The pandemic is disproportionately damaging the youth’s economic outlook, with people under the age of 25 in the UK More than double the chance Losing a job compared to an older worker.
Here, three young people share their feelings about how the coronavirus crisis affected their finances. Some say they saved money, while others were in debt and had to return with their parents.
“The house is being robbed by a professional landlord”
For Alex Moody, a 24-year-old Siemens engineer living in Loughborough, the impact of the pandemic on the housing market has stopped him from looking for a home.
“I’ve been saving for a while and have good wages,” he said. “But finding a home for myself was a big challenge. The market was exhausted during the pandemic, so I got stuck in sharing a cramped apartment with a friend without a garden during the blockade. To be honest, my work was a hit. Working in a small living room often makes more mistakes. It’s hard, it’s distracting. “
Competition with buy-to-let landlords in the £ 100,000 to £ 150,000 price range exacerbated the problem, Moody said. “Cheap homes need them to do more work, especially in college towns like Loughborough, where they are snatched by professional landlords.”
He said the rental market wasn’t that good. “The landlord also wants to sell his current apartment, so he has to move right away. I have applied for several leasehold rights to increase my budget, each with about 10 applicants. I Not yet accepted. Many of Loughborough’s apartments only accept students and the price is high thanks to the university. I would have to move with my partner’s parents. Without a partner , I was hit and had to move to a completely different area. “
“Working from home has opened up work for people outside London.”
Financially, the last 18 months have been volatile for content writer Alice Florence Orr. When the pandemic broke out, a 24-year-old woman from Edinburgh had just moved to Melbourne, where she was acting as an administrator at a yoga studio. A month after being there, her time wasn’t shortened by the blockade of the city.
“I ran out of all my savings in the hope that I would continue to do that job after it was fully operational,” Orr says. “I was applying for a job there, but I had no luck at all. I wasn’t Australian, so I wasn’t eligible for benefits. I overdraft and borrow thousands from my parents. I ended up with both-I’m not from a wealthy family, they had to immerse themselves in their retirement to help.
“I’ve been living in Edinburgh since August and I’m very grateful,” she said, adding that she plans to move to Glasgow with her boyfriend.
After studying for a master’s degree last year and working in several remote roles, Orr recently started working for a London-based company. She believes the possibility of working from home has helped young people outside the capital. “I’m now paid more than my parents. I think it shows that I don’t have to do an internship in London. This was something I could never afford, but that’s out of the question. Now that employers are looking for candidates from all over the country, it feels like a much more uniform market. “
“Online shopping has become a major leak in my bank account.”
Like many employees who started working in remote areas when the pandemic broke out, 25-year-old consultant Kate Lewellin, who lives in northern London, initially realized that she was saving a lot of commuting costs. But as winter approached, she saved on travel expenses and a significant portion of the money she went out began to go online.
“In the first few months of the pandemic, I was able to save about £ 800 a month,” she says, but that number fell after the January blockade. “I wasn’t a big online shopper before the pandemic. I really opposed it. I got all my clothes from a charity shop. When I’m spending a trash week in my bedroom, others I gave up more on online advertising because I have nothing to do with it, “she says.
“The winter blockade was so tight that I started spending an exorbitant amount of money on random things that were rarely used. I bought a twice-used Lakeland pasta maker and am now collecting dust. I also ordered a bouquet of flowers in a letterbox just to “cheer myself up”. “
She estimates she saved about £ 400 a month on transportation and lunch on weekdays, but Llewellyn, who has been in the office only a few times since March 2020, misses being around her colleagues. “I started with a new team, but I didn’t meet any of them. It certainly feels a bit confusing,” she said, “most of what she enjoys in her work.” Is the “social aspect”.
Young Workers and Covid: Finances are devastated, but online perspectives are broad | Work and Career
Source link Young Workers and Covid: Finances are devastated, but online perspectives are broad | Work and Career