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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