The ONS report on Young People's Wellbeing shows that it's not all bad news with a 7% increase in financial wellbeing in 16 to 24 year olds in 2013/14 compared to 2009/10.
Whilst some of this improvement is no doubt tied to a decrease in unemployment in the same period, it is also testament to the efforts of employers in establishing good financial wellbeing habits for those joining their workplaces.
Financial education aimed at new joiners can have a significant impact on their financial wellbeing immediately in their early career and in establishing those good practices to carry with them throughout their career.
Financial wellbeing improves for young people 24 May 2016 More young people in the UK are finding it easier to cope financially, according to the Office for National Statistics (ONS). The ONS report, Young People’s Wellbeing and Personal Finance, revealed around 8% of 16- to 24-year-olds struggling financially in 2013/14, down from 15% in 2009/10. This was coupled with a slight increase in satisfaction with household income in the same age group, from 51% in 2009/10 to 56% in 2013/14. The ONS said the figures were consistent with evidence of an improving economic situation for young people and highlighted the drop in the unemployment rate for 18- to 24-year-olds from around 20% to 14% between 2012 and 2015.