The programme, also known as Uproject, runs in England during school summer holidays, and is meant to help 16-year-old school-leavers decide whether to stay in education or move into employment.
It has been running for three years and has involved more than 30,000 young people.
It is funded by 38.75m of lottery money, and by corporate sponsorship from Barclays.
The Delivering Activities for Young People report found that although the scheme helps disadvantaged young people's social and personal development, it does not help them to decide on their future.
Steve Browning, evaluation and research analyst at the Big Lottery Fund, formerly the New Opportunities Fund, said: "The programme does not necessarily lead many more young people to stay in education or training, partly because most participants were already planning to stay on, and partly because those who were least motivated tended to drop out of the activities."
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