As America continues to slowly climb out of a recession, unemployment among youth still remains an issue. But Americans are not alone. The lack of employment opportunities available to youth has become a global issue that could threaten the economic growth of several countries for years. According to the International Labour Office, nearly 75 million workers under the age of 25 were jobless last year worldwide.
Family dynamics have changed in the modern world for many people dealing with unemployment issues at young age. At a time when parents should be enjoying an empty nest, they are caring for grown children that are struggling to find stable jobs. In addition, these young adults are offsetting the idea of getting married or starting families. And as the rate of unemployment increases so does the despondency towards higher education; individuals that have been told time and time again that “education is the path to better opportunities” have little hope. They are discovering that their $40,000+ a year bachelor’s degrees are doing little to find them a job to offset the surmounting debt they may have incurred as undergraduates.
“Youth unemployment is dramatic,” José María Aznar, the former prime minister of Spain, said at a conference in New York last Friday. “It’s jeopardizing the opportunities for future prosperity and growth.”
But why has youth unemployment become so widespread? According to the Huffington Post, the financial crisis that emerged in the United States back in 2008 and then spread to Europe has resulted in the depressing economic strain. Currently 40% of the world’s unemployed are youth, with the highest regions of unemployment being in North Africa (27.9%) and the Middle East 26.9%. Asia has the lowest rate at 9%.