Young people most affected by cost of living crisis, study finds | UK News

Must read

This is an online news portal that aims to share latest news about these topics "news, business, health, sports, technology " and much more stuff like that. Feel free to get in touch with us!

Young people are still the most financially vulnerable age group in Britain despite often doing the right thing when it comes to their money, according to a new report.

People aged 18 to 30 are more likely to be savers than any other age group yet are still the most affected by the cost of living crisis, the research from the cross-party think tank Demos found.

“Despite the criticism that young people often face, regularly accused of spending too much money on coffees and avocados and not being financially prudent, our new research shows just how much young people are trying to look after their finances and save for the future – more so than any other age group,” said Ben Glover, lead author of the ‘Bouncing Back’ report.

Dainis Vanko recently lanched a picture framing business

“But amid a cost of living crisis they still face the greatest uphill battle, with the highest spending on essentials, a lack of support and a system that doesn’t work for them.

“It’s time for the government, policymakers and financial institutions to urgently work together to help boost young people’s financial wellbeing and prospects after the pandemic.”

The report found that almost three-quarters of young people (72%) see the sense in saving for the future, but nearly half (47%) of those questioned had “low financial resilience”, meaning they have too much debt or little capacity to pay bills in the event of a financial shock.

At Northampton market I met 32-year-old Dainis Vanko, who recently launched a picture framing business in the town and is watching the pennies as he prepares for what he hopes will be a busy run-up to Christmas.

“I’m keeping an eye on everything really, especially the cost of energy,” he said.

Dainis Vanko says he's 'put everything' into his business
Mr Vanko said he has ‘put everything’ into his business

“I like to enjoy life and spend when I have anything spare, but energy bills are going up and that means there’s less cash for going out or to spend on your lifestyle.

“It is worrying, especially if the winter is a harsh one this year. I’ve put everything into my business.”

The report also found that young people spend more than twice as much, on average, as older people (51+) on essentials like rent or mortgage and bills, equating to nearly £1,300 more per month.

Mike Regnier says it's 'sobering to see the stark reality' of how many young people are struggling to pay their bills
Mike Regnier said it’s ‘sobering to see the stark reality’ of how many young people are struggling to pay their bills

“It’s sobering to see the stark reality of just how many of our young people are struggling simply to pay their bills on time and to build the financial safety net that we all need in a crisis,” said Mike Regnier, chief executive of Yorkshire Building Society, which sponsored the research.

“The research really demonstrates the challenges that the increased cost of living is posing for 18 to 30-year-olds.

“Even before the pandemic many young adults were facing a difficult financial situation and the impact of COVID-19 on the economy has only exacerbated this.

Follow the Daily podcast on Apple Podcasts, Google Podcasts, Spotify, Spreaker

“This is an issue that requires attention as a matter of urgency to ensure the serious challenges young people are experiencing around the cost of living crisis, being over-indebted, amassing sufficient savings and receiving a comprehensive financial education are addressed in a meaningful, timely manner.”

One of the report’s recommendations is that financial education is made mandatory in primary schools before the end of this parliament.

Credit: Source link

- Advertisement -

More articles


Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

Oppo Reno 7 Release Date, Price and Spec News

Oppo has pulled back the covers on its latest range of phones, announcing the Reno 7, 7 Pro and 7 SE at its special...

The Papers: No Covid curbs before 2022 – but how big will energy bills get?

Today's papers focus on the UK government's announcement of no new Covid restrictions before 2022. Credit: Source link

Covid: No new curbs hailed as 'lifeline' for pubs

The hospitality sector welcomes the decision, saying it can now trade for its "survival" this weekend Credit: Source link

Smoking: Children of parents who smoke are four times more likely to take up habit, study says

The Better Health Smoking campaign highlights research on the inter-generational impact of smoking. Credit: Source link

Search and rescue dog Juno found safe after going missing for six days

A search and rescue dog has been found safe and sound after going missing for almost a week in a wooded area outside Norwich.Juno...