- The Prince’s Trust NatWest Youth Index 2023 reveals the happiness and confidence of 16 – 25-year-olds has flatlined at an all-time low in fourteen-year history of research, with young people most unhappy about their money and mental health.
- Report finds the cost of living crisis and coming recession are young people’s biggest worries, as more than two-fifths (46 per cent) report economic uncertainty makes them feel hopeless about the future.
- Overall happiness and confidence with money are now lower than when polling began in 2008 during the Global Financial Crisis, and a third (35 per cent) state thinking about money depresses or stresses them.
The Prince’s Trust NatWest Youth Index 2023, finds the overall wellbeing of 16–25-year-olds has flatlined, remaining at the lowest point in its fourteen-year history, with young people least happy and confident in their money and mental health.
It reveals the cost of living crisis (57 per cent) and coming recession (34 per cent) are young people’s biggest worries for the future, and how these concerns impact young people’s life goals and career aspirations. More than two fifths (46 per cent) state that economic uncertainty makes them feel hopeless about the future, rising to 55 per cent of those from poorer backgrounds.
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 35 per cent agree that thinking about money depresses or stresses them, rising to 39 per cent of those from less affluent backgrounds.
The number of young people feeling that they will fail in life has increased among those from poorer backgrounds; 36 per cent reported this compared to 25 per cent 12 months ago. One in two (56 per cent) young people say they always or often feel anxious and 62 per cent always or often stressed. More than two fifths (45 per cent) report ever experiencing a mental health problem.
Jonathan Townsend, UK Chief Executive of 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, 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.
The research also asked young people about their biggest goals in life, with almost two thirds reporting financial security (64 per cent), followed by good mental health (43 per cent) and having a family (36 per cent). Seventy per cent state that having a job gives them the financial stability they need and six in 10 (59 per cent) state being in work is good for their mental health.
However, almost half (47 per cent) of young people are worried about the impact of a recession on their job security, rising to over half (52 per cent) of those from poorer backgrounds. Forty-five per cent worry they will never earn enough to support a family, rising to 53 per cent of those from less affluent backgrounds.
Despite the challenges facing young people, the research finds that more than two thirds (seventy per cent) of young people feel determined to achieve their goals in life. Sixty three per cent agree they can overcome the challenges they face, but need practical support to fulfil their potential, with similar numbers (64 per cent) agreeing they can overcome challenges, but need help to build their confidence and skills.
