14 March 2018
A staggering eight out of ten young Brits are concerned they will never be financially secure, according to a new study by our programme Money for Life.
Our researchers took an in depth look into the nation’s 16-25-year olds aspirations for the future and discovered that 83 percent of those polled expressed concerns that they would never be stable in terms of money.
When asked what financial security means to young people, 57 percent said not stressing about bills coming through the letterbox, 52 percent said it was being able to support a partner and family and 45 percent said it would simply be knowing your debit card won’t be declined in a shop.
Additionally 51 percent said they would feel financially secure if they did not long for pay day to arrive, while half said not going into their overdraft would make them feel more secure.
Our study also identified that 21 percent of young Brits struggle to pay their rent, while 19 percent said their poor financial situation means they won’t be able to go to university. Two in ten (19 percent) of 16-25-year olds said they don’t have the funds to buy clothes that didn’t come from second hand or charity shops, and 11 percent claimed they struggle to feed themselves.
Over half (52 percent) said they simply can’t afford to get a mortgage, with 58 percent of the 1,000 young Brits polled reporting that they still lived with their parents.
Almost half (49 percent) said they were still completely or partially reliant on their parents for money, with a further 26 percent saying their parents had to help them out financially from “time to time”.
In fact, according to our study, the average British family helps their adult children out to the tune of £1,416 a year.
We conducted the study to support our financial education programme, Money for Life. The programme aims to help young people make the most of their money by empowering 16-25 year olds with the skills they need to manage their money, become financially capable and start talking confidently and openly about money.
Patrick Shaw-Brown, Director of National Programmes at UK Youth said: “It’s concerning that eight in ten young people fear they will never be financially stable. Much more needs to be done to help young people feel optimistic about their future and confident with their money.
“UK Youth’s Money for Life programme works to change this by providing money management support to young people both online at moneyforlife.org.uk and offline through Money Masterclasses, delivered by UK Youth’s national network of youth organisations.
“Already Money for Life has engaged over 450,000 young people, many of whom are from some of the most deprived areas of the UK. After taking part in our Money Masterclasses, young people’s attitudes towards finances are significantly improved and we’re also making real impact on their behavioural choices, helping thousands of young people to build a bright future in which they feel financially secure.”
Our research also revealed that 19 percent said that their perilous financial situation meant that they were unable to pursue the career of their dreams – with the average youngster feeling truly despondent about their future situation five times a month.
To help young people feel more optimistic about their future, today Money for Life has launched a new savings calculator to help young people discover their hidden fortune and inspire them to make wise money decision that will get them a step closer to their dream career. The new feature calculates how much they spend on guilty pleasures or small, regular indulgencies to showcase what that money could buy to kick start their career. Find out more here.
For more advice on how to make the most of your money, young people can visit moneyforlife.org.uk or follow @MoneyforLifeUK on Facebook, Twitter and Instagram.
For more information, please contact:
Emma Roberts, Head of Marketing and Communications, UK Youth:
Emma.roberts@ukyouth.org | 07455 554 690