The cost of living has been rising sharply for many months. The Generation Z is also affected. For many, this goes so far that even job offers are rejected because they don’t feel financially stable enough to take the upfront costs of a new job.
In the United Kingdom (UK), YouGov conducted the annual “The Prince’s Trust Natwest Youth Index”. Here, young people are surveyed annually on various aspects of their lives and work. A total of 2,000 individuals aged 16 to 25 participated.
In particular, many young people feel more financially insecure than ever. In some cases, this goes so far that not only are meals skipped, but jobs are also refused because the necessary equipment cannot be afforded.
10% of Generation Z declines a job offer because they cannot afford the startup costs
Among young people who are unemployed, about 5% of the participants state that they have rejected a job because they cannot afford the costs of starting work. These include costs for rent, commuting, or a mandatory uniform.
The rejection rates for such job offers rise even more depending on the group: 9% of individuals from poorer backgrounds decline job offers due to high costs, and among those classified as “NEET”, it is even 10%.
The rising cost of living triggers a feeling of anxiety about the future among young people while simultaneously limiting their career prospects. Their overall financial worries are even greater. In the YouGov survey, they say:
- 49% of respondents believe that rising living costs affect their well-being more than the Corona pandemic.
- More than half (53%) believe they will never be financially secure because everything is becoming more expensive.
- Due to the cost of living, one-third of young people (34%) report that financial worries are worsening their mental health. Among the so-called NEET, it is even 44% who have this concern.
Many young people fear for their financial future. Many do not feel like adults at the age of 18 because they lack financial security. For many young people, this also means that they are already starting to save for their retirement in 30 or 40 years. And this is an exciting development: While Baby Boomers according to a survey about adulthood only started saving at 34, respondents of Gen Z say they would start at 22.
Generation Z, aside from criticism, faces two major problems. On one hand, rents are becoming increasingly expensive, and on the other hand, they don’t want to accept any job just to earn money. And this is not well-received by older generations, who refer to their own life paths: Gen Z is currently facing two major problems, one of which they cannot solve without help
