New research from the Prince’s Trust research showed more than half of 16-25 year olds in Greater Manchester think the cost of living crisis will have a greater impact on them than the pandemic.
The data comes from an annual Youth Index survey commissioned by the Prince’s Trust and NatWest group to track the overall wellbeing, confidence and happiness of 16-25 year olds across the UK.
Conducted by Yougov, this year’s survey has revealed young people’s happiness and confidence with money is lower now than when the survey was first carried out in 2008 – the same year of the Global Financial Crisis.
Of the data published, it showed that 57% of young people in Greater Manchester believe the cost of living crisis will have a greater impact on their finances than the pandemic, 49% said that economic uncertainty makes them feel hopeless about the future and 26% feel like they will fail in life.
Tamara Jade, a 23-year-old student in Manchester, told MM: “Me and my partner are having to move home to our parents’ due to the rise in costs.
“The housing market in Manchester is absolutely awful, we currently spend upwards of a grand a month on rent and bills for a grim little flat full of black mould that has been broken into.
“There’s absolutely no hope for people our age to realistically apply for a mortgage or even think of scraping together the deposit.
“This is why a lot of people I know have moved out of Manchester and now commute in, and even then it is incredibly expensive.”
Such data follows a string of rent strikes held by students at the University of Manchester last month, where students in university accommodation asked for a 30% cut on rent prices amid the growing pressure of the cost of living.
Julie Ainscough Head of Service Delivery for Greater Manchester 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 Greater Manchester 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, with those who received free school meals or who are unemployed reporting consistently worse wellbeing in all aspects of life.
“The findings show us that young people remain determined to achieve their goals in life, but that they require practical support to do so. Employers, government, charities and individuals must work together to provide a lifeline for those who need us most.”
