This report by The Money Charity shows that in February to April 2022 there were 5.35 million people aged 18 to 24. Of these, 1.86 million were in full-time education while 3.40 million were in employment. 354,000 18-24 year-olds (9.4%) were unemployed in February to April 2022.
Young people have been financially disadvantaged by the battle to contain the pandemic. Numerous indicators show the disproportionate effects they have experienced, further exacerbating many existing challenges.
Between February and April 2021, 435,000 18-24 year-olds (11.7%) were unemployed, compared to an overall average unemployment rate of 4.7%. While total numbers of young people on furlough has dropped quicker than for other age groups, the overall furlough rate for 18-24 year-olds (16%) is close to double that of those aged 35-65.
Alongside disrupted education, university debts have continued to rise, reaching an average of £40,280 in England, £24,960 in Wales, £23,520 in Northern Ireland and £13,890 in Scotland, for the latest cohorts to enter repayment.
Key Findings:
- 354,000 18-24 year-olds (9.4%) were unemployed in February to April 2022. This was 87,000 fewer than the same period the previous year and 7,000 fewer than in November to January 2022.
- 84,000 (23.7%) had been unemployed for over 6 months.
- 65,000 had been unemployed for over 12 months, 22,000 less than from November to January 2022 and 31,000 less (34.1%) than a year earlier.
- 704,000 (10.4%) of 16 to 24-year-olds in the UK were not in education, employment or training (NEET) in January to March 2022, a decrease of 80,000 over the last year.
- Minimum wage rates increased in April 2022. For under 18s the new rate is £4.81. The apprentice rate (for those under 19 or in the first year of their apprenticeship) is £4.81. For those aged 18-20, the minimum wage goes up to £6.83. For those aged 21-22, £9.18 and for those aged 23+, £9.50. The age for receiving the National Living Wage has dropped from 25+ to 23+
- According to ONS, in the year to April 2021 the median weekly gross pay for all full-time employees was £611. For employees aged 16-17 it was £220. For those aged 18-21 it was £374 and for those aged 22-29 it was £521. For those aged 16-17, male and female full-time pay was the same, but female FT pay as a percentage of male FT pay dropped to 94% for those aged 18-29 and then gradually by age to reach 81% for the 50-59 age group.
- In 2020-21, the provisional average maintenance loan awarded to full-time students in England was £6,860 (up 1.8% on the revised figure for the previous year). In Wales it was £5,110 and in Northern Ireland £3,120. The provisional average tuition fee loan in England was £8,520 (down 0.5%). In Wales it was £8,180 (up 16.9%) and in Northern Ireland £5,440.
- In England, the average student debt for the latest (2020/21) cohort to enter repayment was £45,060, an increase of 12.6% on the previous year. In Wales it was £27,600 (+11.4%), in Northern Ireland £24,720 (+5.9%) and in Scotland £15,170 (+9.3%).