Youth

The World is staring at a increasingly younger population. 1.8 Billion Youth across the globe with 1 Billion in Asia and Africa are in the age group 15-24. While developed countries have more aged populations, developing countries have more younger populations.

Youth are facing significant pressures globally yet materialism matters the most to many. They do believe in money' s ability to offer them happiness. So the more they have it, more they are happy. Unemployment in developing countries is also on the rice among the youth. India's unemployment rate in August 2021 stood at 8.32%. 

Youth are more driven by materialism, social media, peer pressure rather than a value based life. MTV's recent survey in India projected nearly fifty percent of youth focusing on becoming rich and building assets. 

In Social media world, youth are more aware of their peer than earlier due to social media thus impinging more peer pressure on the youth. The stress on them to rise up to the peer is causing depression to the point of remaining isolated instead of participating for a few. Since tiktok stars, youtube stars have become popular and also showed the path to a stable income, many are jumping on the bandwagon to becoming independent rather than working under someone.

Social Media income channels have shown that education is always not the harbingers of success. Success can come in any form if u remain dedicated to ur skillset.  There is increasingly more stress on individuality rather than homogeinity. Despite the lack of jobs in engineering, youth still continue to invest in engineering , especially software engineering where they believe avenues exist. The craze for a abroad job is still highest among youth. 

Social inequities have also risen among youth since the older generation incomes have not increased much. Rural India has not seen increase in jobs since rural enterprises are still not developed as in Urban India leading to rapid urbanization. Several studies have linked salaried employment in urban areas yielding better returns for even the uneducated since urban areas pay for unskilled labor than rural areas. They also earn more through setting up their own small business like a tea stall or a noodles pushcart. Youth especially coming from disadvantaged areas are focusing on self-employment rather than jobs in urban areas. 

Hundreds of studies have shown a huge surplus of educated workers in developing countries compared to developed countries. In developed countries, more than 35% do freelance skilled work compared to developing countries where youth focus on stable employment. The American freelance economy served by 59 million americans is around $1.2Tr USD in 2020. In developed countries, these unemployed workers are shifting to other industries at a increased page. So we find many engineers in bank jobs, government jobs and even running their own businesses. Govt Skills report stated that only 47 percent of India's educated youth are employable. So that means nearly 53 percent of youth need meaningful employment in India. 

Increasingly, youth are unwilling to work for lower salary and instead are preferring to do freelance jobs like working in retail stores, delivery jobs, etc. while waiting for their ideal job. Also, globally, youth are continuing to live with their parents rather than move out of their homes. With increasing corporatization of rental market, houseowners are decreasing in developed countries. The Covid impact on economy is expected to last for two more years.