Inflation burdens: young people in the debt trap!

Inflation burdens: young people in the debt trap!

The financial burden on young people in Austria has increased dramatically, which is particularly hard on low-income families. With soaring prices for basic necessities, including housing, food and education, there is little money left for leisure activities. This recently became clear at the youth dialogue meeting in the Freistadt Chamber of Labor, which was organized in collaboration with Debtor Aid Upper Austria. Shockingly, the current figures from the Upper Austrian Chamber of Labor show that rising prices not only limit access to leisure activities, but also increase the risks of training. These financial insecurities increase the risk that many young people will drop out of their education, resulting in an increasing threat of poverty and social exclusion meinkreis.at reported.

Restrictions on leisure behavior

In addition to the financial challenges, young people also struggle with the debt that comes from avoidable online purchases. Debt Aid Austria informs that more and more young people in the consumer society are burdened with unsustainable debt, which underlines the urgency of financial education. As the analyzes of leisure activities show, around 80 to 90% of children and young people regularly spend time listening to music, watching TV or doing sports. Still, interests change with age, with activities such as reading and playing music tending to decline while digital gaming is on the rise, particularly among boys. These developments in leisure activities are significantly influenced by the financial situation of families bpb.de determines. An improved financial status of the family leads to children being able to participate more actively in more expensive leisure activities.

The challenges young people face today are not only financial, but also emotional. Exclusion from social activities endangers mental health and reduces self-esteem, while at the same time fixed-term employment relationships and entry into professional life convey uncertain prospects. All of this highlights the need to better train young people in how to deal with money and debt while at the same time enabling them to participate in leisure activities.