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Thursday, June 18, 2009

Who is having the best recession – the young or the old?

OK, the recession is a nasty thing, we are all agreed upon that fact.
Who's having it the worst - the old or the young?

It is the job of pressure/campaigning groups to paint their members as the people suffering the most pain, but what are the facts?

Look no further and download this brilliant document from the ONS. The answer seems to be that young are the ones who are really suffering. A few factlets.

  • Employment rates for people over state pension age continued to rise, driven by increasing employment rates for women: over the year to March 2009, rates for women aged 60 and increased by 0.5%.
  • Young people have experienced the largest percentage point increase in unemployment rates compared with other age groups: in the year to March 2009, unemployment rates for 18-24 year olds increased by just under 4% to 16.1%.
  • Claimant proportions have increased for all age groups but young people were still the most likely to be claiming Jobseekers Allowance: in March 2009 (7.6%).
  • Redundancy rates for young people have increased more than for older age groups: in the three months to March 2009, the rate for 16-24 year olds was 12.7% higher than the previous year compared to a rise of 7.6% for 25-34 year olds.
Looks like life might be getting tougher for brand managers relying on the Yoof Market . Dick Stroud

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