A significant number of young people aged between 16 to 25 are worried they won’t be able to afford food this winter as the cost of living crisis spirals.
A new report has found that nearly half (46 per cent) of young people have fears about not having enough money to buy essentials, while more than a third are planning to leave education to get jobs.
The survey of 2,000 young people carried out by The Prince’s Trust also found that a quarter said they have skipped meals to cut back on spending, and 14 per cent have used a food bank at least once in the past 12 months.
Additionally, a third (33 per cent) said they can’t afford to turn the heating on, while a similar proportion can’t afford travel costs to get to work.
A separate report published by insurer Royal London last week found that millions of British workers have been forced to take on extra jobs to make ends meet, and millions more are planning to do the same.
According to The Prince’s Trust, young people are preparing to drop their education and follow suit, with 40 per cent planning to do so.
The findings are part of the charity’s annual research, which looks at how young people feel about their lives, financial situations and access to work.
But it shows that many young people are not optimistic about their futures, with the majority (60 per cent) feeling uncertain about it and more than half (51 per cent) being concerned about job security.
More than a third of those surveyed also said that their salary no longer covered their rent or mortgage, as landlords increase rent prices and average mortgage rates rose when the market was plunged into turmoil last week.
It came after the chancellor Kwasi Kwarteng announced a raft of unfunded tax cuts in his mini-budget, which led to the pound’s value plummeting against other currencies and the Bank of England raising interest rates for mortgages.
Jonathan Townsend, the UK chief executive of the trust, said: “Young people in the UK today are facing a unique set of challenges, in the aftermath of a pandemic and with a cost of living crisis looming.
“By working together, businesses, government, charities and the public can support the ‘Class of Covid’ to fulfil their potential and build a positive future.”