Top think-tank warns young adults at risk of bearing worst scars from coronavirus pandemic
Young adults are at risk of bearing the worst scars from the pandemic, a top think-tank has warned.
The Institute for Fiscal Studies said that while the furlough scheme and moving back in with parents has protected many, their prospects could take a turn for the worse as support unwinds.
Under pressure: While the furlough scheme and moving back in with parents has protected many young adults, their prospects could take a turn for the worse as support unwinds
The share of young adults aged 19 to 24 who are not working any hours per week, including those who are furloughed, has jumped by 25 per cent between the end of 2019 and the beginning of 2021. This is equivalent to around 400,000 people.
Most of these people are still getting some pay, as they are using the furlough scheme.
But they could well become jobless as the scheme begins to taper off, ending entirely in September.
Xiaowei Xu, of the IFS, said: ‘There is a risk that young people today will bear the scars for years to come.’