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Adzuna comments on ONS Young People's Wellbeing and Finance Statistics

Doug Monro, co-founder of Adzuna comments:

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Adzuna

“Progress is being made in the fight against youth unemployment – and young jobseekers are feeling positive. Youth unemployment is decreasing, and as a core feature of the jobs market, this is a sign for optimism. It’s now even more important to get young people trained and earning as we face a national skills shortage. Sectors in desperate need of skills offer some of the best earnings potential. For example, the manufacturing sector currently has 15,360 vacancies available and an average advertised salary of £30,865. Today’s figures are encouraging, but with many young people still struggling to secure work, there is still some way to go."

“Initiatives coming into effect next year could prove part of the solution. The upcoming Apprenticeship Levy may mean more training positions are on offer. Usually a vital transition step into a job, employers need to offer more apprentice roles.

 “As well as this, the government’s plan for “bootcamps” to encourage jobless young people to keep looking for work could help inspire individuals to keep up the job hunt. Young jobseekers today can remain upbeat, even in the face of future economic challenges. Jobs are out there - it's all about matching the right candidates to the right roles."

ONS Young people's well-being and personal finance: UK 2013-2014

  • Unemployed young people reported the largest decrease in the proportion finding it difficult or very difficult to get by financially; from 39% in 2009 to 2010 to 26% in 2013 to 2014.
  • Around 8% of young people (aged 16 to 24 years) in the UK were finding it difficult or very difficult to get by financially in 2013 to 2014, down from 15% in 2009 to 2010.
  • Between 2012 and 2015, the unemployment rate among 18 to 24 year olds fell from a high of around 20% to 14% and the young people not in education, employment or training (NEET) rate for 16 to 24 year olds fell from 16% to 13%.
  • Young people’s average income has increased and average debt has decreased.
  • In 2013 to 2014, young people who were unemployed were nearly 1.5 times more likely than those who were working and almost twice as likely as students to report being relatively dissatisfied with household income (39% compared with 28% and 22% respectively).
  • Students and young people who were working were least likely to report difficulties in getting by financially (6% and 4% respectively); three-quarters (75%) of students and young people who were working said they were comfortable financially.
  • Over the 4 years to 2014 to 2015, the proportion of young unemployed people reporting high or very high life satisfaction increased from 64% to 72%, mirroring the decrease in the proportion of unemployed young people finding their current financial situation difficult.