Deal or no deal

Generations promised stability, prosperity, and opportunity now faces a reality of insecure work, unaffordable housing, and a system stacked against them. What exactly are we offering the young people of today?

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For children growing up in the late 1990s to earlyish 2000s, life was a delicate balance between two worlds. A childhood at times lived without the internet but also one that witnessed the first smartphones. A time of New Labour’s final years and the beginning of a long Conservative legacy. An era when the word "recession" meant absolutely nothing—until it suddenly meant everything.

Growing up during this period, the future seemed fairly straightforward: pursue higher education (heavily promoted as the key to boosting earnings), find a job, buy property, steadily climb the career ladder, travel, experience life, perhaps settle down, have children, upgrade that property—and so on. It mirrored the paths taken by parents and grandparents, and it was dangled in front of this generation as wholly attainable. Imagine the shock when it turned out that life no longer worked that way.

The generations promised this golden future became "Generation Rent." This isn’t a story of a lazy, entitled group with unrealistic expectations. This is the story of young people led up the garden path, only to find that the path ended abruptly. A generation expected to meet the same milestones as those before them—only without the same resources. Still believing in the dream laid before them, while also coming to terms with the cold, hard reality.

Perhaps you could argue that the youngest generation—the ones still in school or just entering the workforce—no longer have any illusions about what life will be like. They know they are screwed.

If you disagree, feel free to browse Rightmove or peer into an estate agent’s window. Take a look at job listings on Indeed and see what starting salaries currently offer.

Throughout history, every generation has faced its own challenges—this is without question—but these difficulties were generally counterbalanced by genuine opportunities. Today, for young people, it seems the challenges and opportunities are no longer balanced.

Ah, but wait—here comes a billionaire with a different perspective. Let's hear JPMorgan Chase CEO Jamie Dimon out. "People say the next generation’s in bad shape," he said. "Really? They’re going to inherit a country that’s worth two or three hundred trillion dollars. They’re probably going to live to 120; AI is going to cure some cancers... They shouldn’t be bemoaning their situation."

Admittedly, he’s speaking about the United States, but his message could easily be directed at young people across the Western world. Yet Dimon, a billionaire and towering figure within the banking industry, has his feet firmly planted in a private jet, and nowhere near the ground of everyday reality.

When he talks about wealth transfer later in the interview, he’s of course referencing those fortunate enough to come from affluent or middle-class families. That vast inheritance he imagines is not something most young people can rely upon. In reality, the majority of wealth transferred over the next twenty years will remain concentrated among the wealthiest 1%.

For young people within Dimon’s inner circle, indeed, there’s little to worry about—their future is likely as bright as they want it to be. Yet if he were to step outside his bubble and experience even a fraction of reality, perhaps his views might soften slightly.

So, what is actually on offer to young adults today? What’s the "deal" in the current economy?

Previous generations at least had the reassurance that hard work would lead to rewards. Doing well in school, earning a degree—these were genuine routes to a better life. That no longer holds true. Youth unemployment is now a serious and growing problem.

The rise in joblessness among 16–24-year-olds is the highest it has been in nearly a decade, with increases across all age groups. For school leavers hoping to move straight into training or the job market, opportunities are severely lacking. Even those willing to start on minimum wage face significant challenges. Vacancies have been steadily falling, and over the past year, hiring rates for under-25s have declined, while hiring among older workers has risen.

For graduates, it’s a brutally competitive landscape. Securing a job is harder than ever, and it’s not unusual for degree-holders to end up working minimum-wage jobs simply because no other options are available. When the UK government talks about “making work pay,” it strikes a bitter chord with a generation desperate to work but locked out of the system. Forgotten, and then punished by a structure that never properly included them.

Where is the strategy to secure jobs for young people? Where are the entry-level positions for new graduates? Where is the commitment to providing meaningful opportunities?

Then, of course, there’s housing. Generation Rent earned their nickname begrudgingly, but even renting may soon become a privilege rather than a standard step into adulthood. Perhaps "Generation Living at Home" is a more accurate label.

It’s alarming how many young people, despite working hard and earning decent salaries, cannot afford to rent privately, let alone purchase property. Comparing the average salary in 1985 to today, there has been an 450% increase. Yet in the same period, the average property price in Scotland has risen by a staggering 1,180%. Rental prices follow a similar trend.

It’s no wonder that younger generations are often accused of "delayed adulthood." Society’s traditional milestones—home ownership, career progression, family life—are simply out of reach for many. Millennials and Generation Z are navigating adulthood in a world where the definition of success, stability, and even maturity has shifted dramatically.

Their lives, through no fault of their own, will likely never match the expectations set by previous generations. The "deal" they have been offered simply doesn’t stack up. Hard work doesn’t necessarily pay off. Smart financial decisions don’t always lead to security.

This is not a plea for pity. It’s a call for real, actionable change. A call to give the next generations a fairer shot at life—one that doesn't rely on the accident of birth or inherited wealth.

We need proper rent controls. We need truly affordable housing, not just an increase in supply that young people still cannot afford. We need an education system that doesn’t push every young person towards university, only to leave them with no real job prospects. Instead, a skills-based, vocational approach should be valued equally, better matching the demands of the job market and what we need for Scotland.

Even a properly functioning NHS would be a huge win. It’s sad to think that today’s high school students already know the safety nets previous generations could rely on are fraying—or gone entirely.

The reality is clear: unless serious changes are made, the gap between the world promised to young people and the one they actually inhabit will only continue to widen.