The Office for National Statistics (ONS) has reported that young people are facing less financial pressure now as compared to 2009-2010. During the financial crisis 2009-2010 young people were the worst affected. Although the general rate of unemployment was 8.5% in the 18-24 age group it was a massive 20% during 2009 -2010. This has now decreased to 16%. The rate of young people not in education, training or employment has also fallen from 16% to 13%.
Overall, the Office for National Statistics claims that the number of young people in the 16-24 age group in financial difficulties has fallen from 15% to 8%. They also reported that satisfaction with household income has risen from 51% to 56%. During this time period, the average income for a young person has increased from £13,500 to £15,000 whilst the average debt has also fallen.
These figures are encouraging for young people. However, young people still face many challenges. The job market has still not totally recovered from the financial crisis so there are fewer available jobs. This is matched with a difficult housing market which may cause young people to become despondent. Indeed, young people have been noted to be more pessimistic about the future and their situation. About two thirds of over 65s are satisfied by their household income as compared to about 50% of young people. Young people as a whole are happy with their situation, 83% are happy with their life and situation beyond financial constraints.
However, there is a variation between these figures. Unemployed people are more likely to be dissatisfied with their situation. People living in London also tend to be less happy with their finances, possibly due to higher living costs.
Although these figure are encouraging, more investment is required to create more jobs for young people. An increase in apprenticeships and training would also benefit the young and improve their position. So, even though young people may not be as worse off as in the financial crisis there is still much more work to be done.
