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Unlocking youth potential – tackling the cost-of-living crisis

Unlocking youth potential – tackling the cost-of-living crisis

Posted around 2 months ago •

September 20, 2023 

New research from The Prince’s Trust and LADbible Group provides a glimpse into how young people are feeling at the moment about their job prospects.

What is shows is that, as the cost-of-living crisis deepens, their ambitions are increasingly being put on hold or outright abandoned.

Young people do not feel that they can pursue their dream job. More than half of those questioned for the research said that the cost-of-living crisis was having the biggest impact on their future plans, while 39 per cent cited mental health concerns.  

Other factors are money (35 per cent), lack of self-confidence (32 per cent), lack of experience (33 per cent) and the increased cost of living (30 per cent).

The message here is that the younger generation is only planning for the short term, against the backdrop of economic uncertainty.

The research, based on interviews with 2,500 young people, was carried out with a consumer youth panel consisting of over 55,000 Gen Zs, born between 1997 and 2012, and millennials, born between 1981 and 1996.

Businesses have a unique opportunity to make a positive impact on the lives of young people in the UK.

There is an overwhelming need for greater investment in young people. We need to ensure our investments are supporting quality youth services, accessible in all local areas. Businesses could provide literacy programmes, opportunities for mentorship and professional development, education support, mental health support and entrepreneurship.

The rising cost-of-living crisis threatens to curb the ambitions of the youth. However, the right polices and a commitment to investing in the potential of young people can help.

By implementing these strategies and initiatives, companies can create a supportive and nurturing environment where ambition is encouraged and where the dreams of the next generation can flourish.

Businesses not only empower young employees but also invest in a brighter future for themselves and the communities they serve.

At Pertemps, we believe that every young person and adult should have the option of a high-quality route in education, employment, or training. We are working with Levelling Up to close the gaps that still exist within disadvantaged communities, by improving the quality of lives through sustainable and meaningful employment opportunities.

You can view our report here.

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