The older generation is worried about the impact of the cost-of-living crisis and rising property costs on the life chances of younger relatives according to the Inspiring Better Futures report published by OneFamily today. Research undertaken by the financial services company found that just one in five over 55s believe that today’s young people will have the same life opportunities that they had. These include gaining a good education, travelling the world, career progression and owning their own home.
Of those with a pessimistic outlook, 84% pointed to rising property costs and 67% gave the cost-of-living crisis as their key concerns. Seventy-two percent highlighted the difficulty of saving enough money for a deposit alongside rising rent costs and 53% indicated that they believe the real value of cash savings is getting crushed by inflation.
The research also found worries about the impact of the climate crisis on the futures of the young and fears that lockdowns hit the educational outcomes and mental wellbeing of the next generation. Meanwhile, a third of those who expressed concern said that the young from poorer backgrounds would be especially impacted because their aspirations are not encouraged.
CEO of OneFamily, Teddy Nyahasha said: “This isn’t right. We have to do more to help those who are struggling, who are dispirited and think there’s no hope. It’s been a tough time for everyone over the last couple of years and the financial, social and educational impacts of the pandemic are still being felt. But we’re now moving into a cost-of-living crisis, which is hitting the most vulnerable the hardest. People are hurting, with nothing left to give, and sadly it’s the youngest generation who are ultimately going to feel the consequences for years to come.
“As our Inspiring Better Futures report demonstrates, we’re doing what we can to improve the life chances and financial wellbeing of those from disadvantaged backgrounds. But there’s no quick fix, this needs to be a long-term vision that we embrace as a nation, and we can all play our part in that.”
