Hey, young adults! If you’re reading this, chances are pretty high that you feel like the whole weight of the world is floating over your shoulders at this very moment. With so many hurdles on the way from securing a stable job to affording a place to call home the challenges seem endless. It’s no secret that the current economic climate has definitely made the journey toward financial security more challenging than it was for any generation that came before.
You must be thinking, How on earth am I going to afford rent, try to save for a house, and actually have a social life? Of course, you are not alone. Recent data paints a pretty grim picture for those of us in our twenties and thirties. According to the Joseph Rowntree Foundation, over 80% of low-income young adults have gone without essentials in the past year. It’s not only the low-income earners feeling the squeeze; even middle-income earners are struggling to survive with food and rent alone.
It may sound depressing but don’t give up just yet. Let’s break down what’s really going on and how you can ride out these stormy waters.
Housing is not just part of the problem; the cost of it is a major culprit. Rents have soared and owning a home feels like an unattainable dream for many. “Everyone’s costs have been rising,” says Rachelle Earwaker, a senior economist at the JRF. “And earnings are not keeping up. Rents are rising at record levels, mortgage rates are higher and everything is more expensive than it was three years ago.”
Yet there are ways around the problems. Here are steps you can take toward a more secure future:
1. Know Your Options for Homeownership:
You can think that the possibility of owning a home is quite out of your league, but all avenues may not have been explored. Shared ownership programs can make buying more feasible than you actually think. One of my friends thought she would never own some place and manages to get a mortgage on a studio flat with just a small deposit. So before you write it off, speak with a mortgage broker and see what’s possible.
2. Budget Like a Pro:
It may sound simple, but make a proper budget. Account for every single income and expense. Make sure to include essential expenses such as housing, food, and transportation in the budget, then decide on the non-essentials that you can cut back on. This could help you in saving or paying off debt with the money available.
3. Join the Gig Economy:
If you can’t find a stable job, then consider gig work or freelancing. Someone may use websites such as Upwork or Fiverr to get extra income flows. This could be a decent stopgap as you hunt for a more permanent position.
4. Invest in Your Skills:
The job market’s brutal, but upgrading your skills can also make all the difference. A study by City & Guilds released today shows that nearly half of young people do not feel their education has provided them with the skills relevant for their desired job. Look to do online courses or workshops to bolster you with relevant experience. Kirstie Donnelly, CEO of City and Guilds said: “Engage with the skills system and existing Government skills initiatives to provide better opportunities and progression for young people and fill critical skills shortages.”
5. Don’t Let Perfection Be the Enemy:
We all want that perfect job, dream house, the ideal life. But remember, perfection is just a myth. And it’s okay to fail and okay to make mistakes. According to an article on Moms.com, perfectionists often set unreasonably high standards for themselves and then Overly self-criticize when things don’t go as planned. Allow yourself to be human.
6. Seek Support:
Don’t be ashamed to ask for help: financial advice, career counseling, emotional support, or any other resource that is out there. Community centers, forums online, and professional advisors will help to guide you in terms of what to do next. At times, talking things through permits a person to have new insights and solutions.
7. Be an advocate for change:
Finally, use your voice. We must all advocate for policies that would advance affordable housing and improve job conditions. Attend local meetings, participate in advocacy groups, or correspondence with elected officials is all important work. None of these changes will improve overnight, but over time, change can manifest in important ways if action is taken collectively.
What one profoundly realizes is that adulthood today is far more demanding. However, what one does need is a mix of strategy, resilience, and support to help in carving out one’s pathway toward a better future. Keep pushing forward; you’re not alone in this struggle.