Last week, the Financial Times reported the results of a study they conducted that identified a growing resentment among young workers toward older adults as the virus outbreak has led to various economic challenges that have hit younger generations the hardest.
FT asked more than 800 individuals between the ages of 16 and 30 about their current job prospects and found that the stagnant job market and low wages have led to anger toward older adults who appear to be more financially stable and hold far more political sway.
Burdened with heavy loads of student debt, out of work or working at jobs that pay low wages, the number of 18-to 29-year-olds in the United States living at home has hit a record high.
According to the Organization for Economic Cooperation and Development (OECD), about half in that age bracket got their wages cut, with young women and those in lower paying jobs being hit the hardest.
Getting Worse
Yahoo Finance reported a recent study showing 63 percent of those polled (aged 16-25 in the U.K.) said their educational plans were directly impacted by the coronavirus. The report said more than 500,000 young people are unemployed in Britain, and many are looking for new ways to enter the job market. On-the-job training in the tech field seems to be an attractive option during the outbreak.
The Economic Policy Institute reported in October that the unemployment rate for young workers (16-24 years old) jumped 8.4 percent to 24.4 percent. The unemployment rate for those 25 and over only rose 2.8 percent to 11.3 percent.
“Unless the economy returns to pre-pandemic condition soon, which is unlikely given current health conditions and lack of additional federal relief and stimulus, the effects on young people of starting their careers during the current recession are likely to have long term negative implications, such as repeated unemployment spells,” the report said.
TREND FORECAST: We forecast there will be strong anti-lockdown, go-out-and-play, speakeasy movements launched by 14-to 28-year-olds who rightfully view COVID as an “old person’s disease.”
Indeed, according to the scientific data, which is continually published in the Trends Journal, the recovery rate among 1- to-20-year-olds is 99.997 percent and, on average, the virus recovery rates is 99.7 percent. Those aged 65 and over suffering from pre-existing chronic health conditions are most vulnerable to die from the virus.
For OnTrendpreneur® advertisers and fashion, entertainment, and product developers wishing to maximize sales to Generation Z and the younger millennial demographic, a new message, sound, and style to appeal to this target audience will reap generous rewards.
