Our CEO calls for free bus passes to help young people get to work
Young people under 30 have been hardest hit by the recession because of high unemployment and the rising cost of essentials such as transport and utilities.
This age group is about £200 a year worse off as their discretionary incomes have dropped by 4.7% while inflation has been rising – up by 2% each year since 2010. Young people are more affected by these rises as they spend a greater share of their budget on transport, rent and utilities.
The figures are highlighted in a special, one-off report, to be published on Wednesday marking five years of the Asda Income Tracker.
Latest government statistics have also shown the number of young people out of work has risen to over 1 million, and so our CEO Andy Clarke (pictured above), has been talking about what steps can be taken to ensure this group – the next generation of business leaders and decision makers – are given the support they need
Andy is calling on the Government for extra help for people aged 16 to 24 – such as free bus passes to get to job interviews and commute to work.
He told The Times: “If you are a young person who is financially under pressure, it could be a nice, simple way of easing that burden for a period of time. If you are on a budget then access is a big issue for you. Getting on a train is not a low-cost level of transport, unless you are able to book in advance.”
The special Income Tracker report will be published here in full on Wednesday. Andy will join a panel of industry experts, including journalist and broadcaster Nick Robinson, at the launch event to talk about what the next five years will hold for consumers.
Income Tracker is a monthly report we produce with the Centre of Economics and Business Research (CEBR). It helps us understand how much spare money families have each week after paying for essential items such as gas and electricity, fuel, food and housing costs.