2008 vs 2020: What to expect for Britons graduating into the Covid-19 recession

Young British workers became known as the “crisis cohort” after bearing the brunt of the 2008 global financial crisis.

Millennials who graduated between 2006 and 2012 were less likely to find full-time jobs, and when they did find them, their employers generally paid and trained them less. They were also less likely than their parents to save for retirement and own homes, and more likely to accumulate debt. The impact was significantly more severe on young people of color, who were on average poorer (pdf) than their white counterparts to begin with.

Is Great Britain about to get a new crisis cohort? After the coronavirus brought the global economy to a shrieking halt, the Bank of England declared in May that the UK economy will enter into its deepest recession in more than 300 years. While it’s much too soon to know what impact this will have on young adults who are about to enter or have recently entered the workforce, the post-2008 era provides a useful case study.

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