The cost-of-living crisis is hitting hard, and the latest data from Young Women’s Trust paints a grim picture, particularly for young women in Yorkshire and the Humber. The charity’s recent report, titled ‘Costing our futures’, reveals the alarming reality of the financial struggle faced by young women in the region. As the cost of living continues to rise, young women find themselves in increasingly precarious situations, with dire consequences for their financial wellbeing, career aspirations, and overall quality of life.
Young Women’s Trust champions young women aged 18 to 30 on low or no pay and aims to create a more equal world of work and raise young women’s incomes. They offer young women free coaching, feedback on job applications and information, and they bring together a thousands-strong network to support each other, build self-belief, and have young women’s voices heard. They also work with people who experiences misogyny and sexism to campaign for equality in the workplace, and their research provides insight into what young women’s lives are really like, fuelling campaigns for change.
Their report highlights a number of worrying trends amongst young women in Yorkshire and the Humber:
- A growing financial struggle – According to the data, 62% of local young women are finding it increasingly difficult to make their income last until the end of the month. This marks a significant increase from the previous year when 55% reported this challenge. As a result, a growing number of young women are being pushed into debt, with 33% reporting that they are grappling with financial burdens.
- Worsening financial conditions – The financial situation of young women in the region has deteriorated over the past year. Almost half (48%) of respondents stated that their finances had worsened in the last 12 months, compared to 42% in the previous year.
- A generation in distress – A staggering 58% of respondents expressed dread when thinking about their finances, while 56% described their current financial situation as uncomfortable, a significant increase from 50% in the previous year. Moreover, more than a third (34%) have been unable to afford food or essential supplies, up from 24% the previous year.
- Falling behind on rent and bills – Over a quarter (26%) of young women in Yorkshire and the Humber reported falling behind on rent or bills in the last 12 months. These financial pressures are affecting their ability to maintain stable housing and meet essential living expenses.
- Career aspirations on hold – Nearly a third (30%) of respondents admitted to being stuck in jobs they don’t enjoy, while 21% said they had no choice but to accept jobs they didn’t want in the first place. The cost of living crisis is not only affecting their present circumstances but also hindering their future prospects and fulfilment.
- Gender disparities widen – While young women’s financial situations are deteriorating, young men’s seem to be stabilizing. Young women start their working lives earning £5,000 less than their male counterparts, a disparity that can cover a year’s worth of household expenses or even a first-time homebuyer’s deposit by the age of 25.
Keziah’s story
Keziah, who studied at Sheffield University and now lives in the city, says:
“As a student I had to work during the day in a café and at night time in a local bar just to keep my head above the water. It was really hard – everything was on hold with my degree. I wrote my final dissertation in a week because I was working so much. I really feel my studies suffered as a result of how much work I needed to do in order to make ends meet. Thankfully, I have secured a good job since leaving uni and have more of a sense of security, however, I am stuck in shared accommodation and the thought of moving out and having my own place is out of the question.”
Claire Reindorp, chief executive at Young Women’s Trust said:
“The cost-of-living crisis continues to affect us all, but young women are more likely than young men to be facing it without any sort of safety net, and their financial situation is going from bad to worse.
“If their average annual incomes were the same as young men, young women would be £5,000 better off. They could be paying their bills for the entire year and doing so much more with their lives. The income gap is caused by multiple factors including young women being in lower paid jobs, outright discrimination and a lack of access to the affordable childcare or flexible working they need. Young women are not getting equal chances to make a decent living for themselves and have fewer routes out of financial hardship. It’s vital that our politicians listen to young women and create tailored support to address this inequality – young women’s futures are at stake.”
A call to action
Young Women’s Trust is urging policymakers to address the underlying inequalities that young women face in the workforce. They advocate for robust pay gap reporting, actions to tackle gender pay disparities, increased support for young women’s career progression, and measures to combat discrimination. To alleviate the immediate struggles faced by young women, the charity calls upon the government to:
- Extend the National Living Wage to younger age groups, ensuring that 18 to 20-year-olds receive it as well.
- Increase support through the benefits system by implementing an essentials guarantee that guarantees the basic rate of universal credit covers the costs of essentials.
- Prioritise the voices of young women when crafting policies to address the cost-of-living crisis.
The cost-of-living crisis is hitting young women in Yorkshire and the Humber harder than ever before, pushing them into debt, causing financial distress, and jeopardising their career aspirations. Urgent action is needed to address the root causes of these disparities and provide young women with the support they need to thrive in a challenging economic environment. Young Women’s Trust’s report sheds light on the dire circumstances faced by young women in the region and serves as a call to action for policymakers to address these pressing issues. Young women’s futures are at stake, and it’s essential that their voices are heard and their challenges addressed.
The full report is available at The Young Women’s Trust’s website.
