World Facing Record Breaking Youth Unemployment Crisis
Youth unemployment is plaguing our global financial system. The International Labour Organisation estimates there are 75 million 15-to-24-year-olds looking for work across the globe.
Spain is reporting a record 56.1% youth unemployment and Greece is reporting 62.9%. Youth unemployment rates are generally much higher than unemployment rates for all ages, however the economic crisis has seemed to hit millennials across the world harder than other generations.
World leaders from 19 countries met last week at the G20 Summit in St. Petersburg, Russia to discuss global economic growth and stability and have agreed to each present job plans at next years summit.
why we should care
The global Millennial generation could be uniquely scarred by the economic downturn. Those who begin their careers without work are more likely to have lower wages and suffer joblessness again later in life.
According to the American Psychological Association, “unemployed workers are twice as likely as their employed counterparts to experience psychological problems such as depression, anxiety, psychosomatic symptoms, low subjective well-being and poor self-esteem.”
our time opinion
We can’t wait another year for a solution to global youth unemployment, we need action now!