It's hard to answer this question. Not all swimmers attending the Olympics have to make the qualifying times. The Olympics awards wild card entries to countries without developed swimming programs. So there may be young swimmers competing who are not at the elite level.
However, here is other trivia on young swimmers at the Olympic Games:
The youngest swimmer ever to win a medal (as well as youngest to ever win a gold medal) is Kyoko Iwasaki of Japan who won the 200 meter breaststroke at the 1992 Barcelona Games. When she won, she was 14 years and six days old. She broke the previous record for youngest ever medalist, which was held by Krisztina Egerszegi of Hungary, who won the silver medal in the 100 meter backstroke at the 1988 Olympics in Seoul.
The youngest male swimmer ever to win a gold medal was Kusuo Kitamura, who won the 1500 meter freestyle at the 1932 Olympics in Los Angeles at the age of 14 years and 309 days.
Michael Phelps was the youngest Amercan male qualify for the U.S. Olympic team in 68 years when he went to the 2000 Games in Sydney at the age of 15.
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Micheal Phelps is the youngest swimming champion to set his first world record at 15 years and 9 months, surpassing Ian Thorpe who set his first world record at 16 years and 10 months. (: <3
the youngest swimmer who has qualified for 2012 team gb is siobhan-marie O'connor who missed her prom to swim in this years olympics.
the youngest swimmer recorded to have competed in the olympics and won a gold medal is Kyoko Iwasaki who swam for Japan he was 14 years old and 6 days in 1992 which was held in Barcelona he swam 200 breaststroke and achieved it in 2.26.65.
hope this helps :)
the youngest swimmer to ever to make it to the Olympics was Micheal phelps he made it into the Olympics when he was 15 and won one medal that year