Gen Z putting 'dream jobs' on hold due to cost of living crisis

Gen Z are putting their 'dream jobs' on hold, as two-thirds of young people say they have lowered their expectations due to the rising cost of living.

The new research, released today by LADbible Group and The Prince’s Trust, reveals that the younger generation do not feel able to chase their dream jobs, citing a lack of opportunity (36 percent) as the number one obstacle.

Other factors that are holding young people from having a dream job are money (35 percent), lack of self-confidence (32 percent), lack of experience (33 percent) and the increased cost-of-living (30 percent).

The top three characteristics Gen Z look for in a 'dream job' are doing something that makes them happy (64 percent), something they enjoy (60 percent) and feeling financially secure (49 per cent). Working part time (10 percent), running their own business (20 percent) and working remotely (24 percent) were the lowest priorities when thinking about a 'dream job'.

Despite this, only seven percent of respondents say they have and are currently in their dream job.

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Overall, the younger generation is only planning for the short term, against the backdrop of economic uncertainty. 60 percent of young people say they need to prioritise any job over their dream job at the moment, and 40 percent have changed their career plans in the past year. More than half (57 percent) say they have lowered their long-term aspirations over the past two years, suggesting young people are having to become more pragmatic in what they prioritise when it comes to their working lives.

The cost of living (57 percent), the UK economy (44 percent) and their mental health (39 percent) are cited as having the biggest impact on young people’s future plans.

Half of those surveyed say they are not planning beyond the next six months. When asked about their long-term life goals, maintaining good physical and mental health, and living happily were amongst the top answers.

Lindsey Wright, Head of Future Sectors at The Prince’s Trust said: “In the current economic climate, young people are prioritising a job that provides financial stability, as the cost of living rises and long-term planning feels out of reach for so many.

“This report shows that although aspirations and expectations are being lowered among this generation of young people, the dream job is not being abandoned but being redefined. It is absolutely crucial that we continue to support young people, particularly those who are already facing disadvantage, to achieve their potential.

"At The Prince’s Trust, our free courses offer support and guidance that help young people gain the skills and confidence they need to thrive in work.”

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Emily Driscoll, Head of Data, Intelligence & Planning at LADbible Group, said: “This research offers an in depth look at how younger people are planning their careers, and the impact the cost-of-living crisis is having not only on the now but on young people’s futures and aspirations. We are proud to have partnered with The Prince’s Trust on this and to shine a light on the barriers facing young people, and to highlight what support is on offer.”

The Prince’s Trust helps tens of thousands of young people each year to build the confidence and skills they need to realise their potential. Three in four young people on Prince’s Trust programmes move into work, education or training.

The research was commissioned by The Princes’ Trust and LADbible Group, which used its consumer youth panel LADnation.

LADnation is a consumer youth panel consisting of over 55,000 Gen Z’s and Millennials.