The Hidden Costs of Starting a New Job
A Generation Held Back
The excitement of landing a new job can quickly turn to anxiety for Gen Zers, as they face the harsh reality of starting a new career. According to a recent survey of over 2,000 16-to-25-year-olds in the U.K., the cost of living is crippling their confidence and limiting their career aspirations.
The Financial Burden
From purchasing new work attire to investing in a travel card, the costs associated with starting a new job are adding up. As a result, one in 10 unemployed Gen Zers has been forced to turn down a job offer due to these expenses. This is particularly concerning, as money confidence among young people has hit an all-time low.
A Generation in Crisis
The survey reveals that over half of respondents are afraid they’ll never achieve financial security, and simply thinking about money stresses out over a third of them. Young women are disproportionately affected, with 60% worrying that the soaring cost of living will prevent them from achieving financial security. Meanwhile, half fear they won’t earn enough to support a family.
Seeking Guidance
In the absence of traditional financial guidance, Gen Zers are turning to unconventional sources for money advice. TikTok, in particular, has seen a surge in popularity, with the number of 16-to-25-year-olds seeking “loud budgeting” lessons doubling since 2022.
The Mental Health Impact
The current economic climate is having a devastating impact on the mental health and well-being of young would-be workers. Unemployed youngsters are trapped in a vicious cycle, where poor mental health exacerbates employment struggles, and vice versa. A staggering 40% of respondents reported suffering from mental health struggles, which are already hindering their job prospects.
Breaking the Cycle
Employers have a critical role to play in supporting Gen Zers. According to the survey, a third of respondents require practical support and guidance to overcome the challenges they face. This includes securing work experience, CV writing, and interview skills training. By providing this support, employers can help break the cycle of poor mental health and unemployment.
A Window of Hope
Despite the bleak findings, there is hope. Gen Zers remain determined to achieve their goals, and by working together, we can create a brighter future for this generation. By providing practical support and guidance, we can empower young people to overcome the challenges they face and achieve their full potential.
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