For many young people, making ends meet has become a daily struggle as the cost of living rises and wages stagnate. The government must take action to provide more support for those struggling to survive on a day-by-day wage.
For many young people, making ends meet has become a daily struggle. With the cost of living on the rise and wages stagnant, it’s no wonder that some are forced to live paycheck to paycheck.
According to a survey, 60% of young adults struggle with paying bills on time.
Financial literacy and budgeting skills are often lacking in this age group.
Student loan debt is a significant burden, with the average graduate owing over $31,000.
Limited job security and low wages contribute to financial stress.
Moreover, rising living costs, such as housing and healthcare expenses, make it challenging for young people to manage their finances effectively.
A recent survey conducted by the BBC found that one in five young people are struggling to make ends meet, with many relying on credit cards or payday loans to get by. The situation is particularly dire for those who have health conditions or disabilities, making it difficult for them to find employment or access financial support.
According to a recent study, credit card debt has become a significant concern for young adults.
In the United States, 44% of millennials (born between 1981 and 1996) have outstanding credit card balances.
The average credit card debt per person is around $4,200.
Factors contributing to this trend include high-interest rates, lack of financial literacy, and increased spending on discretionary items.
To address this issue, experts recommend budgeting, paying more than the minimum payment, and avoiding unnecessary purchases.
The Impact of Welfare Cuts
Elspeth Edwards, a student from Worcester, is one such individual. She suffers from a range of health conditions that make it impossible for her to work part-time, despite being deemed unfit for work by the government. Her monthly benefits total around £1,200, which she uses to cover essential expenses like rent and medication.
However, if her benefits are cut, Elspeth Edwards will have to abandon her plans to start a new course in astrophysics. The loss of support from her parents, who cannot afford to financially support her, would be devastating.
The Struggle is Real
Dylan Caulkin, a teaching assistant from Cornwall, also faces significant financial challenges. His new job as a support worker for people with learning difficulties pays just above the minimum wage, making it difficult for him to cover his living expenses. Despite this, he remains optimistic about his future and hopes that the government will provide more support for young people like him.
Ellie Richardson and Billy Taylor, who own a dream home worth £350,000, are also struggling with the rising cost of living. The delay in completing their house purchase has meant they have to pay an extra £2,500 in stamp duty, while also worrying about potential increases in mortgage rates.
Affordable housing refers to residential units that are priced within a certain percentage of the median income in an area.
In many cities, affordable housing is scarce due to rising costs of living and limited availability of subsidized housing options.
According to the US Department of Housing and Urban Development (HUD), over 11 million households in the United States pay more than 30% of their income on rent.
To address this issue, governments and non-profit organizations are implementing programs such as inclusionary zoning, community land trusts, and rental assistance vouchers.
A Call for Action
Radhika Gupta, a student from Derry, Northern Ireland, believes that more needs to be done to fund and improve medical training. She wants to work in England after graduation but is concerned about the low pay and high debt burden faced by doctors in the UK.
Malcolm Hindley, a retired window cleaner from Liverpool, is worried about benefit cuts for the long-term sick and disabled. He relies on his state pension and attendance allowance to get by, but fears that further reductions will leave him struggling to make ends meet.
A Need for Change
The current economic climate is forcing many young people to live payday to payday. It’s time for the government to take action and provide more support for those who are struggling. This includes increasing funding for welfare benefits, improving access to affordable healthcare, and providing more opportunities for young people to gain employment.
As Rachel Reeves, the Chancellor, prepares to deliver her Spring Statement, it’s essential that she addresses these issues head-on. The future of our economy and the well-being of our citizens depend on it.
