Cost of Living – A Crisis?
The phrase “cost of living” is being tossed around frequently, especially as elections draw near. But what does it really mean? Is it truly a crisis? This article delves into the complexities of the cost of living in the UK, exploring how it affects young people today.
Understanding the “Cost of Living”
The cost of living encompasses expenses such as housing, energy, groceries, and healthcare. Political parties, like Labour, have highlighted this as a “crisis” and pledged measures to address it. These measures include:
- Raising the minimum wage to £8 by 2020
- Abolishing the Spare Room Subsidy (Bedroom Tax)
- Offering working parents 25 hours of free childcare weekly for children under five
For more insights, explore our article on Cost of Living – A Crisis?.
What Young People Think
The report, Tune In, Turn Out, co-produced by Demos and Vinspired, reveals young people’s heightened awareness of economic challenges. The cost of living topped the list of concerns, with 69% of young people prioritizing it, as they navigate economic uncertainties.
To understand more about these priorities, read The Gap Between the Rich and Poor.
Economic Trends: Improvement or Decline?
Wages are finally catching up with inflation, offering a glimmer of hope. However, challenges remain. A report by the Joseph Rowntree Foundation indicates that 40% of households still lack sufficient income to participate fully in society.
Discover more on this topic with our article on Why affordable housing would swing my vote.
Conclusion
The economic landscape is crucial for young voters, with implications for future generations. The focus on financial literacy, problem solving, and critical thinking is essential as they assess political commitments and their impact on daily life.
For an in-depth exploration of financial literacy, check out 6 financial issues that’ll get you voting in 2015 Election.
Explore More: Want to learn more about politics from your favorite YouTubers? Check out their #swingthevote videos.