Different age groups agree that young people face a tough financial landscape – so employers are being urged to do their bit to help.
According to Hymans Robertson Personal Wealth, 80% of people agree it’s harder for younger generations to save today.
People aged 55 and over are particularly sympathetic to the plight of younger people.
In fact, almost three-quarters (74%) of over-55s agree young people face greater financial challenges.
Employers can help young people
Responding to the findings, Hymans Robertson said there’s a “shared recognition” that young people face “particularly severe” financial pressures.
The organisation believes employers could be well-placed to help them understand money and get into good financial habits early, such as saving for the future.
Otherwise, there could be a risk that young people become disengaged.
“Accessible financial guidance can make a real difference by helping young people build confidence and resilience with their money,” said corporate client manager Ollie Le Farge.
“Employers are in a strong position to support this and make a difference.”
What challenges do young people face?
Nearly six in ten people (58%) across all age groups believe the cost of living is one major challenge facing young people right now.
Meanwhile, almost half (43%) agree that the cost of housing is a big problem at the moment.
“It is often assumed that each generation believes they had just as hard a time financially when they were young and ‘starting out’,” said Mr Le Farge.
“Instead, there is a shared recognition across the population that today’s financial pressures on young people are particularly severe, especially as the cost-of-living crisis remains high.”
Written by James Glynn
Senior Financial Content Writer
