23% of young people ‘do not think they will ever feel financially secure’

Nearly a quarter (23%) of young people do not think they will ever feel financially secure, a survey has found.

Among young people who are not in education, employment or training, only two-fifths (43%) believe they will eventually achieve financial security, the Co-op found.

The research among young people aged up to 25 found three-quarters (74%) in this age group generally want to earn more than their parents, but less than two-thirds (60%) believe that they will.

And only two-thirds (66%) think it is likely they will eventually be able to buy their own home, falling to just 37% of those not in education, employment or training.

The Co-op said it has been working with charities and others to provide resources for young people.

Steve Murrells, Co-op group chief executive, said many young people feel financial security and buying their own property is out of their reach.

He said: “Sadly, the disparities are even greater for those currently out of employment, education or training.

“It is vital that decision-makers take note of this and combine the lived experience of young people with subject matter knowledge from experts to develop tangible solutions that will actually make a difference to young people’s lives.”

More than 5,000 young people aged up to 25 were surveyed.