It is true in Europe. However, the effect is strongly dampened given all of the social and job protection legislation in most European countries.

This means the extend to which an employer can profit from preferring younger employees is very much limited.

Also, young people in Europe are generally less sensitive to promises of future riches because of both cultural differences and the fact that it's simply extremely rare that a European startup strikes gold.

The agism is the same, but it's easier to overcome since there's less profit in it.

There is a downside though: youth unemployment.