British millennials still 'scarred' by 2008 financial crisis, researchers say (via CNBCMakeIt)
Young people who entered Britain's labor market amid the 2008 financial crisis are still "scarred" by its impact on their employment and earnings potential, researchers found.
Published Monday by British thinktank the Resolution Foundation, the study says that while the U.K. avoided a repeat of the mass youth unemployment seen in the 1980s, the impact of the financial crisis was "spread more evenly across young people," mostly in the form of a prolonged squeeze on pay. Meanwhile, graduates who entered the U.K.'s labor market during the same period were a third more likely to be in low-paid work up to seven years on from the downturn. This group of graduates were paid 6% less than graduates who entered the workforce before the downturn, according to the report, with their wages taking up to seven years to recover.
The Resolution Foundation urged policy makers to focus on the lasting effects of the financial crisis on young people's prospects, adding that U.K. lawmakers should be preparing for the next economic downturn.
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