Over half of young adults have been left shocked by the impact that the cost-of-living crisis has had on them – with one in five considering scrapping their plans to go to university.
One in three 18-24-year-olds (32%) are feeling the pinch of inflation in their everyday lives – with bills, food prices, and petrol prices the top cost increases they are most struggling with.
And nearly a fifth (18%), of the 1,000 people polled, have even sought help from a foodbank for the first time.
Other things young adults have had to cut down on, or stop completely, include nights out with friends, getting takeaways, and even booking holidays.
As a result, nearly a quarter (23%) are worried about what the future holds – with 55% more determined than ever before to get a job that pays well.
Martin Upton, cost-of-living expert, and Senior Lecturer in Business at The Open University, which commissioned the research, said: “Everyone is feeling the pinch, but people might not realise just how much it is affecting the younger generation.
“Although financial anxiety is at an all-time high for all, it’s particularly difficult for young people, since they are making vital decisions at a crucial point in their lives.
“It is a shame to hear so many are rethinking their plans for university study.”
The study also found 35% of those polled have had to rethink their career plans because of the cost-of-living crisis.
And more than half (56%) plan on taking extra courses in a bid to better their skillset and knowledge.
As a result of the crisis, 36% are worried they will never be able to afford their own home – while nearly a third (31%) fear they will struggle to afford food.
Top reasons for the cost-of-living crisis putting young people off going to university include worries of getting into debt they can’t afford to pay back, not knowing how they will work and study at the same time, and wanting to go straight into a full-time job and get paid for it.
It also emerged that while 7% don’t believe money can buy you happiness, 14% reckon they would need to be on at least £35,000 a year to live comfortably.
On top of this, 32% said a job that pays well is more important to them than having a job they are happy in.
But of those who took part in the survey, by OnePoll, 53% think a well-paying job is harder to find in this day and age.
Martin Upton added: “Now is a better time than ever to be investing in your career and getting that all-important job that pays well.
“Research by the Institute for Fiscal Studies (IFS) shows that having a UK university degree adds £100k or more on average to lifetime net earnings.
“So, despite the financial uncertainty that young people are facing, and while higher education seems like a big financial commitment, in the long run it will pay off.”
Those who are considering investing in their careers to safeguard their financial futures have until September 8th to register for a course that is of interest at The Open University.
WHAT YOUNG PEOPLE HAVE HAD TO DO SINCE THE COST-OF-LIVING CRISIS STARTED:
- Cut down/stop going on nights out with friends
- Reduce/stop getting takeaways
- Budget their spending
- Stop visiting home to save on travel
- Scrap or postpone plans to go to university
- Use foodbanks
- Get a job
- Move back to mum and dad's
- Get a second job
- Eat out less
- Increase their working hours in current job
- Watch their energy usage so bills aren't high
- Stop treating themselves
- Stop buying coffee from a coffee shop
- Buy fewer clothes
- Buy supermarket “own brand” products
- Shop in cheaper supermarkets
- Walking instead of driving to places
- Stop buying presents for friends/family e.g. birthday/baby shower
- Buying secondhand clothes
- Stop booking holidays
- Use vouchers/coupons and deals to save money
- Sell other belongings i.e. clothes, homeware, tech etc.
- Buy a Railcard to save on travel
- Use public transport
- Defer going back to university later this year
- Cut any TV subscriptions e.g. Netflix etc.
- Stop any sporting activities
- Get an extra housemate to help pay for bills
- Sell their car
