112,000 fewer 15-34 year olds were employed in Q2, 2020.
Young people will be financially worse off than their parents according to new research from the ESRI.
112,000 fewer 15-34 year olds were employed in the last three months of last year - compared with the same period in 2019.
ESRI research shows the impact of the pandemic has hit younger people hardest as many work within the hospitality and entertainment sectors.
Earnings have also stagnated in recent years, with workers in their early 20s earning less in the 2010s than they did in the 1990s.
Ivan Privalko is a Post-Doctoral Fellow at the ESRI, and a co-author of the report.
He joined Clem Ryan on this morning's edition of Kildare Today.
Today, the ESRI published a preview chapter from the upcoming report "Poverty, Income Inequality and Living Standards in Ireland." The research looks at how young adults have been disproportionately hit by the labour market impact of #COVID19https://t.co/N6aUIWMT6S #ESRICFI pic.twitter.com/oIU9ZW5uF8
— Economic and Social Research Institute (ESRI) (@ESRIDublin) May 11, 2021
ESRI Economist Barra Roantree, is the report's 2nd co-author.
He says the issue is also linked to the 2008 financial crisis:
Barra Roantree adds that young people's inability to own a home leaves them exposed to the rental market:
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