Independent young people live in homes with incomes 15 percent below the average

Black economic outlook for teenagers: struggling to make ends meet, low wages, demographic weight loss, and a retirement future in which earning capacities are likely to be lower than those of already worn-out working lives. Of course, there are differences within the group because the better educated have much better living standards and prospects. This situation is also seen in the Constitutional Court report. BBVA Foundation and Valencian Institute for Economic Research (IVIE) ‘The present and future of Spanish youth. A socioeconomic perspective’.

The study concludes that a significant part of the youth of this country, and therefore the youth of Valencia, in general do not benefit from homogeneous conditions. Reach labor market is facing difficulties and its weight in the unemployed population is twice that in the working population. This insecurity explains why young people become independent and the main breadwinners between the ages of 16 and 29. 15 percent of households have an income 15% below the average (16,000 euros) and up to 40% (€11,000) lower for those without higher education. Moreover, 53.2% of people in this age group experience financial difficulties; This rate is 5.4 points above the average. Of course, “socioeconomic factors of origin and education indicate significant differences” among members of this group.

economic cycle

The report was led by Francisco Pérez, director of IVIE, assures that “young people are more exposed to the ups and downs of the economic cycle and the average quality of their work is worse.” In fact, 25.4% of these people work on part-time contracts; This rate is twelve points above the total population and the temporary employment rate is twice the average. As if all this wasn’t enough, their salaries are 35 percent below average and their incomes grow “slower” throughout their working lives, so previous generations have reached a contribution base similar to the average before age 27. Young adults currently 34 years old have not yet reached this level.

Erasmus program students at the University of Valencia. GERMAN CABALLERO


Remarkable panorama This group is facing pension Not encouraging at all.. And the reality is that the worse employment history of many young people, due to persistent difficulties in finding work and slow improvement in their wages, “has consequences for the social contributions they have accumulated and are likely to have” when they retire, because in a contributory system like Spain’s “better quality “The same factors that support a working life also support a retirement with a better quality of life.” If the young person’s working career was “short-lived, the level of pension will not be sufficient to maintain the previous standard of living.”

Pension

Taking all this into consideration sustainability issue pension: “If the retirement age is not extended, possible reforms to the system that will financially secure these benefits in the future will make the amount of pensions of young people today lower than their last salary.” It is perceived as. current retirees receive”. As the report states, we should not forget that: reducing the impact of youth demographic weight loss (14.8% of total) In public policies, their problems – especially problems of participation in the workforce – are relegated to the background compared to other large groups.

Source: Informacion

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