Four in five (80%) UK adults believe younger generations are worse off now than 20 years ago, new research from Hymans Robertson Personal Wealth has shown.
More than half (59%) blame the rising cost of living as a key pressure, while 43% cite increasing housing costs.
Nearly three quarters (75%) of over-55s say today’s young adults have a much harder time getting ahead financially.
Ollie Le Farge, corporate client manager at Hymans Robertson Personal Wealth, commented: “All generations recognise the financial strains that are leaving many young people vulnerable and reducing their motivation to build an emergency fund and save for the future. This is striking, as it is often assumed that each generation believes they had just as hard a time financially when they were young and ‘starting out’.
“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.”
The financial advice firm said the findings underscore the growing importance of employers offering practical guidance and access to savings support in the workplace. It also believes younger employees need to have a better understanding of their finances and the savings tools available to them.
Le Farge added: “By making clear, practical financial guidance available in the workplace and raising awareness of the saving tools employees can use, employers can help shift young people from a ‘can’t save’ mindset to one of confidence and progress. Done well, this support is not just about helping young people respond to today’s pressures, but about building understanding and habits early, before disengagement takes hold.”
Main image: vitaly-gariev-8qJSJmWXm-k-unsplash
