This recession has been one of the young. For many, beyond media outpourings and a general sense of nervousness, what has been the sharpest drop in GDP since the Second World War seems to have done little to change our general life outlook. Not to debate the merits, causes and implications of this (no double dip references here, thanks very much) the real consequence of the recession seem less economic, but more cultural.

This ‘lost’ generation (nearly 10% of 18-25 year olds are now unemployed) have the double whammy of struggling to find work and dealing with debts from an education sold to them on the promise of a successful career at the other end. And even for the class of 2010, employment opportunities remain extremely limited as the country deals with excess supply in the system, caused in part by fewer layoffs among the older generation.

It is difficult for those of us who stepped onto the career ladder with such ease to quite appreciate this predicament. Increasingly novel, innovative and desperate methods are being used to generate interest from employees. The type of effort that puts the likes of you and me, who shot off a few CV’s and wandered in with a ‘take it or leave it’ attitude, to shame. Like that chap who walked around with a CV on a sandwich board, or my particular favourite, a creative team looking to sell themselves on Ebay. (7K and rising, fingers crossed to them)

What does this all mean? Well, a recent study in America showed how the economic environment during a person’s formative years will define their relationship with money for the rest of their lives. While this may lead to a more cautious generation, aware of the fragility of work and value of a financial buffer, my suspicions is this generation may well also be an angry one.

Promised so much, the recession has shattered an illusion of a comfortable life, and for the lost generation, it’s the institutions that are to blame. As of yet, the smell of revolution doesn’t seem to be in the air, but the possibility of these feelings forming the first major post millennial youth movement is a real possibility.

And if so, it will lead to some fascinating outcomes. A group of people let and down and angry with an education system that over promised, rebelling potentially against the identity led consumerist culture that still exists, and ultimately much more conservative in nature towards individualism, personal rewards, and the trappings of Thatcher’s children that have defined the last 20 years.

Image courtesy of Dunechaser

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