Two in three younger folks assume they are going to be worse off than their mother and father

Two thirds of young people now believe they will be worse off than their parents, new research has revealed. 

Young people aged 18 to 29 say that the events of 2026 have left them feeling particularly pessimistic about the future, and the number who believe they will be worse off than their parents has doubled in the past year. 

Politics, housing, job prospects and financial stability were at the top of the grievance list for young adults, according to the research by Nationwide and the John Smith Centre.

Just under half of 18 to 29 year olds say they worry about their finances, while a third worry about job insecurity. 

The survey found that 54 per cent of young people cite housing affordability as a financial concern while a quarter say they were worried about housing instability. 

Just over one in four say they are concerned about the impact of AI on their future job prospects.  

Young people in Britain aged 18-29 say that the events of 2026 have made them feel particularly pessimistic about the future

Eddie Barnes, director of the John Smith Centre which is part of the University of Glasgow, said: ‘The idea that the next generation will have it better than previous ones has been a founding belief for decades. 

‘Today’s poll shows that the majority of this generation of young people no longer believe it to be true. And it reveals their loss of belief is collapsing at speed.’

While two thirds still feel optimistic about their future, young people are far more pessimistic about their future finances. 

More than half of British young people are now worried about their levels of income as inflation has continued to erode away any pay rises. 

Fewer than three in ten young adults describe their finances as comfortable and many raised concerns about saving, debt and income security. 

The war in Iran has raised the prospects of general inflation ticking up as the cost of fuel rises while stagnant economic growth in the UK may be fuelling young people’s concerns. 

According to the research, Generation Z still want to be politically and socially engaged, despite their economic worries. 

Many have had to cut back or take on extra work just to keep up. Some 54 per cent of young people have reduced their spending to combat their financial woes.

Around one in five have have applied for a new job and taken on additional hours at work while 11 per cent are now exploring ‘side hustles’ outside of their full-time jobs.

Debbie Crosbie, CEO of Nationwide, said: ‘The concerns raised by young people in this year’s poll show that we need to keep our focus on building financial resilience and tackling the challenge of housing affordability.’