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YouthWiki

EACEA National Policies Platform: Youthwiki
Iceland

Iceland

3. Employment & Entrepreneurship

Iceland has among the lowest percentage of young people neither in employment or in some form of education or training. according to Eurostat, 4,5 % of people aged 15 – 34 were not involved in employment or training or education in 2017, compared to 14,7 % in the current European Union and 7,9 % in Norway. There are many contributing factors for this number being so low. First and foremost, perhaps is the economic climate, which was good in 2017. In the aftermath of the economic decline of 2008 the number reached 10,3 % and 10,5 % in 2009 and 2010 respectively. Another reason might be that in general, families in Iceland live with greater financial security. In 2016, the median value of disposable income for families with 2 children was 342.100 ISK compared to 248.600 ISK in 2008. In this time period the consumer price index increased by 33.70 % and inflation was low, under the 2,5 % inflation goal.  Taken together, it can be assumed that families are able to support their children throughout their education or training.