Reduce Financial Pressure on Young People – Analyst to Govt
Economic analyst Emmanuel Boateng is calling for urgent economic and labour market reforms to ease the growing financial burden on young people, warning that worsening economic pressures are forcing many to postpone major life decisions and long-term personal goals.
According to him, rising living costs, housing challenges and limited financial opportunities are increasingly affecting the ability of young professionals to achieve financial stability and plan confidently for the future.
His comments follow findings from a recent survey conducted by Deloitte which indicated that a significant number of Generation Z and millennial respondents are delaying important milestones such as home ownership, marriage, family planning and career progression because of economic uncertainty and financial constraints.
Speaking on the Market Trends Segment of the Business Breakfast show on ZED 101.9 FM, Mr. Boateng stressed that policymakers, employers and financial institutions must respond quickly to the changing realities facing younger workers and professionals.
He argued that without deliberate intervention, the financial struggles confronting young people could have long-term implications for productivity, workforce stability and national economic growth.
According to him, access to affordable housing remains one of the biggest challenges confronting young workers, particularly in urban areas where rent prices and property costs continue to rise beyond the reach of many first-time earners.
Mr. Boateng therefore called on government and private sector stakeholders to develop housing policies and financing arrangements that make home ownership more accessible to young professionals.
He also urged employers to review compensation structures and improve workplace conditions to reflect current economic realities, noting that stagnant wages and rising inflation continue to erode the purchasing power of workers.
The economic analyst further highlighted the growing demand among younger employees for workplace flexibility, career growth opportunities and improved work-life balance.
He warned that organisations that fail to adapt to these evolving workforce expectations risk increased staff turnover, low employee morale and disengagement among younger workers.
According to him, many young professionals are increasingly prioritising workplaces that offer flexibility, financial wellness support and opportunities for skills development.
Mr. Boateng also encouraged financial institutions to design products and services tailored specifically to the realities of younger workers, including affordable mortgage schemes, flexible savings plans and accessible investment opportunities.
He maintained that empowering young people financially is essential for long-term economic stability and sustainable national development.
The Deloitte survey reflects growing global concerns over the economic wellbeing of younger generations as inflation, unemployment and rising living expenses continue to affect household finances and long-term financial planning.
