Young people's wellbeing at all-time low, as money worries and cost of living add to pandemic problems

A new survey from the Prince's Trust has found the overall wellbeing of 16–25-year-olds has flatlined at the lowest point since its records began.

The cost of living crisis and coming recession are young people’s biggest worries for the future, and how these concerns impact young people’s life goals and career aspirations.

The Prince's Trust Natwest Youth Index 2023 found:

• 46% of those surveyed said that economic uncertainty makes them feel hopeless about the future
• Rising to 55% for those from poorer backgrounds
• 35% said thinking about money depresses or stresses them
• 36% from poorer backgrounds were worried they were going to "fail in life"

Listen: Prince's Trust tell the Mental Health Monday podcast about this year's findings

Money a big cause for concern

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. Mental health features as a prominent issue, with 56% saying they are always or often anxious, with 62% always or often stressed.

More than two fifths (45 per cent) report ever experiencing a mental health problem.

WATCH: Advice for dealing with anxiety and depression

Problems worse for those from poorer backgrounds

Jonathan Townsend, UK Chief Executive of 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, 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.”

Ambitions to succeed remain

The research also asked young people about their biggest goals in life, with almost two thirds reporting financial security (64%), followed by good mental health (43%) and having a family (36%). Seventy per cent state that having a job gives them the financial stability they need and six in 10 (59%) state being in work is good for their mental health.

Despite the challenges facing young people, the research finds that more than two thirds (70%) of young people feel determined to achieve their goals in life. Sixty three per cent agree they can overcome the challenges they face, but need practical support to fulfil their potential, with similar numbers (64%) agreeing they can overcome challenges, but need help to build their confidence and skills.

Jonathan Townsend 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.”

Find out more about The Prince's Trust

If you are a young person who is worried about their mental health, there are helpful resources on Young Minds, and you can find local services via hubofhope.co.uk

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