We live in a world that experiences plenty of problems and it can be difficult to hit them on all fronts. It seems as if one of the unexpected difficulties is seen in Spain, as well as other parts of the world.
The job market in Spain has suffered as a result of the pandemic but it is the youth in the country that are impacted more than any other. Overall, the youth unemployment rate is at 38%, which is much higher than what is seen overall in Spain. It is also the highest average in the European Union.
Another issue has to do with the rental market, as it is shrinking. Fewer and fewer people are renting these days, especially those who are between the ages of 18 and 35.
In order to move the needle, Spain is willing to pay $289 as a monthly bonus to any children in that age group who are willing to move out of their parent’s home. As long as they earn less than €23,725 per year, they can register for the bonus, according to a press release.
Quartz did some research into the impact that the virus and children living at home have had on the economy. They say that in Spain, adults tend to live with their families until they are 30 years old. In the European Union, the average is 26 years.
When you combine the issues with the economy and the supply of rental homes along with the children that are still living with their parents, it is devastating to the entire economy.
Pedro Sánchez, the Spanish president, has discussed how the bonus would help to give access to rental housing to youngsters. He went on to say: “We are talking about a fair economic recovery and this means facilitating access to housing, especially for those who are most vulnerable to precariousness, such as our young people.”
Of course, Spain is not alone in its difficulties with young adults living with their parents. In the United States, many have also moved back in with their parents as well during these difficult times.SKM: below-content placeholder