Despite the challenges of job insecurity, there are things for young people to feel hopeful about. The labour market has been turbulent for the past decade, especially for those who graduated in the midst of the financial crisis between 2008 and 2012.
Research by the Resolution Foundation found that those who graduated during this period are still facing higher unemployment, lower pay, and worse job prospects up to a decade later. This lingering impact of the financial crisis has had a lasting effect on young people's job prospects.
However, it's not all doom and gloom. The Organisation for Economic Co-operation and Development (OECD) states that technology will bring new opportunities for young people in the next decade. As automation and artificial intelligence become more prevalent, certain skills will become more valuable, and new industries will emerge.
According to a report by the Centre for Economic Performance (CEP), by 2030, 40% of jobs in the UK will require skills that are not yet taught in schools. This highlights the need for young people to be adaptable and willing to learn new skills throughout their lives.
While the job market may be uncertain, there are steps that young people can take to prepare themselves for the changing labour market. This includes upskilling, reskilling, and being open to new opportunities. By doing so, they can increase their chances of success in the face of job insecurity.