Young people worry more about money than ever before. That’s according to a survey by the Young Women’s Trust, which surveyed 4,000 18- to 30-year-olds in England and Wales. Findings included a third of respondents feeling more anxious than this time last year, 25% of the women said their financial situation was worse, compared with 21% of the men whilst 45% of the women were worried about their mental health, compared with 38% of the men.
Leigh Middleton, National Youth Agency’s managing director said, “These findings are concerning for anyone who works with vulnerable young people. As we approach World Mental Health Day money worries are emerging as key contributors to poor mental health.”
The National Youth Agency is working to provide young people with financial capability training at key moments of their lives. Its My Money Now programme is aimed at young people starting apprenticeships or embarking on employment.
“With rising prices, static wages and significant debt a growing problem, it’s little wonder money worries are a significant stress for young people. But their contribution to poor mental health is a really worrying development as it points to young people feeling increasingly desperate and that their relationship with money is out of control.
“Whilst curriculum learning at school is great, it is not enough. Young people need specific, tailored support for the life stage they are at – when they move out of home and take on a tenancy, when they start a job for the first time, when they receive their first pay slip. None of this can really be understood at aged 13, young people need to learn how to manage it as they are experiencing it.
“NYA believes we need to see this kind of training as an investment in young people. Equipping them with the key life skills they need to prepare for their future is not only a necessity for society, it is what they deserve.”