The current economic downturn is having major adverse impacts on the economic performance of North America and Europe, causing many countries to enter into recession. Besides a considerable fall in asset prices, there have been substantial increases in unemployment and financial hardship (Scarpetta et al. 2010). In particular, the crisis has hit the young population very hard (Bell et al. 2011). According to official OECD statistics (2013), the overall unemployment rate for the working age population (15-65) has increased by +3.3% between 2007 and 2012 in the EU-21. In the same time frame, unemployment rate has increased by +4.6% for young people aged 30-34, by +5.1% for those aged 25-29, and by +7.3 for those aged 20-24.