Gen Z are putting their ‘dream jobs’ on hold, as two-thirds of young people say they have lowered their expectations for the future due to rising cost of living, according to a new report from The Prince’s Trust and LADbible Group.
New research reveals that the younger generation do not feel able to chase their dream jobs, citing a lack of opportunity (36%) as the number one obstacle.
Other factors that are holding young people from having a dream job are money (35%), lack of self-confidence (32%), lack of experience (33%) and the increased cost of living (30%).
As part of The Prince’s Trust and LADbible Group’s new ‘Redefining ‘Dream Jobs’ research report, the top three characteristics Gen Z look for in a ‘dream job’ are doing something that makes them happy (64%), doing something they enjoy (60%) and feeling financially secure (49%). Working part time (10%), running their own business (20%) and working remotely (24%) were the lowest priorities when thinking about a ‘dream job’. Despite this, only 7% of respondents say they have and are currently in their dream job.
Overall, the younger generation is only planning for the short term, against the backdrop of economic uncertainty. Sixty per cent of young people say they need to prioritise any job over their dream job at the moment, and 40% have changed their career plans in the past year. More than half (57%) 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%), the UK economy (44%) and their mental health (39%) 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.