Young workers in the COVID crisis
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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Very interesting, certainly our new generation is just getting started and falling on hard luck with this pandemic. This will generate more unemployment and violence because everything leads to a consequence and today it is those age ranges that represent the highest percentage of delinquency and even minors.
It is certainly not going to help that most of them might be in very difficult economic conditions. Fortunately nowadays you can entertain yourself and learn for a very cheap price (just a wifi connection) :D.
But let's hope these dark times go by fast
Many people who have to work from home or work at home, students and school children also study online to avoid this virus. You can take the wisdom of this incident by taking business opportunities, of course, so that needs continue to be met when this critical situation. But don't sell medical devices at high prices, don't take profit unilaterally.:)
Indeed and some are doing so ! This could be an opportunity to learn something new, to start a project you always wanted to do, etc...
We need to remain positive right !? :)
Wow. @vlemon friend every time I read news that talks about the virus, I just ask that this situation ends soon, it is very unfortunate what is happening worldwide ..
Yes I know, but it has so many impacts on Crypto, economy, habits...
I guess good past working experience is still one good way to keep our jobs. The old ones may just be the pillars of the companies so companies that need to reduce labour cost would remove the young ones first.
Could be indeed. In some countries as France it is also a LOT more expensive to fire and old employee and even in Anglo-Saxons "work culture' there is a saying: Last one in, first one out :)
I am also suffering from this crisis as I have started my Corporate journey 4 months back as an intern in a service-based IT company. I am working from home nowadays due to lockdown but still there are so many youngsters like me who got a bad start like me. lol.. I hope it will be okay in the future.
Thank you for the analysis :-)
Indeed, that sucks... Same thing happened to my brother. Difficult to communicate and to learn from the usually so different personalities around.
Stay focused and hopefully something good will come out of it !
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