New “Lost Generation” Will Result From Current Recession

Under 25s set to become next “lost generation”, said a recent study.

According to a survey carried out by the Prince’s Trust, young victims of the economic downturn will experience a more difficult time in finding work in the future.

The study by the Prince’s Trust warns that the recession is likely to permanently affect the lives of about one million Britons who are currently under the age of 25 and who are presently not employed.

This generation is at risk of becoming like the one whose members were born in the mid-60s to the early 70s, and struggled through several aspect of their careers since they were continuously blocked by Baby Boomers.

The report indicated that young adults who are out of work are shown to be significantly less confident and happy then employed individuals of the same age. These results apply even in other life experiences so as health, friendships and family relationships.

The research, call The YouGov Youth Index and conducted for The Prince’s Trust, observes the setbacks of a psychological nature endured by 16 to 25-year-olds job seekers, including those with fewer qualifications as well as graduates.

In the UK, it’s been recently reported that unemployment figures stand at 2.49 million with a peak to be reached at 2.8 million later in the year being projected.

Unlike the 80s, when the harsh recessions experienced a that time resulted in hundreds of thousands of layoffs particularly from industrial workers, employers and employees have demonstrated a more flexible attitude by adapting new working practices.

A contributor to the Prince’s Trust, Professor David Blanchflower, said that companies have managed to save money by putting a stop to recruitment.

He added that the worst hit are the young adults making the transition from colleges and other schools into the jobs market.

This year, 40,000 disadvantaged and unemployed young adults are expected to received the assistance of The Prince’s Trust through work, training or education.

It’s been reported that the Trust requires £1 million per week in order to pursue this programme.

The Prince’s Trust chief executive Martina Milburn said young adults endured the biggest hit in respect to the poor economic conditions this year, adding that one in five people aged between 16 and 24 years are out of work at the moment.

Miss Milburn said that this results in an entire generation who will never have the opportunity to exercise their full potential as some of their skills and talents will remain undiscovered.

She said that an investment had to be done for these young people and efforts made to re-building their self-esteem in a bid to avoid that today’s unemployed do not evolve in the unemployable of tomorrow.