More than half of young people worried about their financial futures
State of the UK economy is causing stress, depression and lack of sleep for under 25s, new survey finds
51% of young people say money worries are making them feel anxious about their future.
A new survey from The Mix has lifted the lid on the impact the state of the economy is having on the finances and mental health of under 25s.
Stats show:
- 41% say that their money worries had increased due to the impact the coronavirus pandemic has had on their lives.
- Over a third (35%) of young people surveyed agreed that the impact of the pandemic on theirs or their family's finances has negatively affected their mental health
- Out of the young people who worry about money, 44% experienced anxiety as a result, with 41% experiencing feelings of low mood or depression
- 23% said that their ability to concentrate at school, university or work was affected
- Over half of young people surveyed (51%), said that their money worries are making them feel anxious about their future
Young people facing the brunt of economic problems
The survey shines a light on the medium term effects of the pandemic from an economic point of view, and reflects the negative impact Brexit has had on the UK's finances.
In a broadcast exclusive, CEO of The Mix Chris Martin told the #MentalHealthMonday Podcast:
"We have to be realistic, we are not going into the strongest financial situation going forward as a country.
"Young people tend to get more affected because they're in entry level jobs, they were having trouble making ends meet beforehand, and it's going to be even more difficult going forward.
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"This isn't about buying the latest iPhone, this is about young people struggling to feed themselves and to pay their rent, which has got tougher and tougher.
"It's actually about survival and we want to make sure our young people are well equipped to deal with that"
Financial worries impacting future decisions
The #MentalHealthMonday Podcast spoke to 16 year old Zoyah, who says financial concerns are starting to have an impact on key decisions young people are making about their own futures.
She says headlines around Brexit, and unemployment rates had a negative impact on her mental health.
"I just read all these headlines about unemployment rates, and graduates and how they struggle to get jobs, and can't get graduate jobs, or can't get entry level jobs because they're overqualified.
"It just makes me really worry about the future.
"I was really reluctant to even consider university after all those headlines, and a lot of young people don't want to go to university, so even if their dream is to be a physician they hold back because they know their family couldn't support them if they couldn't get a job."
Financial education from a young age
The Mix is a charity that supports people up to the age of 25.
They offer advice on a range of subjects, and have a dedicated page on their website to look at money, education, and where to turn if you're struggling.
Earlier this year, the Money Saving Expert Martin Lewis continued his roll-out of a new textbook for schools to help teach pupils and teachers about the world of money and finance.