Nearly half of British teenagers aged 16-25 fear they will never earn enough to support their families, according to a survey by the charity founded by King Charles III.
The Prince’s Trust charity today released the NatWest Youth Index 2023, which finds that a large number of young Britons see financial anxiety as one of their biggest future challenges.
“This year’s report is a warning sign that the concerns of young people have not improved after the pandemic,” said Jonathan Townsend, managing director of Prince’s Trust in the UK. “For the ‘Covid-19 generation’, financial uncertainty is having a profound impact on their wellbeing and confidence in their future goals.”
The poll, conducted by data analytics firm YouGov for the Prince’s Trust, asked 2,025 16-25 year olds in the UK late last year. Prince’s Trust was established 47 years ago by King Charles III, when he was Crown Prince, to help and promote young people.
45% of respondents fear they will never earn enough to support their family. Among disadvantaged youth, this figure is 53%.
Father and son ride bicycles along the river in London, the British capital, late 2021. Photo: AFP.
The happiness and confidence levels of this age group are also at their lowest levels since the survey began during the 2008 financial crisis. Money satisfaction and mental health are also low. record.
According to the report, 57% of British teenagers said the cost of living crisis was their biggest worry going forward, while 34% chose the economic downturn. About 46% said the unstable economy made them feel hopeless.
35% of respondents said that thinking about money makes them feel depressed or stressed. About 64% said their biggest goal was financial stability, 43% chose good mental health and 36% chose to have a family.
The survey also shows that 70% of teenagers are determined to achieve their goals in life. 63% said they can overcome challenges, but need practical support to reach their potential, 64% say they need help building confidence and skills.
Inflation has skyrocketed in the UK in 2022. The UK Office for National Statistics in mid-month announced inflation in the UK last December was 10.5%. Many teachers, rail transport workers and nurses have gone on strike or are planning to go on strike this month and early next to demand a raise in wages in response to the cost of living crisis.
Duc Trung (Theo Sky News)