Survey says u30s fear debt, income instability

A new survey from deVere Group has found the key financial fears of people aged 30 and under revolve around debt (48 per cent), income insecurity (26 per cent) and inadequate retirement funds (15 per cent).

Over 750 people participated in the survey, which found close to half were worried over student loans, credit card debt, rising cost of living and other financial responsibilities.

“The fear of long-term indebtedness often affects life decisions, including career choices and the ability to make major purchases,” deVere Group chief executive, Nigel Green, said.

“Addressing these challenges requires a joined-up thinking approach that includes financial education, responsible borrowing practices, specialist financial advice, and policy measures designed to making education and housing more affordable.

“In an era characterised by economic uncertainty, changing job markets, and tech developments, the fear of unemployment or irregular income streams appears palpable among this demographic. Young adults often grapple with building a solid financial foundation whilst navigating the gig economy and evolving employment structures.

“The lack of stable employment can lead to financial stress, affecting not only their immediate livelihood but also their long-term financial goals. As they navigate this dynamic landscape, seeking adaptable skills, staying informed about industry trends, and cultivating a resilient mindset become vital strategies for under 30s to weather job uncertainty and secure a stable future.”

Inflationary pressures on interest rates and cost of living expenses have also contributed to the rising awareness and anxiety of people aged under 30 regarding their sufficiency of their retirement savings.

“We understand that life can often get in the way, but if you delay saving for retirement, you could be in serious danger of running out of money in the future,” Green said.

“The earlier you start saving, the more time your money has to grow and enjoy the benefits of compound interest. If you delay saving for your retirement, the amount you will need to save will increase steeply. Time is your best weapon in the fight against a financially insecure retirement.

“The survey findings signal a call to action for financial institutions, educators, and policymakers to develop targeted strategies that address the serious and legitimate financial worries of the younger generation.”