frontpage

Over Half Of 16–25-Year-Olds In Yorkshire And The Humber Think The Cost Of Living Crisis Will Have A Worse Impact On Their Life Than The Pandemic

The Prince’s Trust NatWest Youth Index 2023, released today, finds that over a half (52 per cent) of young people in Yorkshire and the Humber think the cost of living will have a worse impact on their life than the pandemic. The report reveals the overall wellbeing of 16–25-year-olds has flatlined, remaining at the lowest point in its fourteen-year history, with young people least happy and confident in their money and mental health.

It shows that the cost of living crisis (50 per cent) and coming recession (31 per cent) are young people’s biggest worries for the future in Yorkshire and the Humber, and how these concerns are impacting young people’s life goals and career aspirations. Forty four per cent state that economic uncertainty makes them feel hopeless about the future.

The Youth Index is based on YouGov research with 2,025 16- to 25-year-olds across the UK, gauging young people’s confidence and happiness across a range of areas, from their physical and mental health to money and working life.

Young people’s happiness and confidence with money is now lower than when polling began in 2008 during the Global Financial Crisis, and over a third (35 per cent) in Yorkshire and the Humber agree that thinking about money depresses or stresses them.

Heidi Hunter, 18, from Sheffield, struggled with confidence and anxiety. Her mental health challenges meant she could no longer continue with education. Heidi came to The Prince’s Trust in May 2022 and did Team, a twelve-week personal development course. Since then, she’s built back her confidence and returned to education.

Heidi is now back at college studying Interior Design and Architecture.

Heidi Hunter

Heidi said:
“Team helped me in a lot of ways, building my confidence and getting me out of my comfort zone. It helped me to work on myself and introduced me to other amazing young people. Don’t be scared of doing something because those are the things you could enjoy the most.

“I’m juggling a part-time job alongside my studies. If I was not employed, I’d really be struggling and would have to rely on my parents a lot more than I do. With prices going up on things like petrol and food it’s hard as they’re struggling themselves.”

In Yorkshire and the Humber over half (52 per cent) of young people say they always or often feel anxious, 62 per cent always or often feel stressed and 43 per cent report ever experiencing a mental health problem. Additionally, a quarter (25 per cent) of those surveyed feel like they will fail in life.

Lucy Gifford, Head of Service Delivery for Yorkshire and the Humber, at The Prince’s Trust 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, in Yorkshire and the Humber young people’s wellbeing has not recovered. It reveals that for this generation – the Class of Covid – economic uncertainty is having a profound impact on their wellbeing and confidence in achieving their aspirations in the future.

“Most concerningly, the report also suggests that these challenges are hitting young people from the most disadvantaged backgrounds hardest, with those who received free school meals or who are unemployed reporting consistently worse wellbeing in all aspects of life.”

Sixty four per cent of young people in Yorkshire and the Humber report financial security as their biggest goal in life, followed by good mental health (44 per cent) and having a family (43 per cent). Seventy per cent state that having a job gives them the financial stability they need and over half (56 per cent) state being in work is good for their mental health.

However, almost half (48 per cent) of young people in Yorkshire and the Humber are worried about the impact of a recession on their job security and 44 per cent worry they will never earn enough to support a family.

Alison Rose DBE, Chief Executive of NatWest Group said:
“This report provides a stark warning about the debilitating impact economic pressures are having on young people's lives, with their confidence and happiness with money now lower than during the Global Financial Crisis.

“It is crucial young people are given the support to build the confidence and tools to overcome these challenges. As a bank, we are resolute in helping them to build these skills and together with The Prince’s Trust, we’ve helped thousands of young people to achieve their potential.”

Despite the challenges facing young people, the research found that 74 per cent of young people in Yorkshire and the Humber said they feel determined to achieve their goals in life. Sixty two per cent agree they can overcome the challenges they face, but need practical support to fulfil their potential, with similar numbers (60 per cent) agreeing they can overcome challenges, but need help to build their confidence and skills so that they can achieve their goals.

Lucy Gifford said:
“The findings show us that young people remain determined to achieve their goals in life, but that they require practical support to do so. Employers, government, charities and individuals must work together to provide a lifeline for those who need us most.”

The Prince’s Trust helps thousands of young people in Yorkshire and the Humber each year to build the confidence and skills they need to realise their potential. Three in four young people on Prince’s Trust programmes move into work, education or training. Its ‘Class of Covid’ campaign highlights the urgent need to support young people to regain their confidence and build their skills for the future. Search ‘Class of Covid’ or visit here to find out more.

NatWest have worked in partnership with The Prince’s Trust for over 20 years, helping thousands of young people to start their own businesses, develop skills for employment and supported hundreds of staff to volunteer with young people across the UK.