We will never be financially OK, say 80% of youngsters

EIGHT in ten young people fear they will never be financially secure, a survey found.

Almost half of 16 to 25-yearolds said they were still completely or partially reliant on their parents for money.

A further 26 per cent said their parents helped them out from ‘time to time’, with the average family spending £1,416 a year on their adult children.

The survey, by charity UK Youth and financial education programme Money for Life, found that 58 per cent of the youngsters aged 20 and over still lived with parents, with a further 52 per cent saying they could not afford to take out a mortgage.

Some 21 per cent said they struggle to pay their rent and 19 per cent said they now won’t be able to go to university.

The poll of 1,000 young adults also revealed 19 per cent only have enough money to buy clothes from second hand or charity shops, and 11 per cent claimed that they struggle to feed themselves.

Patrick Shaw-Brown, of UK Youth and Money for Life, said: ‘Much more needs to be done to help young people feel optimistic about their future and confident with their money.’