Cost of living crisis: Young people's confidence at an all-time low with money and mental health the top concerns

Most young people are unhappy about their money and mental health with fears about the cost of living crisis and coming recession a big issue. Almost half (47 per cent) in the North West report economic uncertainty makes them feel hopeless about the future.

The Prince’s Trust NatWest Youth Index 2023 finds that over half (59 per cent) of young people in the North West think the cost of living will have a worse impact on their life than the pandemic. It also shows that the cost of living crisis (62 per cent) and the coming recession (39 per cent) are young people’s biggest worries for the future in the North West, and how these concerns are impacting young people’s life goals and career aspirations. Almost half (47 per cent) state that economic uncertainty makes them feel hopeless about the future.

Grace Bradshaw, 17, from Rossendale, said: “I am worried about the future as prices on everyday things have gone up enormously and things are quite uncertain at the moment. So, it is stressful thinking about what’s to come.”

The Youth Index is based on YouGov research with 2,025 16- to 25-year-olds across the UK, gauging young people’s confidence and happiness across a range of areas, from their physical and mental health to money and working life. Young people’s happiness and confidence with money is now lower than when polling began in 2008 during the Global Financial Crisis, and over a third (36 per cent) in the North West agree that thinking about money depresses or stresses them.

Grace had to leave college due to struggling with her mental health. She came to The Prince’s Trust and did Team, a twelve-week personal development course, with Lancashire Fire and Rescue Service. She said: “I was in a very dark place. I could not get out of bed, and it felt like the whole world was coming to an end. I completely lost my self-worth and reason to carry on. The Team programme ended up being the best programme that I could have done to help myself at the time.” Since doing Team, Grace has completed a Health and Social Care course and is now actively looking to secure an apprenticeship with the police.

In the North West 51 per cent of young people say they always or often feel anxious, 55 per cent always or often feel stressed and 45 per cent report ever experiencing a mental health problem. Additionally, a quarter (25 per cent) of those surveyed feel like they will fail in life.

Rachael Ronchetti, Senior Head of Service Delivery for the North, at The Prince’s Trust said: “Having already lived through one of the most turbulent times to be young, this year’s Prince’s Trust NatWest Youth Index is a warning sign that, post pandemic, in the North West young people’s wellbeing has not recovered. It reveals that for this generation – the Class of Covid – economic uncertainty is having a profound impact on their wellbeing and confidence in achieving their aspirations in the future. Most concerningly, the report also suggests that these challenges are hitting young people from the most disadvantaged backgrounds hardest.”