Unemployed Gen Zers are having to turn work down because they can’t afford the commute and uniform, report shows

A survey of more than 2,000 young people aged between 16 and 25 in the UK The Prince’s Trust Annual NatWest Youth Index 2024 She found that the cost of living makes today’s young people anxious about their future and limits their career ambitions.

From needing to buy a new uniform (or rather, work-appropriate clothes) to spending on a travel pass to get to work – it all adds up. One in 10 unemployed Gen Z people have had to turn down a job because of these costs.

Worryingly, financial confidence has reached an all-time low in the 15 years since the index began monitoring the wellbeing of young people in the UK – more than half of those surveyed fear they will never feel financially secure, and are only thinking about it. Enough money to confirm more than a third of them.

This is particularly acute among young women, 60% of whom worry that rising costs of living will prevent them from achieving financial security. At the same time, some fear they will not earn enough to support a family. In comparison, about 45% of young people have the same concerns.

Tik Tok advice

So where do they go for financial advice? Tik Tok of course. According to the research, the number of surveyed 16- to 25-year-olds turning to the social media platform for lessons like “Budgeting Buzz” has doubled since 2022.

The foundation said the findings revealed that the current economic climate is having “severe consequences” for the “confidence, wellbeing and aspirations for the future” of young people potential for work, particularly among those from the poorest backgrounds – and more generally, it is impacting on their mental health.

“This trap, where poor mental health and employment struggles exacerbate each other, threatens to set in for this generation unless we take immediate action,” said Jonathan Townsend, chief executive of the Prince’s Trust UK.

Mental health is the second biggest dream killer

As Townsend points out, unemployed young people find themselves in a vicious cycle where unemployment harms their mental health – but at the same time, their mental health affects their ability to work.

40% of participants said they suffer from mental health issues, while a third were concerned that this would prevent them from achieving their career goals.

For a large segment of young workers, their mental health is already getting in the way of their work: one in five have missed school or work in the past year, 18% felt so stuck that they couldn’t even apply for jobs, and 12% couldn’t face going To the interviews.

Meanwhile, one in 10 young people from poor backgrounds have left their job this year due to mental health challenges.

Separate research has confirmed that even when young workers show their faces, the vast majority of them miss the equivalent of a day of work each week.. Basically, they come to the office but are so mentally absent that they struggle to actually accomplish anything for about 50 days a year.

How employers can help

Despite the bleak findings, the research “offers a window of hope,” according to Townsend — and that’s because Generation Z has identified exactly how employers can step in to help them.

For a third of participants, this looks like support through securing work experience, advice on how to write a CV and conduct interviews, and training on how to build job-specific skills.

“The vast majority of young people tell us they remain determined to achieve their goals,” Townsend concluded. “But what they need is practical support and guidance to overcome the challenges they face, especially as the world of work continues to change rapidly.”

A version of this story was originally published on Fortune.com On February 05, 2024.