More than half of young people in the UK don’t believe people like them will be able to retire and live comfortably later in life, according to new research.
Analysis showed low wages and benefits are failing to help young people stay afloat during the cost of living crisis, putting their hopes for the future in jeopardy.
Inflation, the national insurance hike, changes to student loan payments and unaffordable essentials are affecting the physical and mental health of 16- to 24-year-olds, the report said, with trends showing they’re likely to get poorer as they get older and financial safety nets fall away.
From just £3 per week
A survey of nearly 1,200 young people revealed that nearly half (47 per cent) cannot make ends meet each month on their current incomes, or are only just managing.
“Young people across the UK face a toxic cocktail of inadequate work and safety nets, high levels of debt, and a rising cost of living,” said Fran Landreth Strong, lead author of the report and researcher for the Royal Society for Arts, Manufactures and Commerce (RSA).
“As they get older, many lose the support networks they once had and for too many young people, economic security has to be sacrificed in the name of independence.”