingdom economy,.

I cannot tell you how delighted and grateful I was therefore to hear that Bank of America has made such an admirable commitment in becoming PRIME’s key corporate partner.

The unique approach adopted by the Bank of America, that includes supporting PRIME as a whole - from back office functions right through to client facing services, means the organisation  has a secure and firm foundation for future growth. This will enable PRIME to help even greater numbers of older people establish their own businesses, and also highlight and overcome some of the issues and stereotypes working against those over 50. It will also help PRIME expand its reach across the United Kingdom, which is something I am very much looking forward to.

Now more than ever, our economy and society needs the skills and knowledge built up over so many years that older people have to offer.

I therefore hope everyone watching this will think about their friends, their relatives, neighbours and colleagues over 50 who may be

• Workless or worried about their jobs
• Living on an inadequate wage
• Or nurturing an as yet unfulfilled dream, not knowing where to go for help.

Because you too can help us to help them. You can contribute to the leadership already shown by PRIME as a volunteer, as an advocate, as a mentor or as a donor.

Please remember, those over 50 have enormous potential and a huge amount to give. I hope you will work with PRIME, Bank of America and myself to turn this potential and promise into enterprise.

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HRH The Prince of Wales recorded at St. James’s Palace, London on the 19th November 2008 describing the work of his charity PRIME.

See also:

Bank of America backs PRIME’s mission