Young people are struggling more with the cost-of-living crisis than they did during the Covid-19 pandemic, according to a new report. The study by Prince’s Trust NatWest Youth Index 2023, based on YouGov research, found that 51% of young people in Scotland think the cost of living will have a worse impact on their life than the pandemic did.
It also highlighted that in Scotland the cost-of-living crisis (62%) and coming recession (35%) are young people’s biggest worries for the future, and how these concerns impact upon young people’s life goals and career aspirations. The report reveals the overall wellbeing of 16 to 25-year-olds in the UK has flatlined, remaining at the lowest point in its 14-year history, with young people least happy and confident in their money and mental health.
Young people’s confidence and happiness is now lower when it comes to money than it was during the Global Financial Crisis, and 38% in Scotland agree that thinking about money depresses or stresses them.
