In the first quarter of 2020, Coronavirus has spread throughout the world at an alarming rate, catching world leaders off-guard and enacting a phenomenal cost in terms of human lives and livelihoods, particularly for young people and jobs.
Our research of recent studies found:
- One third of 18-24 year-olds have lost work in the UK due to furloughing or job loss
- The rate of youth claiming unemployment benefits is 5% compared to the national average of 4.7%
- There is a cohort of unemployed youth called the “hidden unemployed” which may inflate the figures to around 60% higher than official data suggests
These figures represent huge numbers of young people who now face unprecedented challenges in obtaining sustainable employment. This is alarming because being unemployed when young can cause “pay scarring” with damaging effects on mental health, lower pay levels and reduced confidence. An employer may also view periods of economic inactivity as a negative trait on a CV, perceiving the candidate to be unmotivated or lacking in productivity.