Rising expenses weigh heavy on young minds

The rising cost of living is the biggest concern of Arab youth, greater than the Covid-19 crisis, the ‘13th Annual ASDA’A BCW Arab Youth Survey’ revealed yesterday. Almost nine in 10 (89 per cent) of 3,400 youth in 17 countries covered by the survey in the region said they were apprehensive about living costs. Almost two in five (37 per cent) of young people struggle to pay their regular expenses in full.

Next in line among the top concerns are the pandemic (88 per cent), education quality (87 per cent) and unemployment (84 per cent), with another 71 per cent concerned about personal loans and the chance of falling into debt. The leading reason, cited by 19 per cent of them, for going into debt are student loans or borrowing to meeting educational expenses. An overwhelming majority (87 per cent) of students are worried about the quality of education in their country.

Next come car loans (17 per cent) and medical bills (15 per cent). Economic woes because of the pandemic saw one in three (33 per cent) of youth — or a family member — lose their job. The majority (63 per cent) have been unable to find a new job. The findings are among the highlights of the latest survey, released annually by ASDA’A BCW, a leading public relations consultancy in Middle East and North Africa. This year’s edition was held in June for ASDA’A BCW by PSB Insights, a global strategic research and analytics specialist.

The pandemic cost Mena economies an estimated $227 billion (around Dh833 billion) last year, pushing some countries to the brink of bankruptcy. However, when asked whether they believed their best days were either ahead of them or behind them, an astonishing 60 per cent of young Arabs, expressed optimism in the future — the highest level of positivity in five years.

The survey report, themed ’Hope for the Future’, based on the findings, further highlight the optimism of young Arabs with nearly half (48 per cent) also saying they ‘will lead a better life than their parents,’ the highest percentage in three years.

Young Arabs identify three strategies to boost job creation, saying their top priorities include: tackling corruption and nepotism, providing more information on the available job opportunities, and education reform.

Other top concerns of the youth are the pandemic (88%), education quality (87%) and unemployment (84%) youth, with 71% also concerned about falling into debt.