The challenges young women face in 2024 and how to tackle them

Young women across the UK are facing an unprecedented challenge. Our latest research reveals the deep inequalities they continue to struggle with in their finances, careers, and everyday lives.

Key Findings:

• 42% of young women said their financial situation has worsened in the last 12 months, compared to 27% of young men.
• Over half (55%) of young women are ‘filled with dread’ when they think about their household finances, compared to 43% of young men.
• 24% of young women have fallen behind on rent or bills in the last 12 months, while 28% have been unable to afford food or essential supplies.
• Financial pressures are also trapping young women in jobs they don’t enjoy—26% have stayed in a role they want to leave because they can’t afford to move on, compared to 20% of young men.
• 2 in 5 young women don’t have the support they need at work to progress in their careers, compared to 1 in 3 young men.
• In the past year, 40% of young women have had to stop or cut back on things they enjoy because they can no longer afford them.
• 32% of young women say their hopes for the future have worsened over the past 12 months.

These figures tell a troubling story of financial instability, limited career progression, and deepening inequality. But they also serve as a call to action.

What Needs to Happen?

Employers, policymakers, and society must come together to create lasting change. Here’s what we can do:

• Employers: Ensure young women have the support they need at work—whether through mentorship, career progression pathways, or mental health resources.
• Policymakers: Implement targeted policies to raise young women’s incomes and support their financial stability. This includes closing the gender pay gap and ensuring benefits and wages truly cover the cost of living.
• The Public: Help raise awareness by sharing stories and experiences of young women affected by these issues.

There are reasons to be optimistic. The proportion of young women who feel dread when thinking about finances has reduced from 58% to 55%, with mothers in particular seeing improvement. But these gains are fragile. We must act now to ensure young women don’t continue to bear the brunt of the cost-of-living crisis.