Biggest money aspiration for under-25s is not to bag a dream job or buy a home… but simply to have enough to cover basic needs, survey shows
- Almost half of 10-25 year olds worried about affording things in last six months
- Only 75% of young people think they will have enough to cover basics as adults
- This has overtaken home ownership and a good job as a financial aspiration
Basic needs such as having enough money to pay for food have become aspirational for many young people in the last six months, a new survey shows.
A major new study by the Co-op and children’s charity Barnardo’s has found that having enough money to cover basic needs has overtaken securing a dream job or buying a house as a financial aspiration.
The study looked at the experiences, life chances and aspirations of more than 5,000 10 to 25 year-olds across the UK and how they have changed since 2021.
It uncovered the stark impact that the rising cost of living is having on under-25s’ access to food, their mental wellbeing and opportunities for the future.
Cause for concern: Only three-quarters of young people think it is likely they’ll have enough to cover their basic needs in the future
Over the last six months, almost half of young people have worried about being able to afford things, with 35 per cent saying their family has used food support, such as a community fridge or food bank.
Sadly, almost a quarter of young people said they had started the day without a meal.
The rising cost of living is also impacting young people’s life goals, as making it through day-to-day has become more of a priority.
Having enough money to cover basic needs has become the most common aspiration for 89 per cent of young people, overtaking traditional goals such as securing their dream job (85 per cent) or buying a house (83 per cent).
Only three-quarters of young people think it is likely they will be able to have enough money to cover their basic needs in the future.
Previous data shows that young people are more worried about not having enough money than they were two years ago.
In 2021, 21 per cent of young people were worried about not having enough money compared to 41 per cent in 2023.
Corinne Cunningham, aged 23 from Glasgow, was able to get support through Barnardo’s when she was facing challenges and she now works with young parents and families.
She said that ‘More than ever before I’m seeing them struggling to put food on the table.
‘[Parents] tell me that they often don’t know where their next meal is going to come from and that they are skipping meals to feed their children’, she continues.
In the survey, 42 per cent of young people admitted to worrying about how their parents and carers were coping with the cost of living crisis.
Lynn Perry MBE, chief executive of children’s charity Barnardo’s said: ‘Worryingly, our new research with Co-op shows that young people seem to be losing hope and do not feel optimistic about their futures.’
But this challenging landscape is inspiring young people to create a better future for themselves and society, with over half saying they wanted to work and volunteer in an area which would make a difference to society, a rise of 4 per cent from 2021.
