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Investing in social housing means investing in young people
Building social housing is the key route to better opportunities for the next generation, writes Dean McGlynn, board member at CIH Futures
Dean McGlynn is communities network lead at HACT, and a board member of CIH Futures
Investing in social housing means investing in young people #UKhousingBuilding social housing is the key route to better opportunities for the next generation, writes Dean McGlynn #UKhousingThe 2024 UK general election campaign is underway, and there has been a significant omission from each party’s campaign messaging so far – young people and investing in their future.
With experts warning that the UK is slowly becoming an “inheritocracy” – where your family’s assets matter more than your own ability, hard work and achievements – it’s easy to understand why many young people feel disillusioned with the political process.
There’s also a looming demographic shift that will mean the care of older people will further rely on the productivity (and taxation) of young workers against a decreasing birth rate.
With the issues that the UK’s upside-down population pyramid will bring, it is imperative that the needs and aspirations of young people are placed at the forefront of political agendas, not just for their own sake but to build a better and more sustainable country for the future.
Building social housing is our key route to achieve this.
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This generation of young people is facing unique challenges following several economic shocks that have rocked their future and left them feeling insecure about what lies ahead – namely stagnating wages, a housing crisis and an oncoming climate emergency, just to name a few.
It is a decades-long pattern – stretching well back to the 20th century – that each successive generation should progress to be better off than their parents before them. It is difficult to foresee if this will be the case for this generation – and this is a stark reality that cannot be ignored.
The coronavirus pandemic further exacerbated these challenges, but despite the sacrifices that were made in education, early careers and personal milestones, no political party has prioritised the needs and aspirations of young people in their campaigns so far.
“The fact that there are more than 145,000 children living in temporary accommodation, we are clearly failing to set up young people to succeed”
If young people are to reach their potential and contribute positively to society, there needs to be significant investment in building and maintaining social housing. Social housing provides a crucial safety net, allowing people to have a stable and secure place to live while they navigate the uncertainties of the modern world.
Not only does investment in social housing benefit young people directly, but it also creates a significant number of jobs and services, stimulating the economy and providing opportunities for young people to enter the workforce and earn a good living. As was reported by the National Housing Federation, building 90,000 social rented homes would add £51.2bn to the economy and support 140,000 jobs.
Social housing not only provides a home for life but can also provide a meaningful career with social purpose, too.
But investing in young people goes way beyond the economic benefits; improving things for young people is a moral imperative. Right now, there are 4.3 million children growing up in poverty in the UK and seven out of 10 of those children have at least one parent in paid work. Added with the fact that there are more than 145,000 children living in temporary accommodation, we are clearly failing to set up young people to succeed when they have to experience such adverse circumstances early in their life.
We know that housing costs take up a significant portion of household finances, but we also know that building more social housing would help break this cycle of poverty and provide a secure foundation for families and young people to build their lives from.
“Once the dust settles on this election and a new government is in place, politicians of each party must clearly set out how they can meet the needs and support aspirations of young people and be judged against this”
By investing in social housing politicians can, in turn, demonstrate a real commitment to supporting young people and helping them to build a better future for themselves and their families. Affordable and good-quality homes are essential for young people to feel secure and optimistic about their futures. It is the responsibility of the government to ensure that these opportunities are available to all.
Once the dust settles on this election and a new government is in place, politicians of each party must clearly set out how they can meet the needs and support aspirations of young people and be judged against this. This generation is facing an extraordinarily acute set of challenges, politicians must step up to provide the leadership required to help young people meet these challenges, and they should look to the social housing sector as a means to achieving this.
By prioritising investment in social housing, we can start to build an environment that nurtures young people and provides them with everything they need to succeed. This would not only make an immediate impact on the lives of those who desperately need secure and affordable housing right now, but also for generations to come.
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