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A survey from NatWest has found that just over a third of young Brits don’t feel financially secure in the current Covid-19 climate. Rachael Thomas, from NatWest’s Retail Banking Strategy and Innovation team, explains why young people have been hit so hard and why sometimes, a problem shared really can be a problem solved. A chat over a cuppa is an amazingly powerful thing. OK, it’s not going to clear a debt or magic up that deposit for a house you’ve been working so hard for, but it’s a starting point to dealing with your financial problems and the huge anxiety they can bring.
A survey from NatWest has found that just over a third of young Brits don’t feel financially secure in the current Covid-19 climate. Research through YouGov found that nearly a third of 18 to 24-year-olds said they didn’t feel financially secure or have enough money to live comfortably and afford essential payments like groceries, rent payments and utility bills. And despite feeling financially insecure, 53 per cent said they would feel embarrassed having to ask their parents or close family member to borrow any amount of money. The younger generation is the most likely to experience impacts on their mental health with nearly a thirrd of those aged 18-24 saying they often feel anxious or depressed when they think about their financial situation. Almost half said they don’t speak to family about their finances in fear of being judged.