Cost of living crisis is forcing young people to abandon their goals

New research from the Prince’s Trust shows that two thirds of young people (aged 18-24) had lowered their career expectations and ambitions due to the cost of living crisis in the UK.

“As part of The Prince's Trust and LADbible Group's new 'Redefining 'Dream Jobs' research report, the top three characteristics Gen Z look for in a 'dream job' are doing something that makes them happy (64 per cent), doing something they enjoy (60 percent) and feeling financially secure (49 per cent)” - all of which young people are putting on pause.

A financially secure and enjoyable career reportedly seems ‘unimaginable’, with young people stating that they are only able to plan for the short term. The cost of living, the state of the UK economy, and their mental health are named as the biggest factors for this. The research, based on 2,500 young people, was completed by the Prince’s Trust in collaboration with LADBible Group.

Jonathan Townsend, UK Chief Executive of The Prince’s Trust, said: “Young people have already had an integral part of their lives disrupted by the pandemic, whether it be their education or early careers, and these findings show that the continued economic uncertainty is forcing them to make decisions which will compound this further.”

A lack of self-confidence was one of the biggest problems in achieving their ambitions, alongside a lack of opportunity and experience. Part-time work, running their own businesses, and working remotely were at the bottom of their desires for a dream job.

73% of those questioned were anxious about their futures due to the cost of living crisis. Over two thirds believed that they would never be financially secure.

In addition, the report also found that the cost of living crisis had forced over a quarter of young people to leave education or consider it. 44% of those living at home said that they could not move out as they needed to help their families with household bills.

Vicki Nash, associate director of policy, campaigns, and public affairs at Mind, said: “When the country is struggling with widespread economic difficulties, it can really affect the mental health of younger people, with jobs being harder to find and worries about our financial safety being an everyday occurrence.

“Mind’s own polling earlier this year showed that the mental health of 59% of people aged 16 to 24 in England and Wales had been impacted by the state of Britain’s economy, showing just how prevalent these worries are.”

Sources:

https://www.theguardian.com/society/2023/sep/19/young-people-ditching-ambitions-over-uk-cost-of-living-crisis-research-finds

https://princes-trust.org.uk/about-us/news-views/gen-z-dream-jobs-research