Over-55s worried about chances for Gen Z to get on th …

A survey earlier this week may have shown the older generation feel younger people’s spending habits are destroying their chances of buying a home, but now the youth are finally getting some sympathy.

Research by financial services firm OneFamily has found that only 22% of over-55s believe that today’s young people – 18 to 24 year-olds or known as Generation Z – have the same life opportunities that they had.

These include gaining a good education, traveling the world, career progression and owning their own home.

The survey showed that 84% pointed to rising property costs and 67% gave the cost-of-living crisis as being key factors in their pessimistic outlook for younger people.

More than half, 53%, of those who were concerned flagged the negative effects of inflation on the real value of cash savings.

The research, part of Better Futures report published by OneFamily, also highlighted worries about the impact of the climate crisis on the futures of the young and fears that lockdowns hit the educational outcomes and mental wellbeing of the next generation.

Meanwhile, a third of those who expressed concern said that the young people from poorer backgrounds would be especially impacted because their aspirations are not encouraged.

OneFamily chief executive Teddy Nyahasham said: “This isn’t right. We have to do more to help those who are struggling, who are dispirited and think there’s no hope.

“It’s been a tough time for everyone over the last couple of years and the financial, social and educational impacts of the pandemic are still being felt. But we’re now moving into a cost-of-living crisis, which is hitting the most vulnerable the hardest. People are hurting, with nothing left to give, and sadly it’s the youngest generation who are ultimately going to feel the consequences for years to come.

“As our Inspiring Better Futures report demonstrates, we’re doing what we can to improve the life chances and financial wellbeing of those from disadvantaged backgrounds. But there’s no quick fix, this needs to be a long-term vision that we embrace as a nation, and we can all play our part in that. ”

It comes after the Policy Institute and Institute of Gerontology at King’s College London released a report earlier this week showing that almost half of the UK public think young people cannot afford to buy their own home because they spend too much on takeaways, mobile phones, subscription services like Netflix and holidays.


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