Our first economic experiences affect our relationship with work for life | Torsten Bell
Formative experiences in life are ... formative. Our parents shape our future for good and ill, affecting everything from our relationships to the jobs we do. But our prospects are also shaped by our formative economic experiences.
The young have been hardest hit by this pandemic-induced downturn, following the general pattern of previous recessions. Resolution Foundation research reveals that the experience of young people entering the labour market during a downturn stays with them. They earn less for six years afterwards, compared with those starting work during a boom. Those graduating from university during the financial crisis saw their chance of working in a low-paying occupation rise by 30% and that chance remained elevated for a full seven years.
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