New research from the charity Young Women’s Trust has shown how money and work worries are blighting young women’s lives with 42% saying that their financial situation has got worse over the last 12 months, compared to 27% of young men.
As the cost of living crisis continues, 36% of young women aged 18-30 have taken on new or additional debt in the last 12 months, compared to 28% of young men. Almost 3 in 10 (29%) young women also said that they are in debt ‘all the time’.
Furthermore, over half (55%) of young women are ‘filled with dread’ when they think about their household finances, compared to 43% of young men, and 10% have had to use a food bank for the very first time in the last 12 months.
At work, young women are feeling stuck and far less supported than young men to pursue their ambitions and get where they want to be:
- 56% of young women said that they have the support they need to progress in their careers, compared to 64% of young men.
- Over 2 in 5 (42%) of young women are worried about not having the support they need in their job, compared to 36% of young men.
- Over a quarter (26%) of young women have stayed in a job they didn’t enjoy because they couldn’t afford to leave, compared to a fifth (20%) of young men.
- 58% of young women told us that they feel happy at work, compared to 63% of young men.
The survey also revealed how young women’s finances are leaving them with a bleak outlook on life in general:
- 40% said that have had to cut back on or stop doing things they enjoy in the last 12 months because they can no longer afford them, compared to 28% of young men.
- Almost a fifth (18%) of young women described their current mental health as ‘poor’ or ‘very poor’.
- Over a quarter (27%) of young women say that their standard of living has got worse over the last 12 months, compared to 22% of young men.
- Almost a third (32%) of young women say that their hopes for the future have got worse over the last twelve months, compared to 25% of young men.
Pippa is a single parent from Dorset and her dream to become a solicitor is being blighted by the costs and expectations that are associated with the extra training qualifications. She said: “I became a mum at 19 years old but I was determined to create a decent life for my daughter and working as a solicitor was my goal. At university there was no additional support to help me juggle my studies and motherhood. I fought hard for recorded lectures and even took my daughter to sessions when I had to.
“That was 8 years ago and I’ve now got a postgraduate qualification but there’s even more barriers to applying for training contracts which will allow me to qualify as a solicitor. It’s so competitive out there and the university you’ve attended matters, your ability to travel all over the country matters, and there’s an expectation that you’ll work early and stay late. This is all really hard for me as the sole carer for my daughter. I’m basically trapped in lower paid roles as a legal secretary because I can only apply for opportunities in Dorset which are few and far between. The difference in salary between a secretary and a solicitor is at least £10 000. That’s a life changing amount of money for myself and my daughter.”
Claire Reindorp, Chief Executive at Young Women’s Trust, said: “There is a stark contrast in the way that young women and young men are living their lives – with young women carrying a much heavier burden of worry about money and jobs, and generally much more pessimistic about their futures. Young women are more likely to be in low paid and insecure work, taking on the lion’s share of caring responsibilities leaving them earning less through paid work. And despite this, they’re feeling less supported in the workplace and are less likely to know where to turn for financial help.
“We need to level the playing field, and the government’s proposals to increase the minimum wage to reflect the cost of living and improve job security can’t come soon enough for young women. But we need to go further than that – offering more support to young women to progress out of low-paid work, escape poverty and thrive.”
The survey is being released to highlight the need for more support from government and employers to address financial inequality. Targeted support to raise young women’s incomes is needed, including:
- Ensuring the minimum wage genuinely covers the cost of living, and removing the lower age band so that 18-20 year olds receive the same as older workers.
- Ensuring benefits always cover the essentials.
- Tackling the gender pay gap, which sees young women being paid less than men right from the start of working life, and taking stronger action against employers who discriminate and have persistent pay gaps.
Read the full report here.
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Notes to editors
For more information or interviews please contact:
Hayley Richardson-Roberts, Communication Lead:
07495 981142 / [email protected]
Methodology:
As part of our annual survey we spoke to a representative sample of 3,977 18-30 year old young women in England and Wales and a comparison group of 1,051 young men. Fieldwork was carried out between 22nd July and 3rd August 2024.
About Young Women’s Trust:
Young Women’s Trust champions young women aged 18 to 30 on low or no pay. We’re here to create a more equal world of work and raise young women’s incomes.
We offer young women free coaching, feedback on job applications and information to help them get where they want to be. We bring together a thousands-strong network to support each other, build their self-belief, and have their voices heard. We work with young women and anyone who experiences misogyny and sexism to campaign for equality in the workplace. And our research provides insight into what young women’s lives are really like, fuelling our campaigns for change.