By Emma Videan
Navigating the adult world for millennials is costly, both emotionally and financially, as new research by Gumtree revealed. Young adults are currently forking out over £1bn to secure their first full-time job, but job hunting is not the only challenge facing young people today.
Georgie Barrat, Leading Technology Journalist and Millennial said, “We all know that the cost of living and house prices are going up, but it speaks volumes that millennials have coined the phrase ‘adulting’. Buying your first property or setting up a savings account is such a foreign concept that it can feel like we’re imposters, somehow still playing at being adults.”
So how much does ‘adulting’ cost young people? The 2,000 poll of 18 to 25-year-olds found that this money is normally spent on the interview process. With an average of 3 interviews per job hunter, each person will likely spend between £50-£150 in total, on smart clothes, travel and haircuts. Men, on average spend 30% more than women with their cost being on average £57 compared to the £44 that women are likely to spend.
Unsurprisingly, for young adults their finances have an impact on their job search, with 43% of young workers relying on someone else to fund their job hunt of which 65% relied on their parental help.
The extreme cost of job seeking has meant that 27% of young British adults haven’t applied for jobs because of the travel to the interview, and a further 38% not applying because of the daily travel cost requirement of the job. Not only this but the required unpaid work experience that jobs look for is unaffordable for 28% of young adults.
In addition to finding a job, finding a home has obvious financial pressures, with 18-25-year-olds in the UK spending £587.32 per month and a further £1,485.69 kitting out their new homes.
Emotionally, being an adult is also tough. 81% of young people revealed that they feel under pressure financially and 35% said that this is their biggest concern. While it is said that being in your late-teens and early-twenties should be about having fun, 21% said that they don’t have money for fun once their monthly living costs are covered.
With one in four young people having no savings in place, it’s not a surprise that the costs of adulting comes at such a shock to young people and saving and preparing for adulthood has never been as important as it has now.