Is the UK simply against young people? It is starting to feel that way

It seems young people have started to wake up and realise reality. They are finally understandingthat they are not simply lazy, but that the system is fundamentally against them. From AI interviews to unsympathetic governments, it is a tough time to be a young adult.

Older generations have called the youth of today, lazy, out of touch and financially illiterate. We have all heard the common trope that, ‘you could afford a deposit on a house if you stopped buying fancy coffees and avocados’. Although saving money is always sound financial advice, it is really not that simple. When having this debate, we must not fail to consider that in England house prices are 7.9 times the average disposable household income, in comparison to around 4 times in the 1970s.

Not only are house prices completely unaffordable to the average young person, insult is alsoadded to injury when we consider the current labour market. The NEET population-Not in Employment, Education or Training and between 16 – 24-has risen to 1.01 million. This is an 89,000 increase since last year. The ONS estimates this makes up 13.5 percent of 16 – 24-year-olds. 39 percent of those are actively seeking work, although that leaves a significant chunk, which may be explained by factors such as illness or career breaks, 39 percent is too big a size to ignore. Painting all NEETS as the same is lazy.

Corey Lousvet-Winter, a student at a Warwickshire college stated, ‘I've looked at over 100 jobs and not been able to get a single one’, and, ‘That includes retail work with places like Tesco and Lidl, horticulture jobs, garden landscaping jobs, all sorts’. This highlights how competitive the current job market is, especially in entry-level roles. This paints a bleak picture for young people out of work.

 All this is in stark contrast to the triple lock. The state pension rose by 81 percent in the last fifteen years. This would be perfectly acceptable if it were not for the fact that inflation has risen by 56 percent in the same period. This article does not argue for the welfare state to be significantly reduced and for pensioners to be left without a pot. However, what it does argue for is fairer allocation of state resources across the generations. It is not the fault of pensioners that they receive an arguably overinflated state pension, but the current state of the country, economy and social contract is most definitely not the fault of today’s youth. It is the fault of their forbearers.

 The previous Conservative administration needs some blame apportioned to it for this. The triple lock is famously a great winner of votes and helped to keep the Tories in power for fourteen years. However, this policy is awfully short-sighted as it prioritises the older generations, and their votes, at the expense of the young who are currently in need of assistance due to poor economic and social conditions. 

 The current Labour administration are planning to reduce the cash ISA limit from twenty to twelve thousand pounds. However, those over sixty-five get to keep the higher limit. This is blatant unfairness. It also perpetuates the aforementioned housing problem. One of the last ways young people can realistically save to get on the housing ladder is being reduced. This reduces the amount a young person can save for a house but allows pensioners to enjoy the full limit to save for holidays or an extension. Not only this, but interest on cash held in stock and shares ISAs will also be taxed at a twenty-two percent rate. This is not a tax on capital gains, however,this can be seen as regressive. Those with the sense to save their money in a stocks and sharesISA, but who do not have financial education to invest, through no fault of their own, are being further taxed. This could have an undesirable effect on those with less favourable socio-economic conditions.

 It seems that not only are young adults living through very unfavourable times, but the government of the day is actively against them. Previous generations aspired to give their children better circumstances. However, recently this trend seems to have reversed, with eldersblaming others for the world they left for their children and grandchildren.

Where does this leave us now? Reeves has been ousted by Burnham, as part of a cull of the Starmerites. However, the treasury has indicated there is no intent to change these ISA plans.Young people remain in the same sorry position, and a change in prime minister and chancellor does not represent a change in young people’s fortunes.