How and Y... a generation that's finding there's hope after all

They were a generation who seemed to have everything going for them. Brought up in relative comfort, they rejected the counter culture "slackerism" of the previous Generation X and appeared socially active and ambitious in their outlook.

Unprecedented numbers attended university. Embracing new technology, they developed an edge over older, more experienced minds and exerted a powerful influence on society.

Key players emerged in film, music and television and a new breed of driven but laid-back internet entrepreneurs revolutionised the business world and changed the way we go about our daily lives.

Hide Ad
Hide Ad

But for Generation Y the bubble appears to have well and truly burst.

The recession has created painful levels of youth unemployment. School-leavers and university graduates are entering a fierce and unforgiving job market – and finding that drive, optimism and top qualifications are not necessarily enough to make it in their desired fields.

In the UK, unemployment stands at 16 per cent for those aged 16 to 24, with a total of 927,000 people in this age range out of work. And of the 16 and 17-year-olds not in full-time education, nearly 41 per cent are economically inactive. Back in 1992, the figure was less than 15 per cent.

If that wasn't already worrying enough, a surge in the number of university applicants – partly driven by a large number of out-of-work twenty-somethings looking to get into higher education – means that as many as 300,000 youngsters could miss out on university places this year, with many of these likely to go straight on to the dole queue as

a result.

Hide Ad
Hide Ad

To some social commentators, Generation Y have gone from being a potential great generation to a potential lost generation in the blink of an eye.

Nikki Mason, 24, from Ilkley, has a good drama degree from Birmingham University and a strong postgraduate journalism diploma. But she has now been unemployed for a prolonged period and is unable to move away from home.

"People feel like failures when they come out of university and they can't get a job," she says. "You want to be self-sufficient at this age, and have some independence. It's hard to not let it affect you.

"There's a growing sense of disillusionment among people. They're disappointed and scared.

Hide Ad
Hide Ad

"The majority of my age-group were made to feel like they were going to achieve whatever they set out to do," she explains. "I grew up being told that the sky's the limit. It never occurred to me that I wouldn't get a job.

"We were led to believe that life was going to be easier than it

actually is. Perhaps it's just bad timing."

Studies into the long-term effects of youth unemployment consistently show that the longer those in their late-teens and twenties are out of work the greater their risk of depression, suicide or involvement in crime becomes, while a stint of unemployment at the beginning of someone's working life substantially reduces chances of stable employment in future, and can reduce expected lifelong earnings by an average of almost 20 per cent.

When you consider that Generation Y will have to work longer and harder to sustain an ageing population and help Britain recover from its worst economic situation in more than 60 years, the future may seem bleak, but amid the statistics and gloomy forecasts, there may be yet a

glimmer of optimism.

Hide Ad
Hide Ad

Simon Long, 26, is the co-founder of Xing Smoothies and owns two smoothie bars: one at Hull University and another in the centre of York. He and partner Phil Benson set up their business four years ago after observing the power of the mainstream health industry in the US, and its success owes a great deal to two defining trends of Generation Y – a greater consciousness of healthy living, and the power of the internet.

"I think the enterprising spirit of this generation can help us get out of trouble," he says. "There are a lot of young unemployed people out there, but enterprise can help turn things around in terms of job creation.

"I think we're a particularly entrepreneurial generation. The internet has made it a lot easier to start a business, because you've got all the information you need at the touch of a button. We've had quite a bit of success through Facebook and have just started to venture into the world of Twitter. It's a really good leveller.

"It's a way of getting yourself out there – not just being a faceless corporation and showing a bit of personality. You can meet a huge number of people to drum up new business.

Hide Ad
Hide Ad

"We're going into schools at the moment to talk to kids about enterprise – and it's something they're really keen on.

"I think we'll actually see more start-ups and entrepreneurs as a

result of the recession. I wouldn't say this is the lost generation at all."

Related topics: