Young workers in the COVID crisis (Resolution Foundation)
- The chart really says it all, in the UK, 18-24 year olds have been hit most by the COVID impact on work.
- One third of this age group (35%) have lost jobs, been furloughed or lost hours, with 9% actually now out of work. This compares with 22% of the wider population impacted more broadly & only 3% now out of work
- It is estimated that around seven in ten of 25-39 year olds are currently working from home.
Analysis and Comments
- Why does this matter ? These age groups are western economies biggest consumers. They effectively sustain industries as diverse as pubs, apparel & leisure.
- Being earlier in their careers, they have less savings, so even if work wise things go back to normal quite quickly, they will need to rebuild a financial buffer before they spend as before
- In addition, in a sister report Class of 2020 (Resolution Foundation), the Foundation estimates that up to 640,000 additional 16-24 year olds could be unemployed this year. A large proportion of school leavers tend to go into sectors that are currently struggling.
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Upvoted 👌 (Mana: 4/12)
Thanks @stever82
Good statistic @vlemon, thanks for sharing, there are many negative data that begin to appear caused in part by the pandemic.
Unfortunately, this is the start... The vicious circle might be hard to break...
The graph keep increasing day by day. Wow. Thanks for the information 👏👏
You are welcome. Thank you for the comment