26th March 2015
The soaring cost of motoring is proving to be a major obstacle for young people’s job prospects, according to new research by uSwitch.com.
The analysis from the price comparison site found that more than half, at 53% of 17 to 25 year olds are ruling out applying for jobs which require a car to get to the workplace – despite the fact that they have a full UK licence.
With youth unemployment standing at 14.4%, almost three times higher than the overall unemployment rate of the total working population of 5.7%, the findings reveal that the cost of running even a small car is yet another barrier facing young people struggling to break into the competitive workplace.
Despite the steep collapse in the price of oil since June last year, the price of petrol, at 63%, was cited as the number one motoring burden – while MOT services, accounted for 29% and high insurance premiums at 26%.
Employment prospects are also bleak for the 60% of young job seekers who have successfully secured a job interview. Two thirds, at 66% actually had to turn down an interview because a car was needed to get to the meeting. Unfortunately this situation is unlikely to improve any time soon as more than a fifth, at 22%, of 17 to 25 year olds have just limited or no access at all to a car after passing their test.
Rod Jones, insurance expert at uSwitch said: “Young people are three times more likely to be jobless and the soaring cost of motoring is compounding the problem. Today’s youth are being denied what used to be a rite of passage for young people – enjoying the benefits of having your own car.
“Although many driving costs are unavoidable, there are measures young drivers can take to make getting on the road more affordable. By fitting a black box in your car or buying your car and insurance together you may be able to reduce your premium. But it’s important to do your research and assess all the options to make sure you’ve found the best possible deal for you before committing.”