Rising wages and low house prices helped the baby boom generation
to prosper. Today’s young face high unemployment, expensive education, and a lifetime of renting. Have they never had it so bad?
Let’s take a typical 24-year-old everyperson. This person lives in Nottingham.
There’s a one-bedroom flat they want but it costs £120,000. You need a salary of more than £25,000 to get a mortgage for that.
But this everyperson has no salary. They’re one of the 18.5% of people aged 18-24 in the UK who are out of work. Our 24-year-old has a degree and a £25,000 debt to pay off from university.
The everyperson has moved back in with their parents, part of the “boomerang adultescents”.
A job is the most pressing requirement but many of those are now going to older workers. The over-50s accounted for 93% of the job increases over the last decade, according to analysis by investment bank Citi.
And there’s the growing number who put off retiring. Working people of pension age have nearly doubled over the last two decades, reaching 1.4 million in 2011, according to the Office for National Statistics.
Chosen excerpts by Job Market Monitor from
By comparison to other European countries, youth unemployment in UK is just below average at around 22%, but it is rising and has been rising since 2005. This suggests structural causes beyond the current economic situation: The labour market has been changing in ways that impact negatively on young people Recruitment practices make it increasingly … Continue reading »
The harsh reality is government programmes are failing. In fact, fewer than 6,000 young people have been helped into sustained jobs: that’s just 3.4% of young people on the Work Programme. The Youth Contract, launched with much fanfare by the deputy prime minister last year, is working so well that the government has decided to … Continue reading »
“In this economic climate, with such high rates of graduate unemployment, should school leavers give far greater consideration to vocational qualifications?” asks Jane Scott Paul in Are vocational qualifications a better option than university? on guardian.co.uk. “Sadly though, youth unemployment is hardly limited to unqualified school leavers: it now extends to many of Britain’s brightest …Continue reading »
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 … 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 »