The Young Precariat in Greece: What Happened to “Generation 700 Euros”?

Abstract

Despite important problems associated with young age and transition to employment, there are also specific challenges associated with particular generations at particular politico-historical and economic settings. They may not be considered natural because of young age and the life cycle associated with it. The present contribution describes the economic and social situation of the young generation in Greece before and after the crisis, in comparison to older age-groups and where possible to the previous young generation when its members took their first steps into the job market. The “young generation”, in Greece, codified as “generation 700 Euros” before the crisis, may be understood as a broader “actual generation”, the “young precariat”. The “young precariat” comprises of people, born between the late ‘70s and the late ‘90s, who are exposed to a set of generationally defining social and economic historical experiences: a) a prolonged transition to independence, b) “precarity”, c) generational tension and d) the economic crisis. Focusing on precarity and generational tension, we show, using statistical data and secondary analyses that first: the “young precariat” experiences worse socio-economic conditions in comparison to their parent generation when they were at a similar life cycle in 1981. Second, the economic crisis has increased the levels of “precarity”, however, an ongoing pension reform seems to be levelling the generational game to the benefit of the younger generation.