Patrick Thomson, Head of Research and Analysis at Phoenix Insights commented: “To achieve economic prosperity it’s critical that we confront the challenges faced in ensuring both young, and older workers, are able to secure fulfilling and meaningful employment. Our research has shown that those aged 16-24 have an employment rate of just over 50%, around 30% behind the employment rate for those 25-49, while those aged 50-64 have an employment rate of over 70%*.This morning’s data release found that the number of young people aged 16-24 years not in education, employment or training (NEET) has increased to 872,000, up from 798,000 this time last year.
“While part of this gap for younger generations is due to many staying in education to build their skills, this latest data set from the ONS highlights how the age employment gap is partly the result of the large portion of young people that are neither in work, training, or education.
“Reducing the size of this group is an essential step in boosting employment across the UK, moving us towards an 80% employment rate and in matching leading members of the G7. It will also have enormous economic and social benefits in terms of national productivity as well as for people’s ability to earn and save for their futures.
“To achieve this means tackling the challenges faced by those at each end of the labour market. For younger workers this means ensuring that training, education and first jobs give people what they need to embark on working lives that might last multiple decades, which the proposed Youth Guarantee focuses on, we also need to unlock the potential of all ages to ensure nobody faces barriers entering and remaining in the workplace.”
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