Tuesday , 21 May 2024
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Global Economy

Parents pay longer for their children

According to official figures, parents are financing their children for longer and longer. As reported by the Federal Statistical Office on International Youth Day, a little more than every second person (51 percent) between the ages of 15 and 24 was mainly dependent on their parents or other relatives to finance their livelihood last year. 38 percent earned most of their money themselves.

30 years earlier it was exactly the opposite: in 1991 more than half financed themselves and 40 percent through relatives.

7.5 percent not in training or work

The fact that a comparatively large number of young people have recently been dependent on public services is also reflected in the proportion of 15 to 24 year olds. Last year, every tenth young person (10.4 percent) received their main income from public services. There are also many in this group who were neither in school nor in vocational training nor in a job. Their share rose again to 7.5 percent during the Corona crisis after a ten-year low of 5.7 percent had been reached in 2019.

Good chances on the job market

According to the statistics, there is a positive trend in youth unemployment in Germany. 6.9 percent of the labor force between the ages of 15 and 24 were unemployed in Germany in 2021, while in the European Union the rate was more than double at 16.6 percent. As in previous years, Germany was the country with the lowest youth unemployment in the EU in 2021.

However, almost a third of young employees (29.2 percent) in Germany are in so-called atypical contractual relationships. These include part-time, fixed-term positions, temporary work or marginal employment.

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