Research carried out by NatWest has suggested that the ‘rising cost of living’ is causing financial concern for young people in the UK.
NatWest found that 47% of young people are ‘more concerned’ about the state of their finances this year compared to last. They cited the rising costs for essentials, such as food and travel, as being top of their worry list.
The research also suggested that the ‘pressure of socialising’ is one of the biggest spending worries for young people: 37% stated that they worry about ‘not being able to afford’ a social life.
According to the findings, young people are ‘unlikely to discuss their finances’ with friends or family. 43% revealed that they find finance a ‘difficult subject’ to talk about.
Commenting on the research, Kirsty Britz, Director of Sustainable Banking at NatWest, said: ‘2019 is going to be another year of economic turbulence, with uncertain income for many and rising prices.
‘This, combined with the pressure to afford a social life, is clearly weighing on the minds of young people.
‘That’s why we’re encouraging everyone to get over the awkwardness and be more open about their finances – whether that’s not being able to afford a big night out or talking about the difficulties of being in debt.’