A despondent eight in ten young Britons fear they’ll never be financially secure, according to a new study.
Researchers took an in-depth look into the hopes and fears of the nation’s 16-25-year olds and discovered 83 per cent have real concerns that they’ll never be stable in terms of money.
Almost half (49 per cent) said they were still completely or partially reliant on their parents for money, with a further 26 per cent saying their parents had to help them out financially from ‘time to time’.
Researchers took an in-depth look into the hopes and fears of the nation’s 16-25-year olds and discovered 83 per cent have real concerns that they’ll never be stable in terms of money
According to the study, the average British family helps their adult children out to the tune of £1,416 a year.
The study also reveals that 58 per cent of the youngsters quizzed aged 20 and over still lived with their parents, with a further 52 per cent saying they simply could not afford to get a mortgage.
The findings also identified what modern Brits currently feel they don’t have the money to do, with 21 per cent saying they struggle to pay their rent and 19 per cent saying their poor financial situation means they won’t be able to go to university.
When asked what financial security means to young people, 57 per cent said not stressing about bills coming through the letterbox, 52 per cent said it was being able to support a partner and family and 45 per cent said it was simply knowing your debit card won’t be declined in a shop.
The study of 1,000 Brits aged 16-25 was conducted by Money for Life, a financial education programme for young people delivered by national youth charity, UK Youth.
Patrick Shaw-Brown, Director of National Programmes at UK Youth and spokesperson for Money for Life, said: ‘It’s concerning that eight in ten young people fear they will never be financially stable.
‘Much more needs to be done to help young people feel optimistic about their future and confident with their money.
‘UK Youth’s Money for Life programme works to change this by providing money management support to young people both online at moneyforlife.org.uk and offline through Money Masterclasses, delivered by UK Youth’s national network of youth organisations.
The study of 1,000 Brits aged 16-25 was conducted by Money for Life, a financial education programme for young people delivered by national youth charity, UK Youth
‘Already Money for Life has engaged more than 450,000 young people, many of whom are from some of the most deprived areas of the UK.
‘After taking part in our Money Masterclasses, young people’s attitudes towards finances are significantly improved and we’re also making real impact on their behavioural choices, helping thousands of young people to build a bright future in which they feel financially secure.’
Additionally 51 per cent said they would feel financially secure if they didn’t long for pay day to arrive, while a further 50 per cent said not going into their overdraft would make them feel more secure.
The research also revealed almost two in ten (19 per cent) of 16-25-year olds said they don’t have the funds to buy clothes that didn’t come from second hand or charity shops, and 11 per cent claimed they struggle to feed themselves.
Another 19 per cent said their financial situation meant that they were unable to pursue the career of their dreams, with the average youngster feeling truly despondent about their situation five times a month.