Monday, 24 February 2020 04:44

Young People Now Better Off

Young people are better off money wise and are earning far more in their jobs than they have been for three decades, according to the latest research.

The number of low paid workers is now at its lowest since the mid-eighties, and young people are earning far better in relation to living costs than they did a decade ago.

Whilst the above is good news, however, it still appears that the cost of living is a big issue, and the ambition of property ownership is still some way off. Despite the positive figures, young people are still struggling to get on the property ladder, and some seventy-three per cent of 22-34 year olds say that they now believe they will never own a home, and instead are looking to rent for the rest of their lives.

On the flip side of the coin, however, young people having more money to spend is ultimately a huge positive for the economy and for the retail sector, and should be something that is enjoyed for the optimistic news that it is.

But, we believe there is a balance to be found. Whilst we enjoy the great news of young people earning more, we believe we shouldn’t take it to the level that is being planned by the Labour party.

Their plans, if they get into power, would be for the minimum wage to be £10 per hour for all workers. We say, this is ludicrous.

To many people on the lower end of the pay scale, the Labour proposition may sound like all their Christmases coming at once, but people should think very carefully about what this could do to businesses and livelihoods in the longer term. Many small businesses, for instance, would not be able to afford to pay their workers £10 per hour so many people would actually end up out of work and businesses would go under. It is also quite feasible that some businesses, in order to stay afloat, would cut the hours of workers to alleviate the pressure of the rise in pay.

Whilst we are all for people getting paid more, it should never be to the detriment of the longer term.

"Loans For Students" is a trading name of Quick Loans Ltd is registered in England and Wales. Authorised and regulated by the Financial Conduct Authority under registration number 763132

Offers of credit are only available to people over the age of 18 and based in the United Kingdom

© Copyright 2022 "Loans For Students" is a trading name of Quick Loans Ltd. All Rights Reserved.