Younger People’s Career Experience Impacted by Multiple Cost of Living Pressures
Across the last three waves of our Research with a Purpose omnibus, M·E·L Research have run a number of comparable questions to monitor the ongoing aftereffects of Covid-19 as well as the impact of the rising cost of living. These questions have focused on the impact of these on working life, social life and overall mental wellbeing.
Almost half of those employed have worked for their current employer for more than five years, significantly more likely to be true of men than women (53% vs. 41%), while 21% have worked there for 2-5 years. Regardless of length of time, overall satisfaction with their job has remained consistent since Spring 2023 (72%), increasing 4 percentage points since this time last year (68%). This differs slightly by gender, with women reporting an increase in satisfaction since Spring 2023 (72% vs. 69%) while males have seen a decrease (72% vs. 77%). Both have seen a rise in satisfaction with their current job since this time last year.
Across the three waves to Autumn 2023, metrics relating to the impact of the rising cost of living on work have remained relatively consistent.
Has the cost of living crisis had any of these effects on you at work?
Autumn 2022
Spring 2023
Autumn 2023
Made you think about a change of career (a new kind of job)
39%
43%
41%
Made you less willing or able to take part in work social events
43%
41%
41%
Reduced morale and motivation where you work
41%
43%
40%
Made you start searching for a similar job with better pay
35%
41%
38%
Made it harder to concentrate/focus at work
34%
37%
34%
Made you increase the number of hours you work per week
29%
32%
33%
Made you decrease the number of hours you work per week (e.g. because of other costs such as childcare )
9%
11%
9%
All respondents (n=1503)
However, the data reveals a longstanding and on-going concern among younger people, in relation to their job satisfaction, motivation and intent to remain in role.
Young people are reconsidering their career paths
Two in five of all of those employed have thought about a change of career (to a new kind of job) as a result of the rising cost of living (41%). However, this proportion is significantly higher among those aged 16-24 (56%) and 25-34 (48%) – as well as those identifying as being from an ethnic minority (59%) and females (47% vs. 35% males).
Increased pay required for younger employee retention
In addition, 38% report that although they would like to stay in the same career, they are looking for a job with better pay. This is significantly more likely for those residing in East Midlands (53%) and London (46%) as well as of 16-24 year olds (48%) and ethnic minorities (52%).
Younger generations opting for job security over their dream job
Supporting research from the Prince’s Trust also reveals that the younger generation do not feel able to chase their dream jobs and are consequently becoming more pragmatic about what they are prioritising in their working lives. In doing so, they are opting for positions that guarantee them job and therefore financial security, which will allow them to have financial independence. As a result of this, 43% of the 2500 young people interviewed report their career plan has changed in recent months, with half reporting this is due to the rising costs of living (51%).
Three fifths of 16-24’s have increased the number of hours they work per week
In order to help combat the financial pressures of the rising cost of living, one in three of those employed have reported an increase in the number of hours they work per week. Those aged 16-24 are significantly more likely than the average to agree they have increased the number of hours they work per week (58%), up 16 percentage points since Spring 2023, and 13 percentage points against results from this time last year.
However, whilst the general trend is an upward shift in hours, around one in ten (9%) are reducing them because of other costs such as childcare, a trend that continues to be significantly higher among those living in Greater London despite falling against levels reported in the Spring 2023 wave (15% vs. 21% Spring 2023). Those aged 16-24 are also significantly more likely to be reducing their working hours due to rising costs (21%), an increase against the Spring wave (13%) and figures from this time last year (18%).
Low levels of motivation due to lack of job fulfilment
The rising cost of living is also having significant effects on mental health and wellbeing in relation to the workplace, with two in five people in general reporting reduced morale and motivation at work, and one in three agreeing that they are finding it harder to concentrate/ focus at work (34%). While reduced morale and motivation at work is consistent across all subgroups, lack of concentration and ability to focus is significantly higher among 16-24 year olds (46%), consistent with Spring 2023 findings (45%) and Autumn 22 (44%) for the same age group. Taking other evidence from this study, this may be a result of them being in jobs that are not fulfilling and therefore leading to reduced levels of motivation and focus.
About this study
This data was collected as part of our ongoing ‘Research with a Purpose’ omnibus study run every 6 months. The sample for the October 2023 wave was 1503 UK adults aged 16+. Fieldwork was conducted online. Invitations to participate were sent to members of an online panel. Results were weighted to reflect the profile of UK adults. Targets were Age, Sex and Government Office Region based on ONS-mid-year estimates.
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