Jun 06, 2020 12:00:00

It is pointed out that if you are in a depression when you are young, it will adversely affect 'life happiness' for over 40 years

The recession affects a wide range of occupations, causing various problems such as reduced wages and unemployment. It seems that the younger generation is particularly vulnerable to the recession, says

Jenny Chesters , a senior lecturer at the University of Melbourne in Australia, said, ``People who were in a recession at a young age were happy for 40 years or more. It will remain low.'

Recessions scar young people their entire lives, even into retirement
https://theconversation.com/recessions-scar-young-people-their-entire-lives-even-into-retirement-137236

'It's well established that the recession has the most impact on young people,' said Chesters, who are among the biggest in the Australian recession of the early 1980s and 1990s and the COVID-19 pandemic. It is pointed out that it can be confirmed that it has been damaged.

For example, Australian

employment and salary data from mid-March to early May 2020, which was affected by COVID-19, showed a 5-6% decline in employment for many age groups, If we limit the scope to workers in their twenties, the decrease in employment is 10.7%. Thus, while the recession adversely affects a large workforce, it is likely to be exacerbated, especially in the youth generation who are engaged in precarious employment patterns and industries.

Especially during the recession of the mid-1970s, which had a major impact on Australian workers, the unemployment rate between the ages of 15 and 19 increased from 4% in 1974 to 10% in 1975. In 1976, it reached 12%, and the unemployment rate continued to rise. From the perspective of the 21st century, it seems that the number of workers aged 15 to 19 is relatively small, but in the 1970s in Australia, people who completed the 12th year of education, which is the third year of high school in Japan. The ratio was about one-third of the total, and many people were already working at this age.

Chesters also pointed out that the recession of the mid-1970s continued to negatively affect the youth generation at that time for more than 40 years, reducing the well-being of life. People between the ages of 15 and 19 in the mid-1970s were born in the early 1960s, but those born in this neighborhood are less subjectively happy than those born before or after that. It seems to be shown in various happiness surveys.

From the results of a questionnaire asking about 'life satisfaction' on a scale of 0 to 10 in the

Australian Households, Income and Workforce Dynamics (HILDA) survey conducted since 2001, income, gender, marriage status, education, This is a graph that corrects various factors related to happiness such as employment status. The vertical axis represents the 'satisfaction of life' answered by the subjects, and the horizontal axis represents the born generation. Each graph shows the survey results for 2001, 2006, 2011, and 2016. We can see that people born between 1961 and 1965 tend to have lower levels of happiness than people born before or after. People born in this age group were younger in happiness than in other ages, according to a 2016 survey, nearly 40 years after the mid-1970s.

The reason why people born between 1961 and 1965 reported consistently low subjective well-being was that Chesters said, 'Youth unemployment has increased significantly when this age group was about to find a job.' However, he pointed out that it may continue to have a lasting negative effect. Even if the recession hits, the labor market may recover over time, but the impact of a direct recession hit just when you become a worker may not disappear by simply recovering the labor market. Suggests that it may not.

On the other hand, the recession hit the labor market in the early 1980s and early 1990s, but at this time the number of people who received the 12th year education, which is the third year of high school in Japan, increased, and the university entrance rate doubled from the 1970s. Due to the increase, the influence of each age has been somewhat mitigated.

In order to mitigate the effects of the recession caused by the COVID-19 pandemic that attacks young people in the early 2020s and not have a lasting negative effect, increase employment in jobs that are not affected by foreign trade and have no work experience Chesters said it was important to promote new technology apprenticeships that would allow young people to get paid and gain experience.