The under-30s in the Balearics earn slightly more than half of what other workers earn, and the wage gap continues to widen. The wages of workers under 30 are declining compared to the slight increases seen in the overall population.
This is according to the latest study by the Balearics Labour Observatory. The average salary (2023 figures) was €16,388 for the under-30s; the average salary for the entire population was €27,537. The report states: "The average wage for the population as a whole increases every year, but young people's wages continue to be more variable."
The leading role that young people are playing in the positive performance of the region's labour market - record employment levels since the end of the pandemic - hasn't removed the threat of precarious employment. 25% of young people registered with social security have temporary contracts; the general rate is 12%. Almost half of those working part-time admit that they do so because they have not found a full-time job.
The rate of young people leaving the parental home has plummeted since the start of the financial crisis. Recently issued figures indicate that emancipation of the 16-29 age group in the Balearics was 16.2% in 2024. Back in 2008, the Balearics topped the national ranking for emancipation with a rate of almost 36%. Since then, the region has registered the steepest decline in the country.
The study highlights the age group's vulnerability to economic crises, as demonstrated by the pandemic, during which it was the hardest hit, and states: "Young people face a higher risk of poverty and social exclusion, which makes it very difficult for them to access housing, whether renting or buying, and may lead them to postpone or refrain from having children."