Recent survey shows that young women are more likely to struggle financially

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2nd October 2017 15:18 - Financial Services

Recent survey shows that young women are more likely to struggle financially

Recent survey shows that young women are more likely to struggle financially: Conducted by the Young Woman’s Trust, out of 4,000 18-30 year olds across England and Wales, one quarter of women said their financial situation was worse compared to last year.

In addition, one third of women said they feel more anxious and 45 per cent said they worry about their mental health.

In comparison, 21 per cent of young men said their current financial situation is worse compared to last year and 38 per cent also worry about their wellbeing.

Around 30 per cent of women also reported gender discrimination at/while looking for work, therefore making them more likely to face money problems, as well as other worries regarding their future. 

Regardless of gender discrimination, workers are still financially vulnerable as further statistics from those surveyed revealed:

·       45 per cent still live with their parents;

·       30 per cent have been offered zero-hours contracts;

·       17 per cent have been paid less than minimum wage.

Following Mark Carney’s discussion regarding Britain’s current financial position, young people may become more worried about their financial predicament, as the governor of the Bank of England plans to increase interest rates to reduce the amount of people borrowing money.

He comments: "If the economy continues on the track that it's been on, and all indications are that it is, in the relatively near term we can expect that interest rates will increase.”

However, a government spokesman claims that young people are “top priority” in other discussions, as they state: "We have also acted to ensure young people can keep more of what they own, including raising the national minimum wage and cutting income tax.”

Nonetheless, Chief Executive of the Young Woman’s Trust, Dr Carole Easton, disagrees, as she said: "We are used to each generation having more opportunities than the last, but there is a feeling now that things are going backwards." 

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