The UK’s labour market is no place for the young. Latest figures show that 346,000 people aged under 24 have lost their jobs in the last 12 months, a drop of over 9 per cent. By contrast, over-50s have seen employment fall by just 1.2 per cent.
This is partly a sectoral story: young people are disproportionately likely to work in hospitality, which has been hardest-hit by the downturn.
But it has accelerated a long-term trend for more oldsters to be in work and fewer youngsters. Since the mid-1990s the proportion of over 65s in work has doubled from 5 to over 10 per cent and the proportion of 50-64 year-olds in work has risen from 58 per cent to over 71 per cent. Meanwhile the proportion of 18-24 year-olds in work has dropped from 66 to 60 per cent.