New research from the Prince’s Trust and the LadBible Group sheds light on the evolving priorities of young people born between 1997 and 2012, commonly known as Generation Z. The study, based on interviews with 2,500 individuals, reveals a noteworthy shift in the way this demographic views and pursues their dream jobs, primarily influenced by the ongoing cost of living crisis.
A staggering 57% of the surveyed Gen Z respondents identified the cost of living crisis as the most significant factor impacting their future. The economic climate closely followed, with 44% expressing concern, while 39% highlighted the impact on their mental health. The cost of living crisis, marked by last year’s double-digit inflation, has left a lasting imprint on the well-being of young individuals, according to a House of Lords report.
For 36% of Gen Zers, a perceived lack of opportunity is a major hurdle in the pursuit of their dream jobs. Financial concerns also play a substantial role, with 35% admitting that worries about money prevent them from actively seeking their ideal roles. Additionally, 33% cite a lack of experience, 32% point to a deficit in self-confidence, and 30% highlight the increased cost of living as significant obstacles.
Defining a dream job varies among the respondents, with 64% associating it with doing something that brings happiness, 60% linking it to an enjoyable task, and 49% emphasizing the importance of financial security. Unfortunately, only a mere 7% of those surveyed claimed to have achieved and currently hold their dream role.
In terms of planning for the future, 60% of respondents admitted to prioritizing any job over their dream job, indicating a short-term perspective. Moreover, 40% acknowledged altering their career plans within the past year. The study also revealed that over half of the participants scaled down their long-term plans in the last two years, with 50% not looking beyond the next six months.
Jonathan Townsend, the UK Chief Executive of the Prince’s Trust, expressed concern over the findings, highlighting the profound impact of the cost of living crisis on the aspirations, well-being, and future prospects of an entire generation. He underscored the ripple effect of economic uncertainty, forcing young people into decisions that could exacerbate the disruptions caused by the pandemic, affecting education and early careers.
Townsend remarked, “We’re seeing young people left feeling worried and unconfident about ever achieving their aspirations and thinking only in the short term – this could have significant impact for their futures and for wider society.” The study found that 73% of respondents agreed it is challenging for their generation to secure the job they desire.
A previous study by LadBible in May of the same year revealed alarming levels of stress and anxiety among Gen Z, with 66% reporting stress and 62% experiencing anxiety. Additionally, a third of young individuals consistently expressed concerns about job opportunities.
As the younger generation grapples with these challenges, there is a growing call to address the root causes of the cost of living crisis and create an environment that fosters opportunities for personal and professional growth. The findings serve as a poignant reminder that beyond economic indicators, the well-being and aspirations of young people are essential aspects that demand urgent attention and action.
