Nearly half of the British young population fear they will “never” earn enough money to support a family, a leading youth charity has revealed, as the cost-of-living crisis deepens across the inflation-hit country.
Releasing its 2023 youth index on Monday, the Prince’s Trust, a youth charity that has carried out a survey among 16 to 25-year-old Britons during a 14-year period, revealed that 45 percent of these youngsters in the UK have no hope of establishing a new family due to the soaring cost of commodities and services.
The charity said the age group’s happiness and confidence is at its lowest level since it started the research in 2008 and they are most unhappy about their money and mental health.
The report revealed that 57 percent of young people said the cost-of-living crisis is their biggest worry for the future, while 34 percent said the coming recession is their greatest concern. About 46 percent said they felt hopeless about the future due to economic uncertainty.
The data, which is from an online YouGov poll of more than 2,000 young Britons, showed that 39 percent of the age group, from less affluent backgrounds, agreed that thinking about money depresses or stresses them.
The Prince’s Trust’s UK chief executive Jonathan Townsend said: “Having already lived through one of the most turbulent times to be young, this year’s Prince’s Trust NatWest Youth Index is a warning sign that, post-pandemic, young people’s well-being has not recovered.”
“Most concerningly, the report also suggests that these challenges are hitting young people from the most disadvantaged backgrounds hardest, with those who received free school meals or who are unemployed reporting consistently worse well-being in all aspects of life,” he added.
According to the charity’s report, around 64 percent of respondents said their biggest goal in life is achieving financial security.
The study also revealed that around 70 percent believe that having a job that gives them financial stability is good for their mental health, while 59 percent say being employed at all was good for their mental well-being.
However, 47 percent were worried about the impact of a looming recession on their job security, rising to 52 percent among those from poorer backgrounds.
Younger generations are not the only people to be affected by the UK’s deteriorating economic situation. Millions of adults and even the elderly are being affected by the cost-of-living crisis and rising inflation.
Energy and food prices, along with vital living costs have experienced a sharp increase in recent months, as the UK is grappling with its decades-high inflation.
Moreover, low wages has prompted the labor forces in different industries to stage strikes across the country, paralyzing the country’s vital infrastructures, such as rail or health system.