The Resolution Foundation have found that graduates who started to work in the middle of the financial crisis still face higher unemployment and lower pay.
The financial crisis has had a “significant scarring effect” even ten years after it took place.
Graduates today are 30% more likely to be on low pay compared to graduates before the crisis, according to the report.
Stephen Clarke from the foundation said that this involved “trading down” from recent graduates due to the reduced opportunities they had.
“These scarring effects have stayed with the ‘crisis cohort’ for up to a decade, reducing their living standards at a time when they may be facing the additional financial strains of buying a home, or bringing up kids.”
Economic downturns can have a permanent effect on new graduates. They can miss key opportunities at a crucial point in their career.
The Resolution Foundation is a think-tank that aims to improve the standard of living for low and middle income families.
Yvette Cooper spoke at the Resolution Foundation with concerns that the financial crisis disproportionately affected low-income workers:
“We’re going to have to start thinking more about where the economy grows, where jobs are and where the opportunities are because frankly towns are getting a bad deal.”
She went on to say that workers will face more issues in the future due to automation.
“The real risk is that people get stuck and start losing out because there isn’t enough support and guidance throughout their careers.”
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HeadlineYvette Cooper: Workers ‘scarred’ by financial crisis 10 years on
Short HeadlineWorkers entering workforce in 2009 'scarred' by financial crisis 10 years on
Standfirst2009 workforce pay conditions still not improved
The Resolution Foundation have found that graduates who started to work in the middle of the financial crisis still face higher unemployment and lower pay.
The financial crisis has had a “significant scarring effect” even ten years after it took place.
Graduates today are 30% more likely to be on low pay compared to graduates before the crisis, according to the report.
Stephen Clarke from the foundation said that this involved “trading down” from recent graduates due to the reduced opportunities they had.
“These scarring effects have stayed with the ‘crisis cohort’ for up to a decade, reducing their living standards at a time when they may be facing the additional financial strains of buying a home, or bringing up kids.”
Economic downturns can have a permanent effect on new graduates. They can miss key opportunities at a crucial point in their career.
The Resolution Foundation is a think-tank that aims to improve the standard of living for low and middle income families.
Yvette Cooper spoke at the Resolution Foundation with concerns that the financial crisis disproportionately affected low-income workers:
“We’re going to have to start thinking more about where the economy grows, where jobs are and where the opportunities are because frankly towns are getting a bad deal.”
She went on to say that workers will face more issues in the future due to automation.
“The real risk is that people get stuck and start losing out because there isn’t enough support and guidance throughout their careers.”
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