Job Worries, Poor Mental Health Afflict Pandemic-Hit U.K. Youth
(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.
Young people in the U.K. are emerging from the coronavirus crisis blighted by poor mental health and worried about their financial future, reports published Monday warned.
The separate analyses, by the Institute for Fiscal Studies and the Resolution Foundation, underscore the huge challenges facing millions in their late teens and early 20s as the country returns to normality after more than a year of lockdowns to fight the pandemic.
Those restrictions hit the young harder than other age groups. With government support programs coming to an end, they are now in danger of permanent damage to their prospects unless policy makers make helping them back to work a top priority, the research groups said.
“Without effective support, there is a risk that young people today will bear the scars of the recession for years to come,” said Xiaowei Xu, senior research economist at the IFS.
The IFS study found that 19 to 24-year olds were particularly vulnerable to the winding down of furlough wage subsidies, which have saved the vast majority of jobs affected during the pandemic. Young people, many of whom were forced to move back into the family home, report being more pessimistic about their immediate financial future than other age groups.
The Resolution Foundation said that one in four people aged 18 to 24 are afraid that poor mental health will affect their ability to find a job in future.
Of those placed on furlough, reduced pay or made unemployed, almost 30% say they are experiencing adverse mental effects, according to its survey, which uses new YouGov data.
“Where someone is struggling with their mental health, making the essential first step into the job market can prove impossible, especially in a job market as challenging as the one facing young people,” said Martina Kane, policy and engagement manager at the Health Foundation, which supported the survey.
©2021 Bloomberg L.P.
-
India's Troika Of Good Luck | Joining The Dots
A weaker Trump, a cooling AI trade and resilient earnings have put Indian markets back in favour. Rising inflation could spoil the party.
-
Talking Points This Week: Leadership Shock At Nvidia, Earnings Strength, And The Fog Over Hormuz
The Anthropic IPO pricing and first trading day, Nvidia's upcoming earnings, and any fresh signals from Iran will set the tone for the following week.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.