It also shows that we should not underestimate the devastating impact of the cost-of-living crisis and the pandemic on the daily lives and future aspirations of our young people.

Happiness and confidence with money has hit the lowest level on record since polling began during the Global Financial Crisis, and over half of the young people aged between16 and 25 are worried that they’ll never be financially secure. This is particularly acute among young women, with 60 per cent fearing the rising cost of living means they will never be financially secure, compared with 45 per cent of young men.

At NatWest we share the Prince’s Trust’s commitment to supporting all young people to achieve their career ambitions, no matter what their personal circumstances or background. No young person should be faced with these challenges, and as a business we are committed to meeting our young people’s needs and equipping them with the tools they need to meet their potential. Our partnership with the Prince’s Trust provides valuable insight and expertise to help us better understand the needs of our young people and ensure that we take the right action to help them achieve their goals.

Financial security is the top priority for the majority of young people surveyed, and we know that having access to the right support is something many young people feel could help them succeed, with more than two thirds of young people determined to achieve their goals in life. Similarly, of those interested in entrepreneurship, three quarters said they would like support to build the skills they need to start their own business.

By working in collaboration with charities like The Trust, we can take the necessary action and initiative to give our young people the skills and tools to build their financial confidence and achieve their goals. This report supports our view of the transformational impact that employment can have on the younger generation. We see this first hand through initiatives such as NatWest Thrive, which is committed to raising the confidence and capability of young people to better equip them to achieve their goals, and through our support of 57,000 young people in enterprise and entrepreneurship in 2023 alone.

As we look ahead, it is clear from the findings that there is resolve among young people to work towards a better future for themselves, providing they’re given the right support. By working together, I am confident and committed that we can continue supporting our young people to build the skills, capability, and confidence to overcome these challenges and, ultimately, fulfil their potential.

Sandi Royden

Head of Youth and Families, NatWest
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