The Squandered Youth
Millennials have a better quality of life globally than any previous generation — instant communication, abundant entertainment, better education, more personal freedoms. But the flip-side is that they face other challenges. Education is expensive. Finding a job is difficult. Finding a partner and becoming financially secure enough to have children can take one into one’s thirties.
Policies tend to favour the older generation — in many countries laying off older people is discouraged by the state, as it puts a strain on the social support system. Older people are often in control of legislation in terms of urban development. The young, who would be happy to travel and work, are limited by domestic migration laws.
But it is clear that this is the generation with the energy, drive and desire to succeed that could feed into the financial well-being of a country. The solution?
“Governments should unleash the young by cutting the red tape that keeps them out of jobs, and curbing the power of property-owners to stop homes from being built. They should scrap restrictions on domestic migration and allow more cross-border movement. They should make education a priority.”
In a well-reasoned argument, The Economist argues that ‘the world’s young are an oppressed minority’ and their potential needs to be unleashed. Read Young, gifted and held back, which is also in the latest print edition.