This week’s #fridayfive is taken from the recently published report by ONS on “Young People’s Wellbeing and Personal Finance”.
Around 8% of young people (aged 16 to 24 years) in the UK were finding it difficult or very difficult to get by financially in 2013 to 2014, down from 15% in 2009 to 2010.
Young people who were students in 2013 to 2014 were least likely to be dissatisfied with their household income (22%), but most likely to consider they will be worse off financially in the future (13%).
Unemployed young people reported the largest decrease in the proportion finding it difficult or very difficult to get by financially; from 39% in 2009 to 2010 to 26% in 2013 to 2014.
Around 1 in 5 young people in social rental housing rated their current financial situation as difficult or very difficult compared with an average of 1 in 14 young people in other accommodation types in 2013 to 2014.
Young people in the South West of England were more likely to report a better current financial situation but also more likely to be pessimistic about their future financial situation.
Reference: Young people’s well-being and personal finance, UK: 2013 to 2014