Gen Z are broke and depressed, study says

New research from the Times highlights the financial and mental health struggles facing young Britons today.

According to the study, which drew on a sample of over 1,000 18- to 27-year-olds, nearly a third of young people have sought medical assistance for depression and other mental health issues over the past three years. 44% of Gen Z women have sought treatment, compared to 29 per cent of Gen Z men.

More than a third (36 per cent) believe the Covid crisis affected their generation more severely than older age groups, while a comparable number feel that lockdown restrictions caused “more harm than good.” Among Gen Z women, 36 per cent say Covid has had a lasting impact on their mental health, compared to 30 per cent of Gen Z men. 

Just 15 per cent believe they are happier than their parents were at their age, whereas 43 per cent feel less happy. Looking ahead, a quarter expect to be happier when they reach their parents’ current age, but 20 per cent believe they will be worse off emotionally.

The study also shone a light on young people’s attitudes towards social media: 40 per cent of young people support banning social media access for under-16s, while 84 per cent favor restrictions for children under 13.

The Times also asked Gen Z about their levels of debt. Since 2004, debt levels have risen dramatically – largely due to rising university tuition fees. While in 2004, only 10 per cent of young people had debts exceeding £10,000, today, that figure stands at 30 per cent, with 7 per cent owing more than £60,000.

Only 29 per cent of young people expect to be better off than their parents when they reach the same age, while 37 per cent anticipate being worse off. Relatedly, 61 per cent think they will have to work harder than their parents to achieve the same standard of living.