YOUNG people in Scotland are struggling more with the cost of living crisis than they did during the pandemic, according to a new report.
The study by Prince’s Trust NatWest Youth Index 2023, based on YouGov research, found 51% of young people in Scotland think the cost of living will have a worse impact on their life than Covid did.
It also highlighted that in Scotland the cost-of-living crisis (62%) and coming recession (35%) are young people’s biggest worries for the future, and how these concerns impact upon young people’s life goals and career aspirations.
The report reveals the overall wellbeing of 16 to 25-year-olds in the UK has flatlined, remaining at the lowest point in its 14-year history, with young people least happy and confident in their money and mental health.
Young people’s confidence and happiness is now lower when it comes to money than it was during the Global Financial Crisis, and 38% in Scotland agree that thinking about money depresses or stresses them.
Cameron Curry-Ramsay, 23, from Forfar in Angus, said that the Prince’s Trust had helped him hugely after the Covid pandemic and he was offered a job thanks to its help.
He said: “With the cost of living crisis affecting so many people my age I’m glad to be in the position I am now and not feeling the same pressure I would have been were I not in full-time employment. That stems from the confidence I gained from the work I did with the Trust.”
The study also highlighted that one of the biggest goals of young people in Scotland is to gain financial security despite challenges that young people are facing.
Jamie Scudamore, Scotland director 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.
"Employers, government, charities and individuals must work together to provide a lifeline for those who need us most.”