Money Worries & Debt Causing Stress For Young Adults

Money Worries & Debt Causing Stress For Young Adults

Almost a third of young adults are feeling stressed and anxious over money worries, according to a recent survey by YouGov.

The poll found that 66 per cent of 18-24 year olds are suffering from stress and anxiety, with 45 per cent citing ‘money worries’ as the number one cause.

The poll of 2,000 adults, 250 of whom were between 18 and 24 years old, revealed that job prospects (33 per cent) and school and university pressures (29 per cent) were also causing stress and anxiety amongst young adults.

Almost a third of respondents said they did not tell anyone of their worries, which has led for calls from UK charity Rethink to teach young people “coping strategies” to combat an “anxiety overload”.

“With the number of young people not in education or employment rising, it’s no wonder many are feeling the strain,” commented Rethink’s national young persons’ programme manager, James Gorman.

“It is extremely important that we teach young people strategies for coping with stress and protecting their mental health. Failure to get the right help at the right time can have lasting consequences.

“The longer people suffer in silence, the harder it is to help them recover.”

Meanwhile, Paul Farmer, chief executive at mental health charity Mind, believes young people were bearing the brunt of the recession. He warned: “Employment is scarce and without a job, anxiety, low self-esteem and unhappiness can set in.”

Graduate unemployment, in particular, is a growing concern among Government officials and the YouGov findings coincide with comments made today by Andrew Grant, the new chairman of the Headmasters and Headmistresses Conference, who claims that students are being fed the false promise that they will go on to earn more as graduates.

ìThere’s been a confidence trick played on young people,” he said. ìThe Government has used historical and partial data to justify the introduction of tuition fees on the grounds there is a premium on graduate earnings. Yes, there was ó when graduates were fairly scarce on the jobs market.

ìI suspect quite a few have got themselves into university only to find they might not increase their career earnings and find themselves with £23,000 of debt.”

Both Labour and the Tories have vowed to expand university education to meet growing demand for places, but with employers cutting back on jobs, an increasing number of graduates are finding themselves unemployed or facing stopgap work in supermarkets and bars.

Earlier this summer, research by Push of more than 2,000 students at varying stages of degree courses found debts averaged more than £5,000 a year and that this figure was continuing to rise. It revealed that students who enrol this autumn could graduate with debts of up to £23,000.

Therefore, young adults are now being encouraged to get their debts under control as soon as possible to reduce stress levels and avoid increasing the amount of money they owe as they get older.

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