The Resolution Foundation study also warns that employment rates for graduates entering the job market will be 13% lower in three years.
He paints an even darker picture for low-skilled workers, predicting that their employment rates could drop by 37%.
“The 2020 corona class could face years of reduced wages and limited job prospects long after the current economic storm has ended, unless additional support is provided quickly,” said l report author Kathleen Henehan.
“The government must therefore work with educational service providers and businesses to do everything in their power to limit these long-term scarring effects.”
For students like Matthew Lofthouse, who hope to work as a sports photographer, 2020 turns into a perfect storm.
“I have always dreamed of going to the Olympics, so for me to see the sport stop in its tracks has been a huge setback,” said Matthew, a photojournalism student at the University of South Wales.
“I delivered my last class yesterday, but I don’t want to celebrate. I’ve worked so hard for the past three years in Cardiff, five years if you include college before that, gain work experience and build a portfolio.
“What can I do against a global pandemic? This is an event that only takes place in a century, I do my best to stay positive. “
Student leaders called on the government to take immediate action to address the impact of the virus on this year’s graduates.
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Robert Murtagh of the National Students Union said: “There has to be something in place to make sure that this crisis does not happen, that there is not a spike in unemployment.
“We know that students are worried about the economy. We are requesting that a grant be made available to school leavers so that they can continue their studies and develop themselves. “
Those who work also risk having their wages reduced. The report finds that a year after graduation, graduates’ wages are expected to be 7% lower and 9% and 19% lower for medium and low skilled workers.