New research has shown that nearly half of young people fear they will never earn enough to support a family.

A report from The Prince's Trust said 45% of 16-25-year-olds worry they will never earn enough to support a family, rising to 53% for those from less affluent backgrounds.

Releasing its 2023 youth index on Monday, the charity said young people are most unhappy about their money and mental health.

The data they used is from an online YouGov poll of 2,025 16 to 25-year-olds in the UK, carried out between November 22 and December 7.

Wirral Globe: More than half of those surveyed said the cost of living crisis was their biggest worry for the futureMore than half of those surveyed said the cost of living crisis was their biggest worry for the future (Image: PA)

What were the worries and goals of young people?

The report reveals 57% of young people said the cost-of-living crisis is their biggest worry for the future, while 34% said the coming recession is their greatest concern.

Some 46% overall said economic uncertainty makes them feel hopeless about the future, rising to 55% for those from poorer backgrounds.

Meanwhile, some 64% of respondents said their biggest goal in life is achieving financial security, while 43% chose good mental health and 36% picked having a family.

In terms of positives for mental health 70% said having a job that gives them financial stability is a benefit for that, whilst 59% said being employed helped.

However, 47% were worried about the impact of a recession on their job security, rising to 52% of those from poorer backgrounds.

The Prince’s Trust’s UK chief executive Jonathan Townsend said: “Having already lived through one of the most turbulent times to be young, this year’s Prince’s Trust NatWest Youth Index is a warning sign that, post-pandemic, young people’s wellbeing has not recovered.

“It reveals that for this generation – the class of Covid – economic uncertainty is having a profound impact on their wellbeing and confidence in achieving their aspirations in the future.

“Most concerningly, the report also suggests that these challenges are hitting young people from the most disadvantaged backgrounds hardest, with those who received free school meals or who are unemployed reporting consistently worse wellbeing in all aspects of life.”