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Half of Young Britons Hopeless About Supporting Family Due to Cost-of-living Crisis

Half of Young Britons Hopeless About Supporting Family Due to Cost-of-living Crisis
folder_openUnited Kingdom access_timeone month ago
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By Staff, Agencies

Nearly half of Britain’s 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% 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% of young people said the cost-of-living crisis is their biggest worry for the future, while 34% said the coming recession is their greatest concern. About 46% 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% 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.”

According to the charity’s report, around 64% of respondents said their biggest goal in life is achieving financial security.

The study also revealed that around 70% believe that having a job that gives them financial stability is good for their mental health, while 59% say being employed at all was good for their mental well-being.

However, 47% were worried about the impact of a looming recession on their job security, rising to 52% 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 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.