The latest unemployment figures show that the number of over 65s in work has risen by 52,000 to reach 929,000, the highest number since records began in 1992. Yet in the same period, youth unemployment has fallen by just 10,000. (It is now 21.9%, meaning over 1 in 5 under 24s is jobless.) In response to the news, commentators have warned of “ageing workplaces” if the government fails to act on the growing inter-generational imbalance in the labour market.
The figures concern Graduate Fog because the numbers show that the young are continuing to be hit the hardest by the economic climate – and are struggling to find a place for themselves in the world of work. They are already in tens of thousands of pounds of debt after studying for a degree they were told would guarantee them a well-paid graduate job (but which probably hasn’t materialised). For many of today’s young people, the dream of owning their own home or having a family is distant, or even impossible.
Meanwhile, those of retirement age appear to be clinging to their place in the workforce – or re-entering it when they discover their pension is not sufficient to fund their twilight years. But if older workers refuse to retire, shouldn’t younger people be concerned that – directly or indirectly – there will be less work available for them?
Graduate Fog has written before about what appears to be a growing generational conflict in the fight for paid work – and some of our readers feel it is unfair. But something about all this feels very wrong to us. While the young struggle to find work paying more than the minimum wage, the old – sitting on much of the country’s wealth in homes they bought for pennies but are now worth hundreds of thousands (if not millions) – are still refusing to bow out of the job market and make do with what they’ve got…
The new Intergenerational Fairness Index shows that overall intergenerational unfairness has worsened in each successive year since 2000
On 26 June 2012, the Intergenerational Foundation marked the formal launch of the Intergenerational Fairness Index, representing the first attempt which has ever been made to systematically measure intergenerational unfairness across time by tracking a range of indicators.
Athina Prassa in Athens mastered English in four years studying at a private university. It’s a skill that may not help her much as she hunts for work while hard-right thugs roam her blighted neighborhood. Lucy Nicholls in London graduated from fashion school brimming with optimism. It took just a week for real life to … Continue reading »
For the fifth consecutive year, newly minted college graduates face a weak labor market and a painfully slow recovery. Many young adults who have found work are languishing in low-paying, no-benefit jobs that don’t require degrees. Some still live with their parents and are saddled with debt, delaying full-fledged adulthood indefinitely. The Depression’s impact on … Continue reading »
Under-24s need more help into the jobs market and a better apprenticeship structure, a new report claims Charting a path from school or university into the 21st century workplace was already tough for young people even before the Great Recession tore into businesses throughout the country and left more than a million under-24-year-olds unemployed. But … Continue reading »
Fresh off a win to keep student-loan interest rates down, a youth-advocacy group would like to channel that energy into improving the job market. Young Invincibles released a sobering employment report Tuesday showing 16.5 percent of Americans ages 16 to 24 are without work. Unemployment is 30.2 percent for young African-Americans and 20.5 percent for … Continue reading »
The American Dream – Economic Mobility Across Generations – There is stickiness at the ends of the wealth ladder
Pursuing the American Dream uses the most current available data to measure mobility by family income and wealth, and personal earnings to reveal how closely tied a person’s place on the economic ladder is to that of his or her parents’. Some of the highlights of the research include: Eighty-four percent of Americans have higher … Continue reading »
“There are many reasons for youth unemployment: besides the general situation on the labour market, one might mention education and training systems, labour market and employment policies, but also the stratification and distribution of opportunities in society” write JOERG BERGSTERMANN AND BJOERN HACKER in Youth Unemployment in Europe on social-europe.eu. As things stand at the moment, the … Continue reading »