Youth charity The King’s Trust (formerly The Prince’s Trust) recently launched its 50th anniversary social impact report, supported by long-standing partner TK Maxx–50 Years of Working for Young People.
The report finds The Trust’s programmes have contributed at least £11.4 billion of value to society in its 50 year legacy. It is published as almost 950,000 young people in the UK are out of work, education and training and reveals widespread anxiety among 16-25-year-olds about their job security and future careers.
An £11 Billion Legacy
The report analyses The Trust’s work over five decades, assessing the value of supporting young people into work and self-employment, and the savings made to the public purse when young people achieve their potential in education, earn a wage and gain financial independence. Key findings include:
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For every 10,000 new young people supported, The Trust could bring £105 million worth of societal benefits.
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In the last ten years , an estimated £3.9bn in social value has come from improving the outcomes for all young people who have participated in King’s Trust programmes.
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This includes £2.6 billion from supporting young people into employment, self-employment and volunteering and £785 million from increases in wellbeing.
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More than half (52 per cent) of this social value was delivered by supporting young people in 30 per cent of UK’s the most deprived neighbourhoods.
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The increase in young people’s earnings attributable to the impacts of taking part in a Trust programme is estimated to be £1.5 billion.
Young People Today
The report also publishes findings from a YouGov survey conducted on behalf of The King’s Trust of 4,097 16-25-year-olds across the UK.
It finds that 71 per cent of young people in the UK wish they were not starting their careers in the current economic climate. The majority of young people say the state of the economy makes them anxious about their future career (73 per cent) and worry there will not be enough jobs for people like them (74 per cent). Over a third (36 per cent) say they have to take any job to make ends meet.
The research, carried out with support from TK Maxx, highlights that alongside economic uncertainty, over half (59 per cent) of young people are worried about the impact of artificial intelligence on their future job security. This is a rise of ten per cent since last year.
Across all The Trust’s research, one finding is consistent. Young people who are out of work or education have the lowest wellbeing and confidence in every area of their life, including their employment prospects. 50 per cent of young people out of work and education do not feel confident that they can get the job they want, compared to 33 per cent of their peers in work or education. A similar number (48 per cent) are not confident they will be able to find a stable job in the future, compared to 29 per cent of their peers in work or education.
Jonathan Townsend, UK Chief Executive of The King’s Trust said:
When The King’s Trust was founded in 1976, the UK was facing rising youth unemployment, high inflation and economic uncertainty. Fifty years on, some challenges may look different – with new technologies creating profound industrial shifts – yet too many young people face the same fears. That opportunities are out of reach and the chance of a secure future is being quietly eroded.
This new research shows young people today are deeply concerned about their job prospects and futures, particularly those already facing the greatest barriers. As a society, we must not accept a future where opportunity depends on background rather than potential.
Being unemployed early in your career can have long-term consequences, limiting income, opportunities and overall life chances. By investing in young people – helping them build skills, confidence and resilience for a changing world – we can break cycles of disadvantage and ensure the next generation has the chance to thrive.
This report shows that most young people feel unequipped for the changing world of work and an increasingly competitive job market. Three out of five (60 per cent) say they felt unprepared for how competitive the jobs market would be after leaving education, while almost two thirds (64 per cent) believe most entry level jobs available to young people are insecure. A quarter of young people say they do not have the right qualifications (25 per cent) or work experience (28 per cent) for the career they want.
The report suggests these worries are having a damaging impact on young people’s wellbeing and aspirations for the future, particularly for those facing adversity. Over a quarter (27 per cent) of young people feel they are going to fail in life, rising to two fifths of young people out of work and education (39 per cent) or with a disability (43 per cent). A third (32 per cent) of young people from lower income backgrounds feel this way.
Jo Murphy, European CR and Sustainability Director, TK Maxx says:
Over twelve years of working alongside The King’s Trust, we have witnessed, first hand, young people begin to believe in themselves and take that significant first step into employment or further study.
Through our partnership, more than 14,000 young people have been reached across established programmes such as Achieve and Get into. As found in the report, an estimated £96 million of social value is attributed to our TK Maxx and Homesense partnership; the data is robust and persuasive, yet the measure that matters is a young person gaining confidence and a start in work or learning.
As one of many partners, we are grateful to contribute in practical and meaningful ways. This partnership remains important to us because we believe every young person deserves the chance to build a secure and confident future.
Townsend says:
We know that when young people are supported to build confidence, gain experience and access opportunities, it can transform not only their careers but their wellbeing and chances in life.
As we celebrate 50 years having supported over a million young people to build a better future, The King’s Trust remains more determined than ever in our vision of ending youth unemployment, tackling inequality and ultimately, ensuring every young person has the chance to build a secure and fulfilling future.
The research highlights young people remain determined and hopeful for a better future. Over two thirds (69 per cent) think they are capable of achieving their dreams. The majority of young people said they would like more opportunities to access training opportunities (80 per cent) and work experience (71 per cent). Over half (60 per cent) said they would benefit from having a mentor or coach to help guide their career.
The King’s Trust, formerly The Prince’s Trust, has helped 1.3 million young people during the past 50 years to build the confidence and skills they need to move into work. Last year, 67,000 young people benefitted from Trust programmes, with three in four moving into work, education or training.
The anniversary report, supported by TK Maxx, reflects the strength of long-term partnerships that help young people gain the confidence, skills and experience they need to take their first steps into work.