10 Years after the Failure of Lehman Brothers: Things are better – unless you are young
While we mark the anniversary of the economic and financial crisis, celebrations focus on encouraging growth rates and increasing employment figures. One obvious thing is striking though: young people are not invited.
Ten years after the financial crisis, it is true that youth unemployment is decreasing: in July 2018, the EU rate for youth unemployment was at only 15.8%. Though lower than it has been in years, it is still double what it was before the financial crisis and in many countries it is still at least one fifth of the youth population. It is clear that young people are still suffering the adverse impact of the global financial crisis and the subsequent policies of austerity put in place to mitigate its effects.
Are we going in the right direction? And, if so, are we going there fast enough?
- Find out more about OECD work on Youth
Even though the situation is gradually getting better, the facts and figures are pretty staggering. Today, one in four young people in Europe is at risk of youth homelessness have increased.
Austerity measures have clearly hit young people the hardest.
When these are the odds that young people face – and they keep hearing time and time again how they are the first generation who will be worse off than their parents – is it then a surprise that young people have lost their
If you want to build the future, you need to look at the present.
It is easy for politicians to say young people are the future while neglecting all the ongoing actions that make their future a far-fetched dream. If you don’t tackle issues that matter to young people and you don’t include them in the decisions that affect them, don’t expect them to join the dance.
- The Sustainability Kit: How to save the earth as a student
- OECD Forum 2018: Demographics and Politics
There is a realistic, feasible and grounded solution to bring young people back to the heart of our social and political models: we need to give youth a chance, to give youth a say.
We need to
The financial crisis hit the world very hard, and difficult decisions were made. Now, 10 years later when we look back, we must take stock of the lessons we have learned and see what we should do differently. One clear lesson we have learned is that young people cannot reach their potential without investment of finances, of resources, of time. They cannot reach their potential without action from their governments and institutions. A sustainable future cannot be achieved by youth alone.
With less than a year before the European elections, decision-makers can commit to young people's wellbeing or sit back and wait to see how inequality is exacerbated in the future. An entire generation is at risk. We cannot afford to lose it.
We cannot hope to see a sustainable future without viewing young people as equal partners in its creation.
- Read more in the Forum Network series 10 Years after the Crisis
- Find out more about the OECD New Approaches to Economic Challenges (NAEC) conference, 10 Years after the failure of Lehman Brothers: What have we learned?
- Read Beating the job crisis by Richard Trumka, President, AFL-CIO
- Read Making the euro area work by Sebastian Barnes, OECD Economics Department